What Does PPI Mean
What does PPI mean? That seems to be the question of the day. In a perfect world it would mean that anyone who takes out a loan could rest assured that by paying a minimal fee on a monthly basis to an insurance company, all monthly loan payments would continue to be made should he/she lose income. However, as you have probably noticed by now, we do not live in a perfect world. In this world PPI means a massive headache to put it mildly. PPI which stands for payment protection insurance is supposed to be a good thing and it is supposed to be there to help you. Sadly this is not the case. When asking "What does PPI mean?" the first thing you need to know is that it means an exorbitant amount of money added to your already high interest rate loan. Does this sound good to you? More than likely it does not.
Who Pays for PPI?
Anyone and everyone who has taken out a loan in the past several years in the UK has a very good chance of having at least one PPI policy floating around, if not more. Loan insurance is quite common here and most lenders push it on all borrowers and some even make it mandatory. Of course, never mind that making this insurance cover mandatory is unethical and probably even illegal. That does not seem to be a concern for most lenders. They continue to push this cover on everyone, whether they are even qualified for it or not.
How Do I Get Out of Paying for PPI?
This is a very good question indeed! How do you get out of paying for PPI. Well, the first thing you should do is cancel your PPI policy. It doesn't matter who told you that it was required; we are here to tell you that it is not, not by any means. Once you have canceled your loan protection insurance policy then you will probably want to see about filing a claim for a refund on all the money you have paid out. This is where Belmont Thornton, Belmont Thornton can help you. Canceling insurance cover is one thing but on top of that asking for your money back? Seems unheard of doesn't it? Well it is not unheard of. In fact, thousands of people have received refunds on mis sold PPI so there is no reason to believe that you cannot get one.
In conclusion, the answer to the question "What does PPI mean" is that it means a lot, especially to someone who has been paying for it for many years without ever being able to use it in anyway. It means a good bit of money being drained from your hard earned wages. Most of all it means something that lenders can use to make even more money off borrowers than they already do.
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