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PPI - Payment Protection Insurance Claims

Updated on July 25, 2011

What is PPI?

PPI is payment protection insurance, also known as loan protection insurance. This is additional insurance that you can take out in order to protect yourself in the event that you lose your income and are unable to make your monthly payments for loans, credit card rates, or other regular bills.

This insurance covers you in the event of an accident, illness, unemployment, disabilities, or other unforseen circumstances that leads to your inability to work and pay your bills. In essence, this sounds like a very sound deal, especially in the event that you are unable to pay off your debts due to changes in your income that are beyond your control.

What is the Controversy Surrounding PPI?

Over the last 10 years, people have been sold PPI policies with their loans and credit cards under the premise that the plans were required in order to get the loan (or the idea that having the policy would get the loan recipient a better interest rate). Many people have had PPI policies added to their loans, but not even realized it.

In comparison to other areas of insurance, PPI claims have the highest rejection rates - many people are not given the full details about the exclusions that would make them unable to actually receive the benefits they believe they are signing up for and paying on their loans.

How to Make a PPI Claim

If you have been misinformed about purchasing payment protection insurance coverage, you may be eligible for a PPI claim to receive your money back, even if your loan or credit card debt has already been paid off.

Imagine - you could be owed hundreds, maybe even thousands which could be paid back to you. Services specializing in recouping PPI claims have won an average of £2200 for over 80,000 customers.

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    • profile image

      Cindy 

      7 years ago

      Nice hub. Try ours.

      www.incomeprotectionguide.com.au/

    • profile image

      ace 

      7 years ago

      This is a nice article. Very similar to ours.

    • profile image

      Mortgage payment protection insurance  

      7 years ago

      Please check out helpucover - Income Protection specialists, and are cheaper than many other providers. The website is http://www.helpucover.co.uk

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