PPI claims: insurance against the unseen
PPI or payment protection insurance is a deal between borrower and lender in which
the insurance companies will pay borrower's loan payments in case of any unwanted circumstances. These circumstances can be an accident, death or major illness ans so on. In case of these circumstances PPI claims will fulfill monetary requirement of the loan for that specific period. And to insure this the insurance firm will charge an insurance premium which is paid by the borrower.With today's financial scenario in mind, PPI claims have become a very important part of availing a loan. These claims are not only popular among borrower but among lenders also. These lender, which majorly constitutes, banks and other financial institution are pretty happy to know that their loan will be paid even if these is some problem with the borrower. To award this trust these financial institutions provide loans at lower APR s(Annual Percentage Rate) associated with PPI claims. Hence it is a win win situation for both borrowers and lenders.
But over the past few years these financial institutions are following malpractice of issuing PPI payments without the knowledge of the customer availing the loan. These termed as mis-sold PPI, are becoming headaches for the borrower who do not wish to insure their loans. Banks and financial institution to make their loaned amount safe often issue PPI against borrower's wishes and the payment of the premium is unknowingly paid by the borrower. Not only this but these insurances offered by the banks are not suitable for borrowers but only benefit the banks increasing their profits many folds. Hence, one should be aware about his loan scheme so that no one could trick him into mis-selling of PPI schemes.
But now this situation is changing slowly but steadily as now you can claim back PPI schemes that you did not wanted at the first place. This has created a ray of hope for a number of people that face this unwanted situation. But if sold properly PPI claims are the best form of shield that is available to both borrower and lender against any mis-happenings that future has kept for them.
PPI claims: insurance against the unseen
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