Inspections in the recent years have shown that millions of PPI policies have been wrongly sold to unsuspecting people over the years. Given the rather accelerated number of mis-sold PPI policies in the past few years it is entirely possible that you may have also been sold a PPI policy that you don’t really need or is not really valid for your case. If such is the case you might be eligible to make some PPI claims and apply for refunds or compensation of some sort. To learn more visit: http://www.ppiclaimsadviser.co.uk
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1. Are You Owed PPI Compensation for Insurance You Did Not Need?
Were you required to buy PPI coverage when you took out a loan? In some situations payment protection insurance can be required, but in other cases it became a case of lenders seeking an added income stream which was not justified. If you were misled into buying the PPI coverage you may be due PPI compensation to offset the unnecessary expenses.
Who Really Needs PPI Insurance?
PPI Insurance is usually required in situations where there is higher risk of repayment due to health conditions, age, employment instability, and other contributing factors. In many cases in recent years borrowers were required, or pushed, to buy PPI insurance even though their credit history was good and their overall risk factors were very low. In these cases the lender often pressured the borrower to buy the insurance and put time constraints on finishing paperwork in order to force a decision.
If you feel you were possibly misled in these ways to buy PPI then you need to contact a recovery agent to assist you in making PPI claims against your lender.
There are times payment protection insurance can be to your advantage and not just the lenders. If you know you fall into a category which increases your risk of losing a job or becoming physically unable to work it may be wise to have PPI coverage. Then if disaster strikes the insurance picks up making the payments until you are recovered adequately to take over the payments again.
3. The Financial Danger of Unneeded PPI CoverageThe real danger to you of having unneeded PPI coverage is in the added cost. Your monthly fees could have added substantially to your mortgage or other loan payments. These added costs may have stretched your budget without any good reason. If for any reason you feel you were required to buy the coverage without proper information or need then you should attempt to file PPI claims against the loans you had with the coverage. You may be able to receive substantial PPI compensation to recover a large percentage of the added fees you were tricked into paying.Before jumping to the conclusion you were led unwittingly into the purchase think carefully about your risk factors. If you recognize the PPI coverage may have been necessary then accept the fact. If you can say with certainty you felt misled then seek the PPI compensation you deserve.