Probably, you already know a little information regarding payment protection insurance or ppi. However, if you are considering purchasing ppi or creating ppi claims it’s always a good idea to get more facts and details on this type of insurance policy. To help you make an informed decision, read some of the important things to consider prior to you making any commitment to a policy or ppi claims procedure.
The first thing that you have to know is the fact that you may have been mis-sold payment protection insurance in the past on another loan. There are over 20 million ppi policies held in the United Kingdom and plenty of of those were sold alongside loans, credit card, store card, mortgages as well as other types of loans. A lot of consumer support group believe that around two million of these policies have actually been mis-sold since year 2003 and you could very well be an owner of one of them. To see if you’ve got ppi claims start the entire process of getting back your money.
After you take a new line of credit, a loan, a credit card, a store card, car finance or mortgage you are often usually offered to take out ppi also to cover the repayments of your loan when you are struggling to do so, like when you fall into serious illness, accident or loss of employment. However, numerous policyholders have found out that they have been unable to make ppi claims since the sales representative did not point out that there are exceptions that could stop them from making ppi claims. Many banks and lending companies or credit companies neglected to point out these types of exclusions resulting in potentially millions of worthless and expensive mis-sold payment protection insurance agreements.
In some instances, policies were incorporated on to the loan with no permission or knowledge of the customer and in other instances, sales representatives of banks as well as lending companies informed the borrowers that they could get the loan only if they took out the policy. If you were unaware of the exclusions at the time of the purchase, you may be paying or have paid for a policy that you can’t benefit from. Two of the classic exclusions which were not highlighted by the sales representative are just cover full time workers and doesn’t cover a person once they reach the age of retirement years.
Harry Tomas blogs about PPI claims and other financial products for UK based company www.PPIClaimsUK.co.uk. He also covers unfair credit card charges and the financial claims industry generally, as well as writing posts on personal finance, house sales, repossession and business finance.