As millions of customers across the United Kingdom have been mis-sold PPI, there are now laws in place to check that not even a single more customer is victimized in such mis-selling practice by the banks. Moreover, the court has asked the banks to refund the money taken as the premium for the PPI along with the interest.
- If there is any mention of payment protection insurance, loan protection insurance, credit cover insurance, credit insurance, debt protection insurance, and so on, in any of the policy documents for your mortgage loan, loan, or credit card, then you have payment protection insurance.
- If you are not sure whether you have payment protection insurance, you can contact the bank and ask them if any of your loan or credit products have PPI attached to it or not.
- Checking the loan agreement carefully or consulting with the claim management company or your financial advisor can also help you know if you have PPI.
These few tips would help you find out if you have payment protection insurance attached to any of your financial or insurance product, and whether you have been mis-sold PPI or not. As millions of people have been fooled into purchasing PPI even when they didn’t asked for it or need it, don’t be surprised to find out if you already have payment protection insurance. The worst part is that many a times, the payment protection insurance was sold to people who were not eligible for it, and this made it even worse for the customers. Many of the customers who actually went ahead to claim for the benefits PPI provided came to know that their situation is not covered by the payment protection insurance.
Whether you have bought PPI for your financial security, or have been mis-sold by the bank, it is important to know what payment protection insurance actually it. It is a kind of insurance that would cover the payment towards your credit card, loan products, insurance, and other financial tools. In case the person gets ill, loses the job, suffers from financial loss, or is not able to pay his or her dues in time for whatever is the reason, the payment protection insurance would pay towards the debt. This would ensure that the person does not get buried under the debt whenever he or she recovers.
It would also ensure that the credit score is not negatively impacted during this trouble times, and the person is still very much eligible for the loans or other financial benefits. If you are wondering have I got PPI, you might want to start checking out the financial documents of the loans, credit card or mortgage, and if you find terms like loan protection insurance, payment protection insurance, credit cover insurance, and so on, do know that you have it. And, if you haven’t bought it with consent, make sure that you go ahead and file for PPI refund.