PPI And PPI Claims What You Need To Know

PPI, or Payment Protection Insurance, are sold by banks alongside their loans to help their clients pay for the loans even if they get sick or unemployed. Once a client falls to any of the categories stated in the insurance, the bank gets the person off the hook (for a while) until the client is in shape to pay his dues again.
However, not everything is this simple with a PPI, especially if you have one.

1. It is useless – If you haven’t noticed, PPI’s are mostly sold to individuals who don’t need it at all, like healthy people with stable jobs. If you fall to any categories that make you unfit to pay, then you don’t even get the loan at all, hence no need for a PPI. Even if you get it, the terms of the PPI make it hard for an individual to make a claim, even if the same person is indeed sick, or unemployed!
2. It was probably mis-sold – in most cases, PPI were not sold separately from the loan. Sometimes it is sold as an “integral” part of the loan, which means that you can’t get the loan if you don’t sign up for one. Or worse, you might even have one (and paying for it!) without even knowing it. Learn about PPI Claims on ppinopaperwork.co.

3. Banks earn a lot – In 2014, courts ruled in favor of a client who sued a bank, even if she bought a PPI intentionally. The reason? She found out that the bank’s commission for a PPI sold totals to a whopping 71.8%!
4. You can make a claim – If you have a PPI, you can actually make a claim to have the bank refund you all the extra money you paid for it.

Working on a PPI claim can be hard and very meticulous. For these reasons, you can look for a PPI claims company to help you get your money back.

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