Death and illness are the natural process of life. Nobody have any control on it or can predict it. What best we can do is to take measures to decrease the risk associated with it. If you are thinking about the financial loss then it can be curbed down drastically by way of the insurance. Which is why it is so beneficial for every individual and especially when you have a loan on your shoulder, to safe guard your family insurance like PPI is the best what you can get?
What is payment protection insurance and how it works?
This wonderful concept of payment protection insurance is first evolved to safe guard the interest of the borrower and the lender both. Before going into the deeper in this discussion you should know that what is a PPI or payment protection insurance? A PPI is a kind of insurance which can guaranties the smooth repayment of any loan taken in case of any change of financial conditions in such a way that the borrower is unable to repay the amount to the bank or financial institutions due to any accidents, death or redundant situations or loss of job. If any circumstances occurred like accidents or death or any other where you will be unable to repay you have to file a claim to the insurance authority and ask for to repay the due amount. After checking your applications and credit history they take the liability of the payment.
How it went wrong?
As you have seen that this insurance is a very effective tool for securing your debt so it is evident that most of the people want to take this while they are taking loans. But the law also states that it is not mandatory and if you feel you can take it or you can take the loan without it as well. But to make more profit many financial institutions started Mis-selling it to the customers by concealing the facts and due to that they are unable to get proper benefits of PPI and get cheated by them as well.
Process of Reclaiming your PPI
If you think that you are also sailing in the same boat like other who has been cheated by the financial institutions you can also get your money back. After the revelation of the PPI scam it become very easy now to get back the amount of PPI if Mis-sold to you. You have to visit any good legal agency like www.haveigotppi.org.uk and suit your file or can go to online and fill up the form to get the free consulting of them.
Author bio: Chris is an expert in the PPI claiming process and he want to make people aware about the claiming procedure of PPI through this post of him. He writes to advice people.