PPI stands for payment protection insurance. Many people are not aware of it. PPI is an insurance plant which sold along with your loan. This probably protects the borrower to protect them in the case they cannot pay their minimum payment due to redundancy, illness and for some other reasons. This insurance will greatly helps them to make the minimum monthly payment for up to 12 months. This plan is really helpful for many people to pay their loan. Before you are going to get one PPI, you need to research well about it, because there are many lenders mis-sold this PPI to the borrowers which they are not aware of it. It is good to be aware of it.
This mis-sold ppi is one of the biggest problems in today’s financial market. Many people paid for this insurance even they do not know that this PPI has been added along with it. Actually, this PPI is not compulsory for all. Just lenders cheat the borrowers and selling this plan. Even many lenders say that without this PPI you are not allowed to get loans. These are one of the cheating methods and in this way those lenders can get more money that they are expecting. So before you are going to get loan, make sure that you are aware of this payment protection insurance.
If you have planned to get PPI payments, you need to find how much you are owed. Before you are going to request for PPI claim you need to consider some of the factors. In today’s world many people are requesting for this claim but many are not eligible to get one, because before they are requesting they have totally forget to read the terms and its conditions. Make sure that you are eligible to apply of this PPI claim in order to protect you. The below are some of the factors that you need to know while requesting for PP claims:
This PPI claim can be sold to the individuals who are within the age of 18 to 65. People who are unemployed or doing some part time jobs like people who don’t have permanent job they are not allowed to apply for PPI claim. People who are working as a short term contractor or in some contract work and they are likely to wind up unemployed in future are also not allowed for this payment protection insurance. Before applying for it makes sure that you are qualified for these or else don’t apply for such policies. It is also good to use ppi claims calculator to find your payment plans.
These policies are specially made to protect the borrowers at the time of illness and something like that. If you have found that you were mis-sold with this then you can claim for refund. Once you have found then the first thing that you need to find is still your PPI claim is active. This is because mostly lenders will not keep the documents after six years. Hence it is important to find whether your ppi claim is still active. If not then it will be difficult to claim for refund.
Basically this PPI clam is good for people to protect then at difficult situation. It is good if you use it properly. If not it will be a burden for you. Make sure that you are fully aware of this claim, because this will helps you effectively to protect you at the time of financial crisis. Make use this claim and protect yourself.