Reclaim Your Mis-sold Payment Protection Insurance

The payment protection insurance (PPI) is a tool devised to provide some sort of

security to the lender against his/her loan amount in terms of curbing the unforeseen uncertainty. The delicate financial condition of the economy has given a push to the use of this insurance policy as the more and more people are facing layoffs or salary deductions and unable to keep their financial commitments. As the cases of financial defaults are on the rise payment protection insurance (PPI) has become the integral part of the any loan deal to safeguarding the lenders position.If the present situation is in full control that does not mean safe and smooth future as what lies ahead is very difficult to ascertain and it does not mean that a person who is in the condition of keeping his/her commitments today, especially the financial one in this case, will be able to do so in the future as in the cases of emergencies such as a grave accidents which can make a person unproductive or less productive effecting his/her capacity to earn fully or partially and in return making the person incapable of fulfilling his/her financial commitments.

Or an unstable economic condition of the country can make anybodys job unstable. In this scenario, Where a person is not certain about his/her livelihood, how on earth he can be pushed to payback his/her dues. However, PPI is one time solution to all these uncertainties as it will work as a shield to protect the financial rights of the lender community.Though, till the time PPI is used to provide security to the loan amount it is fine, but when it is used extract some more profit from the borrowers pocket then there is something wrong.

And this is the time when a borrower should ask many questions from the lender and him/herself. Questions such as:Did you request for payment protection insurance (PPI) because if it was your initiative then you, probably, will not be able to reclaim PPI otherwise you have good options to claim your payments.Were you taken in full confidence or the PPI was sold to you secretly. If later is true then it is a case of missold payment protection insurance and you are eligible for PPI claims.Did your lender force you into taking PPI policy? If this was the case then you can pursue the demand for PPI compensation claims as it should always be optional.These are the few signs of Reclaim your mis-sold, do remember to take experts advice if you feel that your payment protection insurance (PPI) is mis-sold to you.Keep in mind that it is your right to reclaim the PPI claims money if you have successfully written-off your loan amount.

by: Shelly Dicousta

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