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Illegal Payment Protection

It may seem a bit strange to consider that any sort of insurance cover may really be thought of as unfair, however when illegal payment protection is at hand then there really is no other way to look at it. So, why exactly is this unfair? For obvious reasons! It is not being sold in a legal and ethical way. Why should you have to pay for something that is not even being legally sold to you? Lenders are not acting in your best interest and are doing all they can to make a few extra pounds, even if that means compromising your financial well being in the process. How are they doing this? They are making you believe that you can rely on this cover if you should become ill or injured and unable to make your payments. However, because it is illegal payment protection it will not even cover you. To be clear, illegal payment protection is any cover that is sold to a person through deception or when that individual does not qualify for cover.

What Good is PPI?

To a select group of people, and let us make sure and stress that this group is quite small, payment protection insurance, also called PPI may be a wonderful resource. Of course this does not negate in any way that it is extremely expensive but it can come in handy if you are a member of this almost non-existent group of people. This group consists of only about 15 to 20% of everyone who carries PPI. This means that the other 80 to 85% is actually carrying illegal payment protection that is worthless to them! In fact, even some people who really do qualify for the cover may never in their lives use it. This is truly a shame as it means there are thousands of people virtually throwing their hard earned money out the window. If you are considering PPI on a credit card that already has an interest rate as high as 18% then the amount of money being paid in addition to the principal is ridiculously high.

Reasons for Claims Denial

There is no possible way we could ever even attempt to list every single reason loan repayment claims are denied. To do so would take us more time than it would be worth. However, we can say that there are a few reasons which are the most common. Among them is the mis-selling of PPI. What does it mean to be mis-sold PPI? It means that you are someone who for whatever reason falls into a category of people who cannot be covered because you do not meet the requirements. This could be due to your age or some sort of pre existing medical condition. But no matter, there are a lot of reasons in which you may find that you are ineligible for cover. If a lender has sold you PPI under these conditions then this is illegal payment protection at its worst. Illegal PPI is more common than PPI that is actually above board and this is a quite a burden to many people and why they would pursue filing a payment protection claim.

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