If you are thinking that a PPI may be foe you or you are wanting to make a PPI claim, you should read as much information as you possibly can so that you can make a fully informed decision and look at all of the key points of he policy before you commit to taking it out.
One key point you should take into account is that you have possibly been mis-sold payment protection insurance on a previous loan. There are more than 20,000,000 PPI polices in the UK and many of those have been sold as an upgrade with a loan. Many consumer support groups are of the opinion that approximately 2,000,000 of these have been mis-sold since 2003 and you may just be one of them.
When you take out a loan, you will often be asked to take out PPI to cover times when you struggle to make repayments on your loan such as in times when you feel ill, have an accident, or become unemployed. Some policy holders, however, have discovered that they have been unable to make PPI claims as whoever sold it to them failed to tell them that there were exclusions which could stop them making these claims. Numerous banks and other lenders failed to inform PPI buyers as to these exclusions and the result is potentially millions of mis-sold protection insurance agreements.
There have been times when policies were automatically added on to the loan without the borrower even knowing about it. Further, sales reps have told customers that it was obligatory for them to buy PPI to take out the loan.
If you are thinking or purchasing PPI, be certain that you are fully aware of any potential exclusions or you may be buying something which has no benefit to you whatsoever. An exclusion which has reared its head on a number of occasions is that anyone beyond retirement age isn’t covered.
Find out more about how to claim back PPI online.