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Payment protection insurance, also known as PPI, Credit Protection Insurance or Loan Repayment Insurance, is an insurance product designed to cover an outstanding debt should you be unable to make the repayments, either through unemployment, accident, illness or even death.

PPI is most often sold [url=http://www.mnfruit.com/doudounemoncler.php]moncler pas cher[/url] by banks and loan companies when you take out a loan or [url=http://www.mxitcms.com/abercrombie/]abercrombie milano[/url] mortgage or by other credit agencies when you make a purchase.

PPI typically covers the minimum monthly loan repayment for a fixed period of time, usually 12 months, after which the borrower has to take responsibility for the repayments his or herself – regardless of whether or not their situation has improved.

The problem [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] with payment protection insurance is that it is very difficult to determine at the point of sale whether or not it is the right insurance for you. If, for example, you think you’d have no problem making repayments if you had no income, then it is definitely not for you and is a cost you don’t need.

If you’re worried about your job security then it could be perfect for you, but even this becomes complicated as the manner in which you’re made redundant could render the claim invalid.

Only 4 of people who take out PPI ever [url=http://www.rtnagel.com/louboutin.php]louboutin pas cher[/url] claim on it and 25 of those claims end up being rejected.

There has been a lot of controversy surrounding PPI as it is claimed that it has often been mis sold or worse, sold without the borrower’s knowledge. It is estimated that 70 of the adult population in the UK have been mis sold payment protection insurance.

This is because PPI is often sold at the same time as a person takes out a loan, some other form of credit or takes out a mortgage and is often ‘wrapped up’ in the overall fees discussed. A significant number [url=http://www.mnfruit.com/airjordan.php]jordan pas cher[/url] of people aren’t even aware they’ve bought it.

The Competition Commission announced in May 2010 that PPI could not be sold at the same time as personal loans, mortgages [url=http://www.gotprintsigns.com/abercrombiepascher/‎]abercrombie soldes[/url] or credit cards. Banks and lenders must now wait a minimum of seven days before contacting the borrower to offer it to them.

And the PPI industry is bracing itself for around £2 BILLION worth of PPI [url=http://www.sandvikfw.net/shopuk.php]hollister sale[/url] claims as new rules from the FSA come into force. Anyone who feels they were mis sold payment protection insurance can make a claim and win back some, if not all, the money they spent.

[url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour france paris[/url] There [url=http://www.jordanpascherofficiele.com]air jordan pas cher[/url] are already hundreds of companies in the UK offering to assess and carry out claims on behalf of those who feel they were mis sold a policy and they will likely do a good job for a fee, usually around [url=http://www.lcdmo.com/hollister.php]hollister pas cher[/url] 25 of the final payout.

It is possible to make the PPI claim yourself, however. Either way, if you have a policy running now or were sold one in the last six years you have a [url=http://www.jeremyparendt.com/jimmy-choo.php]jimmy choo paris[/url] very good chance of claiming but you will need the original paperwork.

Start by complaining to the bank or credit provider who sold you the plan – not the insurance company – and if they reject your complaint, take it to the Financial Ombudsman [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] Service who will advise you further.
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