Payment Protection Insurance: What You Need To Know

Payment Protection Insurance, generally known as PPI, has become a very controversial financial product that was widely sold during the early twenty-first century, although it is now less widespread. This protects your loan status in the event that you are unable to make a payment. This type of insurance covers mortgage, rent, and other monthly payments instead of just a single loan. PPI benefits the lender, not the consumer. Fully 85% of these payment protection insurance claims never pay out. The consumer must submit ppi claims within a certain time frame after the triggering event and then wait 3-6 months for the policy to become active.

It becomes difficult for one to determine whether the PPI is right for them or not as this insurance is different from the other insurance policies. In other types of insurance, you will find some claims rejected and some claims accepted and this is common, but not in PPI. There are several ways that PPI was regarded to have been mis sold. According to the FSA (Financial Services Authority) 75%-90% of both single and regular premium PPI policies may have been mis-sold in the UK. The Mis-Sold PPI policy scandal arose from the banks passion for profits, there was simply too much money to be made from selling a policy alongside a loan, secured loan or hire purchase agreement, and to a certain degree credit or store cards. There are two main reasons why you should take your case to court if you have been mis-sold PPI. Firstly, you should press forward to claim back that which was wrongly taken from you and see justice done. Secondly, you should join the many people who have successfully won PPI refunds to declare to the guilty party that they cannot get away with such corrupt action. First of all, you should consult with a PPI claim expert. They can help give you the peace of mind necessary for any legal action that may be viable.

Therefore seek out your documents, and be sure you check out whether you've been mis sold PPI so you can receive a slice of the compensation that is certainly attributed to you throughout this window of opportunity to claim. Today there are several online firms available who specialise in PPI and its consequences. These professionals are skilled at fighting for your right to receive the payments that you deserve.  Reclaim PPI today can give you extra money to do what you wish with.  There's really no better reason than that to look into filing a claim.