PPI Payment Protection

Help with payment protection insurance claims

Buying payment protection insurance cover is very common these days, as it is a good way to add some financial stability in case of unforseen events. Each PPI policy will have its own terms. Typically though the insurance will cover your mortgage or loan payments for 12 or possibly 24 months. After the period, as defined in your particular policy, you have to cover the monthly payments yourself.

There are various types of payment protection insurance available:-

1. Loan protection insurance,
2. Mortgage protection insurance.

Payment Protection Insurance Explained - Sometimes it is essential to have a payment protection cover in place.

Bad times do not give warnings before coming; hence it is always a smart move to be prepared for them beforehand. In case one loses his or her job, or meets a fatal accident or it comes to his knowledge that he is suffering from a chronic illness, then it might become difficult to pay back his loans or mortgage unless he has a large sum of savings or investments to back him. Mortgage payment protection is one of the answers to this problem. It covers the borrower financially against the circumstances which disable him from earning a living.

Mortgage Protection Policy

A mortgage protection policy provides cover for a specified time.

 

Advantages of payment protection

1. The first and the most important advantage of the mortgage protection is that it gives the borrower some piece of mind, by giving him some financial protection.
2. The second benefit can be its flexible nature, flexibility in the sense that the borrower can decide his payout period, because the longer the payout period the cheaper will be the policy.

Disadvantages of payment protection

 

1. First disadvantage a protection policy is that it only covers the policy holder for a limited period, and it sometimes becomes difficult for the borrower to find employment in the limited time
2. The second negative point of the policy is that it does not provide monetary aid equivalent to the borrower’s income, but only a certain percentage of his income.
3. Many such cases have come into light where the people complain of the mis-sold PPI insurance at point of sale.

Consumers needs to be careful at the time of buying a PPI policy.

If you’re not sure what do to next – get in touch with us. We should be able to sort out which company is involved and pursue then for compensation.

• 'No Win - No Fee' Service and No Upfront Fees
• Expert friendly advice
• We will handle your case from start to finish.

Click here to complete your PPI Claim Form