Sharking

Sharp practice used by normally respectable lenders and card companies to try to get you to purchase things you don`t need like Accident Sickness and Unemployment Insurance. Typically your loan application will be approved, but instead of telling you this, you will told that your application has been `referred` and to call a number. When you call you`ll be asked loads of questions that you will, quite naturally, answer willingly, and at the end of the call the lender will suggest that you add Payment Protection Insurance to your loan (which will add up to 30% to the cost of the repayment with no great benefit to you). Just go through the pantomime process, keep your cool and just say no. You`ll probably still get the loan.

Jargon Buster

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