A few years ago a man had car that caused him problems. Too many problems to mention, but enough to irritate him to the point that he wanted to sell it. The biggest problem however was that he simply couldn't afford to replace the car. So, like a lot of people he thought he'd use the equity in his house to get a secured loan. When he looked for the loan he was amazed at all of the options that were available. It seemed like anyone could get a loan no matter what type of credit rating they had. He called his brother for advice and unbelievably he too was looking for a loan in order to buy a new car. So they searched together.
The only problem was that one of the brother's had a good credit rating and the other one didn't. Both were successful in obtaining the loan however. One went to his high street bank and the other went to a well known broker who specialised with people who had credit problems.They bought their cars and had two years of trouble free motoring. Then something bad happened. One of the brothers was struck down with an illness that meant he couldn't work. He wasn't worried though as he remembered that when he'd taken the loan he was sold Payment Protection Insurance as an added extra.
To be honest at the time he didn't really want it but the salesman had made out that taking it would increase his chances of getting the loan; so he did. However, when he called the lender to make his claim they said because that this particular illness had already been diagnosed prior to taking out the loan, he wasn't covered.Sick with worry he told his brother who also had the same medical problem but had not fallen ill. Clearly though, if he had he fallen ill he wouldn't have been covered. In both cases they'd been sold a product that was expensive and didn't even work!"
Okay, so we can't prove that this story is true, but many people have found themselves in very similar circumstances.