Information on Payment Protection Compensation
Every year many people in the UK take out a loan in some form or another, whether it is a secured loan that is secured against the home or whether it is a contract based unsecured loan. PPI protects a borrower's ability to maintain loan repayments should they be unable to keep up their repayments due to accident (A), sickness (S) or unemployment (U). These are the main risks covered by PPI policies; some unsecured, second charge mortgage, and credit card PPI policies also cover risk to life (L). Payment Protection Insurance is usually built into the monthly repayment amounts of the loan and can amount to as much as 5%-50% of the monthly repayment. There are several kinds of ppi policies which may be bought according to that a clients loan. The most typical ones being sold are credit card PPI, mortgage payment protection insurance (MPPI), Store card PP, Unsecured loan PPI (which includes motor loans, hire purchase and catalogue purchases) and secured loan ppi. However, millions of payment protection insurance policies have been mis-sold and consumers are losing thousands of pounds each year on a useless insurance that they probably do not even need.
PPI was mis-sold for many reasons but the most common reason is because it provides billions of pounds annually to the lenders who sell these products. PPI was also mis-sold by lenders who did not explain the policy terms and conditions in advance of it. It is possible to get compensation for mis-sold payment protection insurance and millions of people have already reclaimed thousands of pounds in premiums. There are a couple ways that you may make reclaim in your Insurance if you have been sold a plan under false pretences. You can 'do-it-yourself' or speak to a reputable claims company that will help you recover your funds. After you have submitted a letter to the provider reclaiming payment protection insurance, the insurer generally has up to 8 weeks to respond to your complaint. If you have heard nothing from the insurer within 2 months, you may contact the provider to confirm the status of your request. If you are still unsatisfied by the provider's response, you may contact the Financial Ombudsman Service, or FOS, to request a resolution.
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