Payment Protection Quote
Simply because so many people have been mis sold payment protection insurance without their knowledge, there seems to be a certain degree of confusion regarding whether or not PPI can be mis sold if the borrower asks for a payment protection quote. Actually, it is possible to be mis sold PPI even after having requested a quote if the lender didn't disclose some pertinent details which include exclusions. As a matter of fact, those requesting quotes are mis sold just as often as those who never heard of PPI before because lenders are not telling the person requesting the quote that they may never be able to claim cover due to listed exclusions!
Getting a Payment Protection Quote
Although it doesn't stand to reason that anyone would want to get a payment protection quote in light of all the bad press PPI cover is getting, but they are and this needs to be dealt with. If you are in the midst of getting a payment protection quote make certain to ask your lender or the insurance company you are talking with if there are any exclusions you should be aware of. You shouldn't have to ask as there are questions the agent should be asking to see if you qualify for cover, but it is important to have all the facts first so you can determine whether the cover is right for you.If you are unemployed, self employed or temporarily employed you may be excluded from cover as may individuals over 65, those with pre-existing medical conditions and even pregnant women!
What You Should Know Before Getting a Payment Protection Quote
Besides all the exclusions under which you would not be eligible for cover, you should know that payment protection insurance is extremely pricey. Sometimes it runs as high as 56% of the amount of your loan. But one of the most mind boggling aspects of payment protection insurance is the fact that it is often charged as a onetime premium at the time the loan is originated. As a result you will be paying interest on that premium each and every month as the payment is amortised into the loan and paid right along with it.
Since it is the lender or the insurance agent's responsibility for full disclosure when providing a payment protection quote you can still file a PPI claim if information that is vital to cover is withheld from you. Under any conditions, if the policy was mis sold you are still entitled to file a claim. Just bear in mind that you do not need to purchase PPI to qualify for a loan. If you are one of the unfortunate consumers who has been mis sold payment protection insurance plan you can file to claim back PPI. In the end it was the seller's responsibility to warn you of lack of cover. If it was not disclosed that you were ineligible and you were still sold PPI cover, talk to a claims specialist to file for a refund.
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