This article is made for public interest. Payment protection insurance is useful because it helps you make loan payments when you are short on cash. When you are approved for a mortgage, it is usually at a rate that you can afford at that time. If you lose your job or have to settle for a lesser job, you might need PPI until you can regain your former level of income.
Payment protection insurance is useful because it helps youmake loan payments when you are short on cash. When you are approved for amortgage, it is usually at a rate that you can afford at that time. If you loseyour job or have to settle for a lesser job, you might need PPI until you canregain your former level of income. This is only a short-term solution to thisproblem, but it can prevent you from losing your home if you have to suddenlysearch for a new career.
Remember that a high number of PPI claims are rejected. Thisis because some insurance providers do not provide all of the facts involvedwhen purchasing this insurance. When this occurs, it is an example of PPI beingmis-sold and is a situation where reclaiming PPI back might be possible. Insurancecompanies rejecting these claims are one reason why so many people have beenscared away from PPI in recent years.
For example, if you cannot work because you have hurt yourback, you would think that your PPI would cover you. This is a situation whereyou would need your mortgage payments covered because you cannot physicallywork to make the money that you need. If you believed that this would becovered, reclaiming your PPI might be an option for you because your insurancecompany mis-sold your insurance.
If you feel like your PPI has not done you any good when youneeded it the most, reclaiming PPI back might be your only option. This was amajor problem in the UK insurance industry for years, as countless insurancecompanies mis-sold PPI to consumers. The courts ruled in favour of the consumerin this situation, so you do not have to worry about losing your money. You canuse a claims management company if you find yourself in this situation, as thecompany will handle most of the litigation for you. If you thought that yourinsurance would cover your mortgage under most circumstances, but it did not,look into reclaiming your PPI to get the money that you deserve.
A whole raft of advisors have now got accreditation from theMinistry of Justice to be able to advise their clients on mis-selling ofproducts such as PPI, and millions of borrowers have successfully won theirclaims against this mis-selling practice. If you believe you have beeninappropriately lured by a lender into purchasing an unnecessary PPI policy, Iwould encourage you to file a claim today with an appropriate advisor. If youdo not know an advisor you will find details of one at the end of this article.Most claims companies will not charge up front for the service they offer. Theywill simply take their costs from the amount they recover for you. As this isbased upon a percentage of what they recover, they are incentivised to make thegreatest return for you.
The usual cost is 30% of what is recovered and this isbecause it is conducted on a no win- no fee basis, with all the risk beingtaken by the advisor in terms of his time and resource. That advisor also hasexperience of running and winning many hundreds of claims and so knows how towork the system.