An introduction to Payment Protection Insurance

If you want to take out a loan, credit card, or obtain any other kind of finance in the last 10 years the you can have payment protection insurance ppiand could be owned thousand. A policy usually to take out alongside mortgages, personal loans, credit cards or finance for high value products is called Payment Protection Policy. If you are unable to pay monthly payments, a payment protection insurance policy is designed to cover them since you have been made redundant or you are unable to work due to accident, disease or injury. Loan protection insurance or accident, sickness or unemployment are also well substitutes words for PPI. Loan and credit card providers have routinely sold their insurance to many people for whom the insurance is inappropriate over the last ten years. It is fairly likely you will have payment protection insurance (PPI), if you have taken out a loan or credit card. You may be entitled to claim compensation, if this policy is misused. According to this policy, we charge no upfront fees for our PPI claims service so get in touch today. Credit cards companies and other financial institutions have sold nearly about 20 million (payment protection insurance) polices, over the last few years. To customers who have need for insurance, or who could never benefit from that insurance, these polices were sold, in many cases. In some cases, the insurance was even added to the loan without the customer being aware of it, also other customers did not have the insurance explained to them properly.
Most of the major banks and financial institutions in the U.K sold payment protection insurance. Institutions such as Abbey National, Aliance & Leicester, Barclays, Co-op, Halifax, Lloyds were involved is selling this insurance policy. People were not even aware that they were paying for this insurance who took loans or credit cards agreements from these companies. A number of PPI claims companies are present who offer their services to people by assessing whether their claim might be valid and by their knowledge of the correct procedure to follow. One of the specialist PPI claims companies has explained that our company alone has recovered 40 million pounds in compensation for his clients.
People with a history of asthma, high blood pressure, diabetes or heart complaints are refused to reclaim ppi. On the other hand, people who are retired, self employed or unemployed are unable to reclaim PPI. You should get a refund on cancelling the PPI, if you are one among those who have been sold a single premium policy. A reclaim for PPI can be made if the PPI is cancelled or the loan repaid early, but the PPI isn’t cancelled. You could still apply for a reclaim claiming mis sell, even if you weren’t mis-sold the PPI, but had to face problems when cancelling the PPI. You can write to the bank or the lender that sold you the PPI, citing reasons why do you think that you have been sold the PPI, if you have been mis-sold a PPI. You could speak to claims Management Company or an attorney to register a complaint if the bank does not entertain your request.