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 is always a good idea to get more information and details on this type of insurance policy. To help you make an informed decision, study some of the significant things to consider before you make any commitment to a policy or ppi claims process.
The first thing that you should know is the fact that you might have been mis-sold payment protection insurance during the past on another loan. There are over 20 million ppi policies held in the United Kingdom and many of those had been marketed 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 already 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 out the whole process of getting back your money.
Once you take a new line of credit, a loan, a credit card, a store card, car finance or mortgage you're often usually offered to take out ppi also to cover the repayments of your loan when you are not able to do so, like when you fall into severe illness, accident or loss of employment. However, several policyholders have found out that they've been not able to help make ppi claims because the sales representative did not point out that there are exclusions which could stop them from making ppi claims. Many banks and lending companies or credit companies neglected to point out these kinds of exclusions resulting in potentially millions of worthless and expensive mis-sold payment protection insurance agreements.
In most cases, policies were included on to the loan with no permission or knowledge of the client and in other instances, sales representatives of banks and lending companies told the borrowers that they could get the loan only if they took out the policy. If you were unaware of the exclusions during the time of the purchase, you might be paying or have paid for a policy that you can't benefit from. Two of the classic exclusions that were not highlighted by the sales representative are only cover full time staff and doesn't cover a person if they reach the age of retiring.
Author Resource:
Harry Tomas blogs about PPI claims and other financial products for UK based website www.PPIClaimsUK.co.uk . He also tweets about unfair bank charges and the financial claims industry generally, as well as writing posts on personal finance, house sales, repossession and business finance.
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