When Do You Need The Services Of A Ppi Claims Company?

Payment Protection Insurance or PPI, as it is popularly abbreviated

, is a kind of policy that a borrower purchases to protect himself in case of failure to repay his loan. If the borrower fails to pay, he can claim the money from his PPI provider.

PPI policies are issued for different types of debts or borrowings, both short term as well as long term. The borrower is required to pay a fixed sum as installments for his PPI policy. Mostly people take PPI policies on personal loans, credit card borrowings or sometimes even mortgages. Sometimes insurance companies offer PPI policy along with expensive insurance policies. Generally, or in most cases, lending institutions and banks offer loans inclusive of PPI policy. Although it is offered as a package along with the actual loan or the insurance policy, the borrower or the policy holder can decline a PPI if he deems it as an unwanted expense.

There are several instances wherein a borrower is kept in dark regarding his PPI policy. While lending a loan, the lender is responsible to disclose all the hidden rates and charges included in the agreement. Also, the borrower or the customer should read the agreement and its terms and conditions before signing the deal. If the borrower realizes that he has been tricked into buying a PPI policy with his loan he can claim back his PPI amount. If the lender doesn"t revoke the PPI and refund the money, the borrower can file a lawsuit to claim his right. However, this could be a long process and involves lot of formalities. A faster way to get things done is to approach a PPI claims company or a legal firm that handles PPI claims.

In the earlier days PPI lawsuits were handled by law firms but now things have changed a bit. In the past few years many PPI claims companies have emerged that help people in canceling their unwanted PPI policy. The awareness about PPI claims has caught on and people are all the more alert about the possible hidden costs that come with their credit cards and personal loans. The recent incident where consumers detected millions of Mis-sold PPI, UK markets were hit with PPI reclaims worth billions of pounds. The term mis-sold PPI indicates that the borrower was unaware of the PPI product he actually paid for. The extent to which all these financial institutions, private banks and lenders were able to trick their customers with hidden charges and costs was really appalling.

Most of the mis-sold PPI cases in the recent years were seen in case of insurance policies. Insurance companies can easily confuse their customers to sign up for all sorts of charges and expenses in the pretext of monthly or yearly premium amount. The terms attached with insurance policies are also too lengthy and can be easily manipulated to confuse the customer. Reclaiming PPI policies from Insurance companies is not as easy as it sounds. Many direct claims made by individual customers have been rejected in the past. However, a PPI claims company can easily help the policy holder in recovering his PPI money. Such companies have helped thousands of insurance holders in claiming back their PPI policies.

by: Kooperwillson

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