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PPI Reclaims - For People Who Were Misled into Obtaining a PPI Policy
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Posted On :
Dec-18-2011
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Article Word Count :
491
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Financial security is something everyone will want to achieve. This is especially true whenever we take out loans for a home, car, or another reason. PPI claims can be bought by most insurers, but it's also something that has been in the middle of much controversy.
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First off, PPI stands for Payment Protection Insurance. It also is know as credit protection or loan repayment insurance. It's a type of coverage that's usually sold in addition to loans, credit card, mortgage, and other types of agreements. Its goal is to finance whatever payments you are obligated to make if it ever gets to the point where you may no longer do so.
While it might be of value to some, the situation with it often lies in the way it is sold. This is where the idea of PPI claims gets a bit confusing. It's a common misconception that it's purchased in a bundle with whatever loan is taken out. This is simply not true. Borrowers must know that this type of agreement is optional. If you're certain that you will find the means to pay for anything you borrow, it's fine to move forward without it. Most people are misinformed into obtaining the policy due to this simple misconception.
Other insurers tell their customers that the insurance will help them secure the loans they need. This is another frequent misconception; it's basically a big lie. An insurance policy isn't connected to the chances of getting a loan approved. Banks as well as other lenders will undoubtedly present different scenarios to their customers about being unable to pay back debts. It's a thing they do for the sake of protection. Buying an insurance policy, however, is in the end up to the person taking out the loan.
Quite a few providers have been called out because of the tactics they use in promoting the policy. Some of the different strategies utilized include the incorporating of the terms to the loan taken out. It was performed because by adding the costs of the insurance to the loan, it will become easier to sell. But it's actually a type of trickery. The consumer ends up having to pay unforeseen interest rates, and is often left unaware of why it's happening.
One other way clients are misled into getting the policy is simply through the form used to sign up for the loan. Some documents require customers to tick off a box saying that they choose not to avail of the policy. Government bodies strongly discourage selling the insurance this way. Plenty of people overlook this, and end up receiving the policy without much consideration.
For those who have been fooled into getting a policy and are hoping to get out, there are lots of ways to file for a reclaim. The most simple way is to talk with a financial advice group. Such groups can be contacted by just checking out their internet site. Some even have online applications that will help determine reclaims. If you've been fooled in some way, and are thinking of getting your hard earned money refunded, then a PPI reclaim ought to be your next move.
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Article Source :
http://www.articleseen.com/Article_PPI Reclaims - For People Who Were Misled into Obtaining a PPI Policy_120726.aspx
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Author Resource :
Ernesto Sandra is a financial adviser who is knowledgeable about ppi claims and the nuances of ppi reclaim because of several years of practice.
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Keywords :
PPI claims, PPI reclaim,
Category :
Finance
:
Finance
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