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Payment Protection Insurance (PPI) Was Designed To42 (4) .pdf


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Payment Protection Insurance (PPI) was
designed to be sold in association with all
sorts of monetary borrowings, such as
transactions involving credit cards, store
cards, and secured or unsecured loans, to
protect the borrowers. It will take care of your
repayments for a preset period if you have
lost your source of income as a result of
redundancy, illness, or an accident, for
instance.

ppi claim

Borrowers can rest easy, if they have appropriate Payment
Protection Insurance, because then they have certain safeguards
against adverse financial circumstances However, there have been
reports about PPI in the press recently because some loan
companies and other financial institutions have been selling
inappropriate PPI or adding it to finance contracts without the
borrower realizing

PPI can prove very beneficial to borrowers because of the peace of
mind and financial security it gives If you are off work for a time
because of illness, an accident or redundancy and unable to meet
your repayments, your insurance cover will meet them

So you need not be anxious about late payments or danger to your
credit ranking You can always take out finance without Payment
Protection Insurance

It is not obligatory, but certain lenders may attempt to convince you
that cover is part of the deal That is not right and you should make
up your own mind about the advantages any PPI policy will give you

Good quality Payment Protection Insurance offers considerable
peace of mind and protection to borrowers, should adverse
circumstances arise PPI is always optional and many borrowers will
require it, but PPI can be expensive

You are not compelled to take out PPI with your current lender, and
you should make up your own mind about what sort of benefits you
want from your PPI, and then shop around for the best deal as prices
can vary considerably You should consider whether PPI is suitable
for your particular needs

For example, paying for cover against missing repayments after
losing your job may be inappropriate for certain types of people, such
as the self-employed Such people would simply be throwing their
money away

Some quotations from lenders will have an ppi claim element for PPI
already included as part of the loan or finance deal Many people
have been unaware that they have been charged for this cover

It is important to check your quotation thoroughly and establish
whether or not PPI is part of the loan package This article is written
by Jonathan L Walker, on behalf of Claims Management UK,
specialising in helping people with their

ppi claim


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