Payment Protection Back
If you have discovered you have been mis-sold a PPI policy you are probably keen
to find out how to claim payment protection back. Before beginning the process
it is often a good idea to find out all you can about payment protection and how
claims are dealt with.
Different names for PPI
Payment protection insurance is sometimes referred to as loan insurance,
card cover, mortgage payment protection or accident, sickness and unemployment.
Regardless of the name these covers all, essentially, offer the same type of
protection as they are designed to step in and cover repayments in the event the
policyholder cannot work due to accident, sickness or involuntary unemployment.
The problem is that this type of insurance doesn't always offer the level of
protection you may expect and hence why so many customers choose to claim payment protection back.
The problems with PPI
There are several key issues with loan protection insurance
and other forms of PPI. Firstly, the cover can be extremely expensive costing as
much as 50% of the original loan amount. Also the relative low rate of payouts
means that the cover doesn't always represent good value for money. Lastly, is
the fact PPI has been frequently mis-sold. The problem was first exposed in 2006
by investigations by the Office of Fair Trading and the Financial Services
Authority who found failures across the PPI market.
There are many different ways in which PPI has been mis-sold and many different
circumstances under which you may be able to claim back payment protection. Some
If you were told you had to have the cover.
If you were told it would improve your chances of being given the credit.
If the full terms or costs were not explained to you.
If you felt pressured into taking out the cover.
If you were unemployed, retired, self-employed or in full time education at the
time of sale.
If you require help claiming payment protection back or would just like some more
information call 0207 471 2000
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