Must-knows when making PPI Claims

There are a lot of people who confine to loans in times of crisis. There are some instances wherein our income is not enough to cover our daily needs and other financial obligations.  Even though for some people relying to loans is not the best option, they don’t have a choice but to get some aid through it. If that is the case, PPI claims can be a big helping hand.  PPI or Payment Protection Insurance is a type of insurance policy that can truly help people in times of trouble like sickness, accident or even unemployment, any kind of event that can hinder them from generating income. PPI can be purchased as a monthly contract, and it can be continued by paying premiums within certain duration of time.

Payment Protection Insurance is also termed as loan protection policy. This kind of insurance serves as a very good financial backup during rough times such as incapability of meeting payments for mortgage and debts. The debts that are referred here are usually various types of loans or if the person has overdrafts.

There are some people who state that buying PPI is such a wrong move. To clarify this, buying of PPI is not a mistake; the misspelling of PPI is the wrong one. The misspelling of PPI occurs when a particular insurance agency don’t follow the necessary guidelines for selling PPI to people.

How does this happen? There are some insurance agents that force the borrowers to buy expensive policies, brainwashing them that it is a requirement if they want to be eligible for loans. In order to avoid this kind of situation, it is crucial for people to make valid PPI claims. If you are certain that you have a valid reason to make PPI claim, gather all the needed paperwork and start with the filing process with a reputable lender or bank. Just like in any aspects of insurance, never forget to read and comprehend the inclusions and exclusions in the policy.

Everything you should know about PPI

Payment Protection Insurance or PPI has been a subject of buzz around the United Kingdom in the last few years. Its popularity escalated because of issues that it has been involved with. News about missold payment protection insurances has been circulating around. For those curious about what this insurance has to offer, this article will more or less give you an idea what payment protection insurance is all about. 

PAYMENT PROTECTION INSURANCE: WHAT IS IT AND HOW DOES IT WORK?

Payment protection insurance or PPI is a type of insurance that is used to cover your payments the moment you are unable to meet your financial obligations. This happens when circumstances force you to lose your primary source of income. Unexpected unemployment, sudden health failure, or a grave accident may be the main reasons for your loss of regular income. When the need arises, the PPI is supposed to back you up when you find yourself unable to pay your monthly obligations to your lender and you have no other choice but to activate the insurance. 

Some payment protection insurance policy works for a certain period of time. For example, you availed of a PPI policy that will provide coverage within 12 months. Your bills can be paid within those 12 months, but after that period, you should be able to find a source of income for you to continue paying for your dues. Otherwise, if you still cannot answer to your financial responsibilities, you might be forced to cancel your credit or loan account. 

THE BENEFITS OF PAYMENT PROTECTION INSURANCE

Having a payment protection insurance for your loans such as a car loan, housing loan, mortgage, or your credit card is not mandatory but recommended. The best benefit it could give aside from its obvious function is peace-of-mind. Accidents happen all the time, and however invulnerable you may think you are, it would not hurt to be extra cautious. 

Your properties acquired through loans are surely valuable to you. Years of paying for the loans just to be able to claim the property as really yours is no joke. So why would you let a sudden loss of income take it all away from you in a snap? The payment protection insurance will help you keep your properties while you look for a new job or fix your financial status. If you have a credit card PPI, it will assure that your credit card account won't be closed down. As you know, a credit card is a very important piece of document. And for someone who doesn't have a stable source of income, the credit card is needed to purchase necessary supplies such as food, clothing, and other basic necessities. 

WHAT IS A MISSOLD PPI? HOW DO I KNOW IF I HAVE ONE?

If you have taken a loan, mortgage, or credit card within the last six years, you are most likely a victim of payment protection insurance misselling. Missold PPIs are those policies that were listed under the name of the costumers without them knowing every detail about the policy, or even not knowing about the policy at all. If the agents did not explain the details to the customer completely, then the PPI could be considered missold. There are also cases where the PPI is already bundled with the loan without the customer knowing that it was included. Either you know that there was a PPI policy included but there are inaccuracies in the explanations during the presell process or you just didn't know that there was such a policy, then you can be qualified for a PPI claim or reclaim.