When you take out a large loan or a mortgage, you may worry about how you’re going to pay it back if you stop being able to earn money. You can take out insurance to cover the loan repayments if something like this happens. This is called Payment Protection Insurance (sometimes called “Loan Protection” or abbreviated as “PPI”). PPI is designed to cover the loan or debt repayments if you are no longer able to meet the financial commitment due to certain problems – for example, if you are unable to work because of illness, or are involved in an accident r become unemployed, through no fault of your.
PPI is often sold alongside loans, mortgages or credit cards, but it is possible to buy a “stand alone” payment protection policy through an insurance company. Typically a PPI policy will cover your monthly finance repayments for 12-24 months and this period is long enough for most people to start working again and find other means to repay their debts.
However many-a-times, PPI can be mis-sold to the consumers. Due to which very few people are able to make payment protection claims as insurance being unsuitable for their needs. Even the cost of PPI can be high. It can add a significant amount to your loan. Therefore, you should always shop around to make sure you are getting the best deal and a policy which will meet your needs if you make a claim. Therefore, it is always advisable to hire a company that works as PPI claims expert.
Your PPI expert can help you in many ways. Many disputes turn on about what the so-called “small print” of an insurance policy says and means. They understand your PPI refund case and they handle your case efficiently. Vastly mis-sold PPI led to rise in the need for PPI claim calculator services to work out how much you might be owned by your lender or bank. Using a PPI claim calculator can be a good way which gives you a rough indication as to how much compensation you are potentially entitled to but an online PPI calculator is not always accurate.
Any individual who fees that they were mis-sold PPI is entitled to a PPI refund. If you take out a loan without realizing that it includes PPI or the policy turns out not to be suitable, you may be able to make a claim against the lender for mis-selling you the policy.
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