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PPI Definition

A PPI definition is one that indicates in the event of sickness, accident or unemployment a borrower need not worry about making payments on the outstanding balance on a loan for a pre-specified period of time. The word loan broadly defines credit cards, car loans, mortgage and hire purchase agreements and personal loans. While the PPI definition is simple to understand, the exclusions in the policy often exempt many individuals from benefiting from this coverage when the need arises. The problem is not in understanding the PPI definition but in understanding the details of the policy.

Exclusions to the Definition of PPI

The arguments put forward by individuals reclaiming PPI have been alarming to say the least. These arguments have proven that the PPI definition can be quite useless because of the exclusions stated in the contract. Borrowers who do not qualify for PPI have made PPI payments when repaying a loan, unemployed borrowers have paid PPI, students have paid PPI, sole traders have paid PPI, individuals with a pre-existing ailment have paid PPI and the list goes on and on.

There are clauses in a PPI agreement specifically stating that the unemployed or individuals working less than a minimum amount of hours within the work week do not qualify for PPI. Individuals with a pre-existing condition do not qualify for PPI. Why then would the representatives of the financial institution sell PPI coverage to these borrowers? When all these exclusions are not known the borrower continues to believe that in accordance with the PPI definition the outstanding debt will certainly be taken care of in the event of financial problems.

Reclaiming Bank Charges

Borrowers can also reclaim bank charges on the basis of the findings of the Office of Fair Trading that banks were definitely taking advantage of individuals with the excessive bank fees. Banks were asked to reduce these ridiculous fees and borrowers certainly took the opportunity to reclaim the bank fees which would have been paid prior to the findings of the Office of Fair Trading. These fees can certainly amount to a sizeable amount since charges exist for both late loan payments and being over the limit on credit cards. Many banks have since reduced fees to the suggested 12 pounds by the Office of Fair Trading,

There are companies to assist with the reclaiming of PPI and bank charges. Individuals having an understanding of the PPI definition and being told otherwise when a financial crisis occurs can immediately seek assistance from the professionals. The professional staff at Belmont Thornton or Belmont Thornton Limited is available to give information and if need be to pursue the issue with the lending institution. A simple telephone call to 0207 471 2000 may be the cause of reclaiming thousands of pounds incorrectly paid to a lender.

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