No one wants to end up sick and bankrupt. Everyone wants to be financially secure, not just for themselves but for their families. That is why the moment unemployment strikes, a person becomes automatically fearful of the future. Constant cash supply stops flowing and there is no source of income. Without a steady flow of income, there wont be any funds to cover for the bills. The most painful part is if the person is not unemployed by choice but because of an accident or sickness. Payment protection insurance or PPI is a kind of insurance that offers security to people by paying for their expenses for a certain period of time in case of unemployment due to an accident, sickness, or death.

There are different types of payment protection insurance, just as there are different kinds of expenses.  There is a PPI for loans called the loan protection insurance. This, of course, pays for your loan when you are unemployed due to an accident or sickness. The payment protection insurance for credit cards on the other hand, is called credit protection insurance. Another type is the mortgage payment protection which will pay for any outstanding mortgage fees. Should you have any of these, keep in mind that an income protection insurance will enable the policy holder to get an average of 75% of his income when he is unable to work.

The benefits of payment protection insurance may sound promising but the many and rising number claims for mis sold ppi suggest otherwise. Some vulnerable clients of loans and credit cards have been deceived or tricked into buying payment protection insurance because sellers get a huge commission. PPI is one of the easiest insurance packages to sell because who does not want protection? Therefore, potential loan and credit card clients should read the terms of agreement attached to the purchase before paying for it.

Luckily, there are claims companies that aid the cause of clients who have been mis sold payment protection insurance. PPI Reclaim Company promises to deal with the claim process so you can get your refund in a short amount of time, minus the upfront fees. Visit www.ppireclaimcompany.co.uk for more information.

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Posted by admin on May 11th, 2012 :: Filed under Insurance
Tags :: mis sold ppi, ppi claims, ppi reclaim

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Many people have fears of not being able to pay their loans or mortgage. Because of the unstable economic condition and the uncertainties of the future, anyone’s financial circumstances may change leading to the failure of paying for any financial obligations. So to free you from these worries, the payment protection insurance or PPI was developed. This policy is often given to borrowers during the times that they filed for a loan. If you look at its intention, owning one seems like a good idea. The plan saves you from your responsibilities in case of you lose your job due to an accident or illness. But how come PPI has received several controversies? If you are one of the concerned citizens asking the same question, let this article clarify some points about it.

Forced Selling

One of the issues faced by payment protection insurance is the force selling of the policy. Many clients claim that they got the plan because their creditor told them that it was compulsory. For fast processing of their loan, they need to get the PPI as a form of protection. Otherwise, their application will be disapproved. For some clients, they claim that they never knew that the policy was sold to them.

Hidden Rates

Payment protection insurance can be very costly. Unless you need it badly, it is not advisable to purchase the plan. Many times, your regular life and health insurance plans will cover your expenses in cases of illness and death. Just to sell the expensive plan, some unscrupulous agents automatically add the premiums with the rest of your amortization. So when payment time comes, borrowers are surprised because the amount they’re paying for is too high. The high premium rates account for 80% of the total profits of banks in the past years. In fact, the practice made a few people rich until the issue came out into the open.

Higher Rejection Rate

Although rejection is common in any insurance company, the rate of rejection in the payment protection insurance is the highest. Many of the benefits are not enjoyed by the policy owners. There are many criteria to meet just to avail of the benefits. Unemployed policy holders were not considered eligible to make a claim despite the true status of their employment. For some, the lack of careful assessment before getting the loan makes things more difficult for them. Also, the terms and conditions are not explained well to clients. Thus, they have little to no knowledge when filing their ppi claim.

Ineligible Buyers

Because of the intent of deceptive companies to make profit from payment protection insurance, they sell the policy even to ineligible buyers. The plan should only be applicable for people who are working full-time during the purchase and who are below the retirement age. If you happen to be working part-time, you should not get the policy. Otherwise, you request for claims later on will only be rejected.

Claims that the Policy is not Available Elsewhere

To ensure that the buyers do not get further information about the PPI, the sales agents claim that the policy is only available with their company. Plus, as part of the processing of the loan, all borrowers must get it. Left with no choice, hopeless clients reluctantly get them.

If you experience any of these controversies, you can file a request for ppi refunds. You can get your money back for as long as you can prove that these circumstances happened to you. If the company refuses to facilitate your request, you can raise your concern to the Financial Ombudsman Services. If you do not want to experience the hassles of doing it yourselves, you can consult private companies to assist you in filing your case.

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Posted by admin on May 1st, 2012 :: Filed under Insurance
Tags :: payment protection insurance, ppi, ppi refunds

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The value of PPl claims varies considerably and is dependent on many factors. The firm and financial ombudsman service must agree that ere mis-sold the PPI insurance, you should get back all of the premiums you have paid.  And the same amount for interest as the court would award which is 8%.

You might n have been mis-sold the PPI policy at first but maybe you were treated unfairly when you wanted to cancel the cover. The FSA say that if the customers cancel the PPI policy then they should get a fair refund by the firm. It might not be a pro rated refund which means if you cancel half way through the claim then you won’t get half the cost back. Reasonably incurred costs should be the only payment the firm will charge.

If you feel that the refund is unfair that you should challenge it. Make sure you feel happy about it all; if you don’t then you must make sure that you do challenge it and get what you want. The customer is the most important.

Payment Protection Insurance is there to help people cover for payments may that can’t pay of an unfortunate advent. Not being able to work is the most usual one. With the Payment Protection Insurance policy an agreed amount of money is paid out each month to fully cover you, or with some policies it will cover a percentage of the payment due to your finance.
PPI will cover you if you:

• become unemployed, through no fault of your own
• are involved in an accident
• suffer an illness

When you take out mortgages, personal loans, credit cards or when obtaining credit on high value purchases like furniture or cars, PPI is usually taken out with that. You may be offered it by retailers when signing up with a store card. The Payment Protection Insurance will usually fully cover your monthly payments over a period of 12 months or in some cases it can be covered up to 24 months one the period of the payments have defined in your particular policy you will have to cover your the monthly payments our self.

Every Payment Protection Insurance polices have different levels of coverage and different exclusions. So every PPI are not the same, so when apply to claim back mis sold PPI make sure you have done your research on different policies because each one is individual The majority of PPI policies will not cover you if your not self employed unemployed or retired at the same time taking out the policy. If you have already had a medical condition or illness that could prevent your from not working will also stop you from being covered from most PPI policies.

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Posted by admin on June 19th, 2011 :: Filed under Insurance
Tags :: mis sold ppi, ppi, ppi claims, ppi claims company, ppi reclaim

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