11:53 14 February 2013
Payment Protection Insuranceis required by creditors from individuals applying for any kind of loan. It is also called credit protection insurance, loan repayment insurance and credit insurance.
By and large, this type of insurance coverage is acquired so that in the event that the borrower dies, become disabled or very sick ad unable to work to pay his/her debts, the loan repayments will be secured. Claiming against this type of insurance is usually coursed through the bank or the credit provider.
Possible Problems with the Coverage
Some individuals are doubtful if they can really claim against their coverage. People in general may be fearful of parting with their money. While it is true that anyone can be victimized by a scammer, if getting this insurance coverage is really necessary, then the borrower will have to be more prudent and examine all the details of the policy. Anyone can get a claim for PPI; however, it will come to a difficult situation if the companies begin to misappropriate the claims.
The problem usually happens when the lending company reneges on their commitments. Often, loan services automatically include this type of service. However, sometimes, the process ends up at the point when the loan is approved and the client has no confirmation whether they have PPI coverage. Often the borrower does not bother to ask because for them it was just one of the requirements to get the loan.
How Will You Know if You Really Have PPI Claim Coverage
If you feel that you have been scammed into buying a non-existent PPI claim coverage, there are ways to find out. If you were just a part-time employee, unemployed or were still a student during the credit or claim application (and you have been approved just because you purchased PPI coverage) you may have been tricked and there may be no authentic coverage.
Filing Your Claim
If you are one of the thousands of people wanting to claim you have been mis-sold PPI, you can take some actions to rectify this.
First, present a proof that you have paid for the coverage and your credit card includes this type of coverage. The next step to take is to file your claim. If you are a bit unsure of your capability to pursue this on your own, you can obtain the help of a professional PPI specialist. You will need to do some research to find a suitable and reputable PPI specialist who can help you get your claim.
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