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PPI Claims – What are they?

PPI, also known as Payment protection insurance (or sometimes credit insurance, credit protection insurance, or loan repayment insurance), is an insurance product designed to cover repayments on loans or credit cards in the case where the borrower dies/becomes ill or disabled/loses a job or faces other circumstances that may prevent them from earning income to service the debt.

In the last few years, it came to light that PPI was widely sold by banks and other credit providers as an add-on to the loan or overdraft product.

PPI can be purchased to insure all kinds of consumer loans including car loans, loans from finance companies, and home mortgage borrowing. Credit card agreements may also include a form of PPI cover as standard.

The thing that makes PPI a little dangerous is that it’s hard to tell if the person needs it or not. For example, if the loan is for an extended period of time and during this time the customer is fully engaged in a work contract – then the PPI loan is unnecessary to protect against unemployment.

However, a lot of these assessments were never made and so many people ended up paying for something they didn’t need – and something they didn’t even know about!

By May 2008, 20 million PPI policies existed in the UK – now surveys show that 40% of policyholders claim to be unaware that they had a policy.

So if you aren’t sure, or are currently fighting a PPI claim but getting nowhere, head over to our homepage and fill out the form to see how we can help you recover your money.

2 Responses to PPI Claims – What are they?

  • admin says:

    second test

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