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Claim Back Loan Insurance

Claim Back Personal Protection Insurance

In though personal loans are becoming much more difficult to qualify for without relatively perfect credit, it is still possible to get personal loans from many lenders some of which are unsecured. However, many lenders will make up for the lack of security by tacking on financed charges, higher interest and the newest culprit of all, payment protection insurance. Unfortunately, a good many of these lenders don't bother to tell prospective borrowers that they will be adding PPI to the loan and simply go about adding you to the closing statement. In any case, PPI is often mis-sold on personal loans, which makes it necessary to claim back personal protection insurance once it is discovered.

What Is Personal Protection Insurance?

Within the past decade lenders have found a new way of raking in the money from unsuspecting consumers with a product called payment protection insurance, in this case it is called personal protection insurance but it is commonly referred to as PPI in either case. This is supposed to be an insurance cover that makes payments when the borrower finds himself or herself suddenly without an income. This loss of income could be due to unemployment or illness of some kind, but in any case the money is not there to make payments and the unsuspecting consumer believes that he or she can to draw on the insurance to make payments in the interim until steady income is restored. Most policies state that there is a maximum of one year in which payments will be made but these policies do differ from company to company.

The Need to Claim Back Personal Protection Insurance

The reason it may become necessary to claim back personal protection insurance is if the lender mis-sold the policy by misrepresenting its cover, not disclosing pertinent facts such as exclusions or simply not telling the borrower they were adding it to the closing statement. Most often it is a good while down the road before the policyholder discovers that he or she is paying for it and this is when they become determined to claim back personal protection insurance. The fact of the matter is this particular cover is the most expensive insurance company you could be paying for an since it provides cover to very few people, approximately 13% to be exact, it is not worth the money in the wildest stretch of your imagination. Most people find that this is a total waste of money when they try to make a claim against the policy to have it pick up payments when they are unable to do so for stated reasons. The sad thing is they find that they are unable to draw on the policy because they personally arks couldn't from cover and the lender should have disclosed this to them.

If you find that you need to claim back personal protection insurance the first thing you need to do is discover how it was you were lured into being mis-sold and the next thing is to calculate how much money you are owed when you file for a PPI reclaim. It is always good to be represented by a professional claims management company because they are able to get to the bottom of pertinent facts and file PPI claims with the appropriate people, in this case the lender who mis-sold product. To speak with a claims specialist regarding your claim back personal protection insurance questions call 0207 471 2000.

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