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PPI Meaning

There has been so much bad press surrounding PPI, payment protection insurance, that it isn't too difficult to understand that PPI is not necessarily a good thing. In fact, if asked for the PPI meaning which comes to mind first, you are liable to say "PPI is a scam the lenders are inflicting upon us trying to bleed us dry!" That wouldn't be too far from the acceptable PPI meaning but actually phrased in common terms built on years of anger. In order to understand this high level of animosity, you would need to look at the history of PPI in the UK and just how much it has drained from the average taxpayer. Of course, now borrowers are entitled to claim for a PPI refund, but that wasn't always the case.

How It All Began

Somewhere in the late 1990's to the early part of the new millennium, some brilliant insurance person met with lenders and began selling what we today refer to as 'payment protection insurance.' This is supposed to be cover that will make loan payments for the borrower if he or she is suddenly without a job or too sick to work. In theory it is a good plan but in practice it is not always effective. There are altogether too many conditions and exclusions attached to most PPI meaning that the average consumer will be paying for something they will never be able to use. As well, some lenders went well beyond what is acceptable and either gave inaccurate information about the cover or sold it unbeknownst to the borrower.

Where It Is Today

Where lenders are paying billions of pounds to right a wrong, consumers are fighting to get PPI refunds and having a hard time of it. Keep in mind, PPI meaning payment protection insurance, sometimes does anything but protect. It has hurt many UK consumers in more ways than you care to count and it will continue to do so until it is dealt with once and for all. Even though lenders are being forced to pay back borrowers, it just doesn't even begin to account for what taking that money meant to the UK economy!

Guidelines have provided new PPI meaning which is good news to any who have fallen prey to mis sold cover. Now it doesn't mean all those pounds gone uselessly down the drain as lenders are required to compensate customersl. The way to claim back PPI is to file a claim, or claims, against the lenders who mis sold PPI to you. If you need assistance contact a professional claims team such as Belmont Thornton to get the ball rolling. There is no time like the present to fight for what is yours and it is just so much easier with a claims team on your side of the field.

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