I took out as personal loan with Intelligent Finance (IF) of £20,000, to pay off debts and credit cards. It was very easy to do over the phone, and I trusted the company, as I'd had a mortgage with them in the past.

I now regret the decision every day.

I was pressured to take out PPI, which I later worked out would cost me about double the maximum payout, over the course of the loan. When I found a better deal with my own bank, I settled the loan, which cost me another £2,500 than the original loan amount - this was after making 6 months of payments. On asking them how they calculated the settlement figure, they told me they could not do so, and refuse to do so to this day. What they have given away is the fact that they charge most of the insurance premium if you settle early, no pro-rata rebate, and they penalise you heavily for settling the loan early.

To add insult to injury, when written requests for information were made, they would send out standard letters. One such letter thanked me for my recent payment and informed me that the account would soon be closed. This was 6 months after the date I had settled. I had asked for a breakdown of all fees and early settlement charges.

ADVICE... SHOP AROUND FOR PPI AND GET THEIR EARLY SETTLEMENT TERMS IN WRITING BEFORE YOU SIGN.