The problem with PPI
Posted on May 30, 2010
Filed Under Debt Relief, Loans, Mortgage, Personal Finance, Refinancing Solutions | Leave a Comment
PPI is a type of insurance plan for those who owe money to lenders. The concept is such that the person pays into the plan on a regular basis in order to receive the insurance. It may be a good idea for a proportion of people but in reality it’s not always suitable.
Quite a lof of these insurance policies were not properly explained to the borrower. Many are covered by their employer for accident or sickness. This being the case they may not necessarily need payment protection. What’s clear about single premium PPI is that it is costly. If keeping your monthly costs down is important to you, it may be an unsuitable type of product, especially if added to loans.
The lender should have made clear that this is an optional policy. Some lenders did not make it clear that the policy is optional. This clearly isn’t the case so if this applies to you it may have been wrongly sold.
If you are thinking how long does it take to claim back PPI there’s no straightforward answer to this. Some claims are done and dusted more quickly than others. It all depends on the strength of the claim and the attitude of the lender. The credit company may not be particularly quick to settle the claim.
Anyone wanting to reclaim PPI can do so through PPI Claims Management. This is a process where they can contact a claims company who will handle the claim on their behalf. The advantage is that they do all the work for you. They normally have the right experience to handle payment protection claims for consumers.
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Related posts:
- Main Reasons behind PPI Claims
- Mis Sold PPI Claims To The Ombudsman Reach Record Levels
- Will payment protection assist your financial situation?
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