When receiving a large loan, it can be overwhelming to think about its repayment. One thing that is concerning is the fear of the inability to pay back the loan due to unforeseen circumstances. Payment Protection Insurance is available to ease this fear. In the UK there is a scandal that has arose from the sale of PPI (Payment Protection Insurance). It can be referred to as a scandal because PPI policies are sometimes sold without the consumer knowing. This causes the consumers to file claims against lending companies to get back money they have paid towards the policies that they were unaware they had.
If you are reading this and are someone who has been thrown into this type of situation, there are many resources out there to help you through it.
You are not alone! Companies are out there that can be hired to help you get the money back. For example, http://www.lowfeeppiclaims.co.
Calculate your Claim
There are apps out there that can help you calculate what you could potentially be owed. You will need to know the details about your policy (Loan amount, term of loan, your premium amount and interest rate, etc.)
Consumers are also being mis-sold on PPI by not fully understanding their policies. There have been reports of a lot of consumers unhappy about PPI claims being turned down because of exclusion clauses in their policy. This is a form of being mis-sold on the policy because people buy into them thinking they would be covered for a particular situation and if that situation occurs, they may be denied coverage. Another issues is the coverage may not be explained in its entirety to the consumer when purchased, and the sum of money provided at payout could only be a percentage of your salary. There are often loopholes in the contracts that people are not aware of.
Overall PPI can be a very helpful tool to keep your family safe at times of crisis. However, it is important to know what you are signing up for and to do your research before committing to a policy.