PPI Guide

Most people know a little bit about Payment Protection Insurance or PPI as it in commonly known online. Luckily for those who want to know more about PPI there are PPI Guides available to assist you. We have collected some information in our shortened version of a PPI Guide to assist you in understanding what PPI is really all about, including what it covers and what it doesn’t as well as who can use it and who can’t.

The first thing to mention in this short PPI Guide is the fact that mis sold PPI has become a huge problem for the financial institutions and that you can stand to get a great deal of your money back! There were more than 20 million PPI policies sold alongside loans in the UK alone. At least 2 million of those PPI policies have in fact been mis sold resulting in unfair loan charges being collected by the lenders. You have only 6 years to get your money back so now is the time to get your PPI claim in.

Any PPI Guide should include information about when PPI is generally issued. Anytime you take out a loan, mortgage, credit card, store brand credit card, or even when you buy a new car on financing PPI might be automatically added to your loan agreement. PPI was originally designed to assist borrowers in a time of crisis; for instance if you are injured, laid off from work, or become ill and can no longer work or make your payments, your PPI policy should kick in and continue making your payments as usual.

Any good PPI Guide should mention the fact that there are several exclusions in PPI policies that will make it impossible for some people to make a PPI claims against their policy. If you are unemployed at the time of the loan grant, or if you are self employed you do not qualify. When you add PPI to a loan the lender will often take your principle then add the full cost of the PPI over all of the years of your loan, then add interest to that, and add that amount onto your principle. This additional cost will add thousands to a loan very easily.

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