PDF Archive

Easily share your PDF documents with your contacts, on the Web and Social Networks.

Share a file Manage my documents Convert Recover PDF Search Help Contact

What Is PPI 53 (14) .pdf

Original filename: What-Is-PPI_53 (14).pdf

This PDF 1.4 document has been sent on pdf-archive.com on 15/11/2012 at 17:17, from IP address 216.231.x.x. The current document download page has been viewed 575 times.
File size: 210 KB (7 pages).
Privacy: public file

Download original PDF file

Document preview

What is PPI?

dr ppi claims

It is paradoxical that many of the people who are made to opt for PPI
or Payment Protection do not even know what it is Known by other
names like Loan Repayment Insurance, Redundancy Protection,
Loan Protection Cover, Mortgage Payment Cover, and Credit
Protection Insurance; this insurance is often sold to people when
they take a loan Banks and other lending institutions sell this
coverage to borrowers so that they can continue with the minimum
monthly payments if they happen to be unable to pay back the
borrowed sum because of circumstances like unforeseen
unemployment, accidents, and similar incidents The insurance
providers are supposed to the borrowers to keep up with minimum
payments for a period of a year or so, within which debtors are
expected to get another job or recover from the accident

However, the fact of the matter is that many people have been
made to purchase payment protection insurance in spite of the fact
that they may not have needed it Since it is fairly difficult to
determine whether a borrower will end up defaulting or not, they are
either convinced that they need it or simply not informed about it
properly This has been identified as an unfair trade practice by
Financial Services Authority (F S

A ) Why do banks sell it? There have been cases where potential
borrowers have been lured with loans where the lending institutions
stood to make little from the loans per se, but earned substantially
from the commissions received from selling the coverage How does
it harm you? Many banks have mis-sold payment protection
insurance to their debtors because these substantial increase the
monthly payments

Studies by the Citizen's Advice Bureau have revealed that the
payments can increase by up to 56% because of this! Essentially
there is no point in buying this cover unless you feel that you really
may not be able to keep up with the minimum payments for a
temporary period of time However, debtors often are not explained
why they need the coverage In some situations, people are so
desperate to get the loan that they end up complying with all the
conditions laid before them by the lender even if the conditions are
not mandatory What can you do if you have been unjustly sold a
PPI? In case you think that you have been sold a policy without
being informed about why you may need it in the first place, you may
make a payment protection claim because thousands of people have
managed to get their money back by proving that they ended up
seeking coverage because of factors like: • They were not
explained why you need the coverage • They were made to
understand that it was included in the loan • They were not really
told how much it would actually cost At any rate if you think that you
have been cheated, you can get in touch with agents who help
people to successfully make protection insurance claims

It does not even matter if you have repaid your debt In fact if you
have borrowed money from mainstream lending institutions in the
last ten years, you may be eligible to claim back dr ppi claims PPI

dr ppi claims

Related documents

what is ppi 53 14
the first term and condition preferred by banks an27 3
there are many financial institutions dedicated to6 12
hsbc ppi claims or payment protection insurance st62
payment protection insurance ppi was designed to67 13
vehicle title finance in riverside1001

Related keywords