Payment Protection Insurance: What You Need To Know

PaymentProtection Insurance, generally known as PPI, has become a very controversial financial product that was widely sold during the early twenty-first century, although it is now less widespread. This protects your loan status in the event that you are unable to make a payment. This type of insurance covers mortgage, rent, and other monthly payments instead of just a single loan. PPI benefits the lender, not the consumer. Fully 85% of these payment protection insurance claims never pay out. The consumer must submit ppi claims within a certain time frame after the triggering event and then wait 3-6 months for the policy to become active.

It becomes difficult for one to determine whether the PPI is right for them or not as this insurance is different from the other insurance policies. In other types of insurance, you will find some claims rejected and some claims accepted and this is common, but not in PPI. There are several ways that PPI was regarded to have been mis sold. According to the FSA (Financial Services Authority) 75%-90% of both single and regular premium PPI policies may have been mis-sold in the UK. The Mis Sold PPI policy scandal arose from the banks passion for profits, there was simply too much money to be made from selling a policy alongside a loan, secured loan or hire purchase agreement, and to a certain degree credit or store cards. There are two main reasons why you should take your case to court if you have been mis sold PPI. Firstly, you should press forward to claim back that which was wrongly taken from you and see justice done. Secondly, you should join the many people who have successfully won PPI refunds to declare to the guilty party that they cannot get away with such corrupt action. First of all, you should consult with a PPI claim expert. They can help give you the peace of mind necessary for any legal action that may be viable.

Therefore seek out your documents, and be sure you check out whether you've been mis sold PPI so you can receive a slice of the compensation that is certainly attributed to you throughout this window of opportunity to claim. Today there are several online firms available who specialise in PPI and its consequences. These professionals are skilled at fighting for your right to receive the payments that you deserve.  Reclaim PPI today can give you extra money to do what you wish with.  There's really no better reason than that to look into filing a claim.

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Getting The Debt Advice You Need

You're in debt. You need expert debt advice and help. Where do you go and who can you trust? There are places that offer debt advice. They can be found online or right in your community. They will offer a variety of solutions to your debt problems. The random lifestyle, unplanned budget and increasing needs often surpasses a person's earning against his expenditure. Such situations make a person debt prone leading to the burden of multiple loans. The debt advice is only the beginning of the road to recovery. Hopefully the free debt advice will be able to help you start a new way of living.

Some of the techniques that are included in the process of debt advice are:

 Debt management - help consumers with repayments that have become too large to handle on their own.

2.       Debt consolidation - A method of replacing multiple debts with one loan. 

3.       Debt negotiation - a process wherein an individual or entity suffering from severe debt issues negotiates with their lender, with the end goal of settling their debt for less than the original amount

These techniques aim to provide answers to the people who are either struggling with their debts or want a better way to deal with the accumulated debts.

The internet is a good place where one can find numerous websites dedicated to financial advice. It is a reliable free source for gaining useful information. Simply type the words "debt advice" into the internet search bar, hit the search button and within a matter of a few seconds, thousands of doors will open to give you free and useful debt advice.

If you need urgent debt help or free debt advice in the UK then there are a number of options available to you:

1.       The Citizens Advice Bureau.

2.       The Consumer Credit Counseling Service (CCCS)

3.       A solicitor.

4.       A debt management company.

In other countries, options will vary. It's a good idea to seek advice as soon as your finances start to become unmanageable. Debt advice can range from tips on how to budget more effectively to guidance on negotiating with your creditors. The right solution could help you reduce the amount you're spending each month on payments to your unsecured debts.

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How To Reclaim Your Mis Sold PPI?

Over the last ten years, PPI claims have been big news. Loan and credit card providers have routinely mis sold PPI to those for whom the insurance policy is inappropriate.  Payment Protection Insurance or PPI is an insurance policy usually taken out alongside mortgages, personal loans, credit cards or finance for high value products. Payment Protection Insurance (PPI) can also be known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover, Mortgage Payment Protection Insurance, Personal Loan Protection or Credit Card Repayment Protection. PPI is optional, it is never mandatory, if you were told you had to take Payment Protection Insurance, this is wrong, and you may be compensated. The FSA has stated that lenders have to justify why single payment policies are suitable for clients. Were you aware of the method of paying for your PPI? If not, it is possible that you have been the victim of a mis-sale.

The problem with PPI is that it is not suitable cover for everybody. If you are unemployed, retired, self-employed or have an illness that could stop you from working in the future, PPI will not cover you, however this didn't stop cases of mis sold PPI taking place. Mis sold PPI is common due to the fact that the lender can make a large commission from selling it. How do you know if you have been Mis sold PPI and therefore entitled to reclaim PPI payments? To check to see if you took this out then find your loan agreement or credit card statement and see if it includes PPI.

Mis sold Payment protection insurance occurs when the customer isn’t fully informed of their rights, and asked the proper questioning as to whether they need Payment Protection Insurance during the sales process. To reclaim PPI it is important to establish whether you were originally mis sold to.  If you are worried that you have been mis sold PPI, you can seek out help from a number of online companies to help with your Payment Protection Insurance claims. Today there are several online firms available who specialise in PPI and its consequences. A good PPI claim enables consumers to quickly and easily obtain a way to make payments on their loan in the event that they are not able to meet the financial obligation. However in many cases PPI claims were rejected by insurance companies for various reasons, leaving the consumer out of pocket and struggling to their meet monthly commitments.

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Reclaim PPI - Get Complete Information

PPI or Payment Protection Insurance is one of the most commonly mis-sold finance options in the world. There are a huge range of people who have been mis soldPPI and because of it are now out of pocket. However, you are able to make reclaim PPI and ensure that you get your money back. You will need to do some research though and with something like this it's great if you know your stuff.

Payment protection insurance is an insurance that will make repayments of some of your loans, credit debt, mortgage, etc in the event you are unable to work due to illness or accident, as well as if your job entered into redundancy. PPI in itself really is not a bad thing, however, with the mis-selling of it by unethical sales people it is no wonder that the reclaiming is as high as it is.

PaymentProtection Insurance Policies are deemed mis-sold under the following circumstances:
 
- Failure to state that PPI is optional.
- Failure to state unsuitability for the Self-Employed.
- Failure to give transparent information about the product and its real cost.
- Failure to advise that product is a single premium policy.
- Failure to disclose that advisor is an agent earning a commission.
- Failure to advise of requirement conditions of employment status 

The first step in claiming back your PPI is to write a letter to your bank/lender asking for a full refund. They will definitely reply with a variation of 'no' to which you need to be more forceful, threaten legal action and declare your intent to involve the financial ombudsman. They will probably continue to respond with a range of answers ultimately dismissing your claim, albeit wrongfully, as they have no fear of your authority. The key to success is to be persistent and by all means get the financial ombudsman involved but if all else fails, seek professional help.

A compensation claim for PPI is very likely to hold up in court. For instance, in the five years between 2004 and 2009, the courts upheld over a million claims. Furthermore, current estimations indicate that 95% of claims are successful, and this is only fair. The banks continue to make large amounts of profit, while the public, in general, suffer, PPI claims are a way of biting back.

It is still advised for UK consumers to be knowledgeable when getting loans especially unsecured ones as insurance mis-selling continues to evolve. A few of which are reducing the coverage and raising premiums.

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Payment Protection Insurance Policies – A Free Guide

In the UK the issue of recovery of the PPI came to the forefront of people's concerns. Payment Protection Insurance is a form of insurance, which is used to cover the outstanding balance of a loan or overdraft. There are a number of cases in which a person may be able to reclaim PPI. If the person was unemployed, retired or self-employed for example, they would have no use for PPI and could therefore legitimately reclaim the money taken from them. You may also be entitled to reclaim PPI if you were misled during the sale of PPI.

It is estimated that 70% of the UK may have been mis sold PPI and therefore entitled to recover, although it may not be aware. However, many people may feel reluctant to do so due to perceived time and effort it would take. Many people also feel that they will be charged should their claim be unsuccessful, that they would only get a partial refund, that they would not be eligible to reclaim if their account has been closed for a substantial amount of time or that they would be entitled to nothing if the insurance policy itself was not defective. All these concerns are largely unfounded. Many companies operate in the UK who specializes in PPI claims, as well as a huge number of sites that can help you through the process.

Many people around the country have managed to successfully recover your money, in fact, there is a high demand rate of success, and you should not feel discouraged if you believe you are entitled to a refund. Many people are also granted a refund simply by writing to the company who mis-sold the policy to them, stating their grievances and demanding that their claim is dealt with straight away. However, if you are not offered a fair refund from the company, and still feel that your claim matches the criteria above you should continue with your appeal. Many companies will be able to process your claim and get you a good refund within six weeks, with very little hassle or effort needed from you.

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Know about Payment Protection Insurance Policies

Insurance payment is useful in situations such as illness, accident or redundancy. There are two types of Payment Protection Insurance policies offered: Monthly Premiums and Single Premiums. The monthly premiums, unlike a loan, paid monthly. They can be terminated at any time and interests should not be added to the monthly payment. These products are slightly more expensive when provided by the lenders, even if they pay back a small amount. Single premium is generally designed for 36 or 60 months, and then transferred to the loan principal. Single premium policy can not be cancelled in the meantime, because when the amount is paid, it becomes part of the loan. Credit card providing companies are likely to sell PPIs, in addition to banks and insurance providers. One should go through the PPI policy well, before getting into it. Because, there are so many issues related to this payment protection insurance. Some people believe that, certain PPIs miss sell their insurance policies to the wrong customers. Hence you should consider certain things before buying a PPI. Initially, the cost of the insurance policy must be taken into consideration. The Financial Services Authority (FSA) provides certain comparison tables, through which the best policy could be picked up. If you have enough policies to take care of your unexpected sickness or accident, then this seems to be not needed.

There are some PPI policies, which do not help in certain situations, say they may not be applicable to self-employed people. They also take into consideration about a particular health condition like back injuries and stress related problems. So such cases must be taken care of and only after analyzing whether the policy is applicable for you or not, and then go for it. The policy's duration for pay out must also be noted. There are some policies that cover the repayment of loans or credit for 12 months. There are also some other conditions to be considered. The PPI must know about your exact working details and other important details. Your annual income has a lot to them and that is why it is properly included. After taking the payment protection insurance, make sure that the payment is recorded and understood. PPI prices vary and so it is best to shop around before taking a policy. PPI claims is a process used for those people who are not satisfied with their payment protection policies and trying to demand their money. There are few organizations in Britain to take care of these allegations, and help people to recover their money. Once this is processed their policies are cancelled. The ReclaimPPI is processed when a miss selling is done and the insurance sold to the wrong client.

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