Things To Know Before Buying Payment Protection Insurance
There is seldom any person who doesnt need to take a loan for buying a house
, car or any other property. However sometimes it happens that the person may fall ill, meet with an accident or even get unemployed and cannot make the repayment. In those cases the ppi or the payment protection insurance comes in very handy and pays the bills and dues for the person. In this way the person gets to pay his bill inspite of being financially unstable and thus his house or car is saved from getting confiscated.
When a person takes a loan for buying a car or a house or a credit, most often than not, he also opts to have payment protection insurance. In this way the insurance will protect his property by paying the bills till the time he is sick or is recovering. The maximum amount for which the policy will pay is about a year, but the time period can extend depending on the different conditions. After that, the individual will have to think of ways of paying the bills by himself. Sometimes the company that gives the loan also sell the ppi to the clients. However, it is not mandatory to buy the policy from them as an individual can decide on the company he chooses to get the ppi from and he can even refrain from having a ppi. In case the person buys the insurance, there are a few things he must consider. They are the price of the scheme, whether or not there is any limit to the amount of money that the bank will be giving as benefits, the different types of illness for which one can make the claim, the period of time for which the policy will make the payments and if they will give benefits to a person who is self-employed. There are many banks and insurance companies that sell these policies and also provide good benefits; among them the MBNA ppi deserves a special mention.
Nowadays there are many instances where people complain about mis-selling. The conditions under which a case can be judged as mis-selling are, if the customer is forced to take the policy, selling it to those who are unemployed or have a history of health problems, and even it was sold without the consent of the buyer. In these cases an individual can claim for compensation from the different banks. If a person has RBS ppi and he believes he was mis-sold, he can apply for compensation to the consent bank. In case a complaint is made, the bank or company has 5 days time to acknowledge it. They also need to provide information regarding it to client within 8 weeks. However, if the person is still unhappy with it, he can lodge a complaint regarding ppi compensation to the corresponding authority.
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