Monday, May 14, 2012

Did you pay for Payment Protection Insurance (PPI)?

Yeah, I know. My second post for this blog may not sound very interesting as it is about insurance. I promise you that I am not an insurance agent trying to sell you some sort of policy. I am writing about PPI because I found out that it could be something that insuranceyou have paid for when you took out a loan, applied for a credit card, or applied for home or car financing. Your financing company or bank may have mis-sold it to you, and you could be due for a refund. Yes, I said it right. A refund. When you are a single mother like me and every penny I earn and spend counts in keeping my family afloat, a refund is music to your ears. So listen up! Here are a few things that you have to know about payment protection insurance.

What is Payment Protection Insurance or PPI?

PPI is an insurance policy sold alongside a loan, home or car financing, or your credit card to make sure that you are protected in case you can no longer make payments because you've been laid off from work or you were involved in an accident or got very sick. In some cases, this policy has been sold without the knowledge of the borrower or he was forced to take it out in order to qualify for a loan. These instances are called "mis-sold" PPI. Here are three reasons why a PPI could have been mis-sold to you.
  1. You were told that you will not be qualified for a loan if you don't take payment protection insurance alongside it.
  2. Payment Protection Insurance was sold to you in another name such as Accident, Sickness, and Unemployment cover, Loan Payment Protection Insurance, and Mortgage Payment Insurance. 
  3. PPI is not suited for your specific case. Generally, PPI only covers people who are 18-65 years old who are employed. If you've been retired or were self-employed when the policy was taken out, then you are could get a refund.

Not sure? Here's what you should do.

If you feel that you are eligible for a claim, then approach PPI claims handlers who know all about your problem. They can give you assistance in determining if you have a case, and they can handle all the paperwork. When a friend of mine advised me to check if I had PPI on my car loan, he referred me to http://www.ppi.com/. They made everything easy for me. They are a legit company registered with the Ministry of Justice, so you can be sure that they won't run away with your money. Besides, they won't charge you anything until you get your refund.

I might just have given you a shot at getting back some money that should have been in your pocket a long time ago. Tell me if I was able to help you!

(Photo credit: Image: vichie81 / FreeDigitalPhotos.net)
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EDIT: May 21, 2012
Hi guys! Hope you have the time to check this blog. You'll never know if you're eligible for PPI insurance until you do some research.

4 comments:

  1. Mallory! You are an angel from above! As soon as I read your article, I checked the papers for the loan I took out two years ago, and boy! They hid PPI as an accident and sickness cover. I'm going to contact PPI.com. I have a good feeling about this. I badly need the money for the braces of my twin daughters. Thanks!

    Edwina, one of your regular customers at the salon

    ReplyDelete
    Replies
    1. Hi Edwina! I am glad I was able to help you. PPI.com can help you. I should know because they helped me.

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  2. Thanks for all this Mallory. It has opened my eyes about this so called necessary insurance for loans. I'll certainly be checking if a reclaim applies to anything I've ever borrowed.

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  3. This is informative post. This post give a little idea of mis Sold Payment Protection Insurance. If you have well know any of the above instances of mis-sold PPI, you may be able to make a good claim.
    PPI Claims Made Simple

    ReplyDelete