PPI Claims - Reclaim Mis-sold PPI
PPI Claims – What is PPI?
from writeoff-myloan.co.ukPayment Protection Insurance is also known simply as PPI, a form of insurance cover that is designed to meet repayments on loans for a set period of time in the unfortunate event that you are not able to pay due to illness, accident, or redundancy.
Payment protection Insurance is offered with finance such as Mortgages, Personal loans, Hire Purchase, store cards, and credit cards amongst many other things.
Why has Payment Protection Insurance become such a problem?
It has been discovered that PPI has been mis-sold by many of the UK lenders. In the majority of cases the lender failed to properly provide details of the Payment protection Insurance, so the borrower took out the cover without being fully aware what it was really for. In other cases the PPI was sold to borrowers that were not able to really use it. In a number of cases the PPI cover was simply added to the loan without any knowledge of the borrower. This is called a single premium loan and Payment Protection Insurance policy. In most cases this has been found to be hugely excessive and totally unnecessary.
PPI Claims - See if you can reclaim your PPI payments >>
How much does a Payment Protection Insurance premium cost?
The cost of PPI can vary depending on the type of loan you are taking out, the amount you are actually borrowing, and the company that "sells" you the Payment Protection Insurance. PPI is generally an expensive form of cover and can really increase your monthly repayments as well as the amount that you pay overall.
