The first thing that comes to mind when we take a large amount on loan or mortgage against our existing asset is that what happens if the income stops. How are we going to pay back the sum and what happens next? The best thing to do at this point is to go for an insurance specifically meant to cover loan repayments in case of discontinuity of income and the consequent inability to meet the financial commitments. This type of insurance is called a Payment Protection Insurance (PPI) also known as ‘Loan Protection’.
In case of sudden unemployment, which can be due to variety of reasons including accident, illness or other unavoidable situation, your PPI policy will cover the repayment commitments for 1-2 years which gives you enough time to get back into the job front again without breaking your head over repaying debts every month.
PPI are typically bought along with credit cards, loans and mortgages but can also be bought alone. One thing to keep in mind is that, there are a number of cases where the PPI was mis-sold to a consumer and may later lead to inability to claim a payment protection coverage which suits their particular need. Sometimes the PPI cost can be high and can but an extra burden on your loan. It is always advisable to research and consult PPI claimexperts before purchasing a Payment Protection Insurance to ensure you have the best policy which will cover your individual need the best.
Large cases of mis-selling of PPI policies has led to the need for reliable PPI claim calculator services. These PPI experts are professionals who deal with the ‘small print’ instructions and other nitty-gritties of PPI policies. Is recommended that you take your refund case to these experts for efficient handling of your case. Although these days there are umpteenth number of online PPI claim calculators available they are not always correct.
It is always advisable to go to a good PPI claim calculator for a rough estimate of the payment protection claim you are entitled to.One important point that most people are unaware of is that anyone who realizes that they have been mis-sold a PPI policy can claim for a refund. It can include cases where the loans and mortgages included PPI without the knowledge of the consumer or when the policy sold is unsuitable for the party.
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