|
|
 |
|
|
What is Payment Protection Insurance? by Jason Ausie
|
|
|
What is Payment Protection Insurance? |
|
|
|
|
|
Insurance
|
|
|
According to an estimate, over 20 million Payment Protection Insurance policies exist in the UK. However, many such policyholders are still not fully conscious of what it really is how it is beneficial or disadvantageous for them. Only when you know about the policy, you can reclaim PPI and benefit from a huge amount that you have been paying to the bank. Most of the PPI owners do not know that their banks forced the policy on them and took advantage of their ignorance. The banks or other financial institutions offer Payment Protection Insurance, or PPI, to the borrowers of loans and applicants for credit cards and store cards. The insurance is usually beneficial for the people who are more likely to miss on the loan payments. In such a situation, the policy allows you to pay off the loan installments regularly. However, this noble idea behind the insurance lacks with the bank, as they tend to force the policy in order to earn the money. The bank agent offers you the PPI that you never required and this forces you to pay additional amounts to the bank. This we call as mis-selling of the policy and in such a case you deserve PPI claims. Many instances have surfaced where the banks forced PPI on the customers as part of taking out a loan. Since many people are in need of a loan for varied personal works, they do not worry or bother to enquire about the PPI and surrender to the unfair demands of the lenders. Because of it, you have to pay lots of money that you should not be paying to the bank. Then, you should reclaim PPI. While sometimes, you very clearly know that you are paying towards the insurance. However, in many instances, the bankers do not tell you directly about any such payments and include the charges in your loan installments. The experts can only tell you about the amount you have been paying to the banks towards the PPI indirectly. When taking out a loan or a credit agreement will generally enquire about the amount of loan installments. If they find that the installments are easier to pay, generally such people readily agree to the plan and sign the deal. In many such cases, the banks very cleverly include the payment protection insurance in the loan installments. This means that you will be paying the PPI without your knowledge. However, fortunately, you can file a legal case against the bank if you think that the bank mis-sold you the policy. Reclaiming PPI is easier process as there are many online sites on Internet to help you get your money back. You can find out more about PPI Reclaims, PPI Refund, PPI Reclaim Calculator and many more at Guardian PPI Claims
Related Articles -
PPI Reclaims, PPI Refund, PPI Reclaim Calculator,
|
Rate This Article  |
|
|
|
|
|
Do you Agree or Disagree? Have a Comment? POST IT!
| Reader Opinions |
|
|
|
|
|
|
|
|
|
| Author Login |
|
|
 |
Advertiser Login
ADVERTISE HERE NOW!
Limited Time $60 Offer!
90 Days-1.5 Million Views
|
|
ALEX BELSEY
I am the editor of QUAY Magazine, a B2B publication based in the South West of the UK. I am also the...more
|
|
|
|
|
LAURA JEEVES
At LeadGenerators, we specialise in content-led Online Marketing Strategies for our clients in the t...more
|
|
|
|
|
STEPHEN BYE
Stephen Bye is a fiction writer. His most recent novels are a 5-book “The Developer” series which be...more
|
|
|
|
|
LEVAL AINAH
I am an internet marketer and also an educator. My goal is to help others who are looking to improve...more
|
|
|
|
|
TIM FAY
After 60-plus years of living, I am just trying to pass down some of the information that I have lea...more
|
|
|
|
|
GENE MYERS
Author of four books and two screenplays; frequent magazine contributor. I have four other books "in...more
|
|
|
|
|
ADRIAN JOELE
I have been involved in nutrition and weight management for over 12 years and I like to share my kn...more
|
|
|
|
|
MICHAEL BRESCIANI
Rev Bresciani is the author of two Christian books. One book is an important and concisely written b...more
|
|
|
|
|
PAUL PHILIPS
For more articles, blog messages & videos and a free e-book download go to www.NewParadigm.ws your p...more
|
|
|
|
