PPI - Payment Protection Insurance Facts
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For the most part, most credit seekers might be concerned about what they would do should they become unable to work because of injury, illness or if their position at your place of employment becomes redundant. There is something called PPI which was created for these sorts of situations.
The abbreviation PPI represents Payment Protection Insurance. This type of insurance was developed to make repayments of bills such as a mortgage loan, credit card repayment, or similar monthly loans in case you are injured or are not able to work due to illness or as a result of redundancy. The PPI covers a percentage of certain loans monthly for up to twelve months and at most up to 24 months.
Prior to deciding on purchasing PPI you should make certain that it is well suited for you. You don't want to fall victim to a high pressured sales associate or lender whom is attempting to pressure you into purchasing their plans.
Additionally it is important that you be aware that there is quite a bit of criteria you will have to meet if you ever do need to file a PPI claim. Please find a few of these below:
* Make sure that you list any pre-existing medical conditions. Some companies will not even sell you the PPI once they are aware of them. Safer to know upfront.
* Your age must be between 18 and 65.
* You have to work at least sixteen hours a week.
* In the event you are going to claim unemployment you must have been employed with the same employer for a minimum of 1 year prior to making the PPI claim.
You should also be aware that some medical conditions like back issues or even stress related issues may not be covered under the PPI policy. Be sure to ask this. It would be awful if you went to file a claim only to find out you would not be covered.
There has been quite a bit of problems over the years with loan companies attempting to force potential borrowers into buying high priced payment protection insurance from them. They many times have promised lower rates, or said that if the borrower did not purchase the PPI then they could well be denied the credit. This really is something for another article, however, this is now known as mis-sold PPI, which if you fell victim you might be able to reclaim some money back.
If you want to purchase Payment Protection Insurance and it is worth it to you,, be sure you check prices, as it could add up from 60-65% to the total of the loan. Be wary of high pressure tactics, and look out for poor sales practices. |
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Author Resource:-
For more information on payment protection insurance or if you feel you were mis-sold ppi, please visit Simplicity Claims to see what your options are.
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By :
Andrew Thorn
Submitted
2010-08-02 08:47:10 |
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