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What Is Payment Protection Cover

If you have recently heard of loan insurance and are questioning "What is payment protection cover all about?" then it might help to understand how fearful some people are that they will be unable to make loan payments timely. There are all sorts of loans a person can take out from the financing one obtains for medical procedures to the line of credit from one of the major credit card companies. There are also loans designed to help you purchase cars and there are mortgages to help you pay for a house. With each one of these loans comes the risk that some situation will arise in which you will find yourself unable to make the payment. Perhaps you find yourself out of work as a result of illness or injury. These are some of the points the lender is going to bring up during the process of you getting a loan. Then he/she is going to go into a big speech on how payment protection insurance is the way to go. Of course you will be wondering what is payment protection cover and the lender will be more than happy to tell you how great it is.

PPI Explained

So then, what is payment protection cover really? First let us discuss what it is supposed to be. Payment protection insurance or PPI was created as a way to help cover people so that they would never have to worry about making their payments if they became ill or were injured, either on the job or off. However, as the years went by more and more regulations were placed on who could be covered and what kind of criteria they would have to meet in order to receive benefits. As a result there are very few people who can actually be covered by PPI and there are a dozen or more stipulations that are almost like loopholes letting the insurance companies off the hook from having to cover someone. If you have been mis sold PPI because you did not qualify for cover you can file for payment protection refunds on any premiums and interest you have paid.

Loopholes PPI Companies Use

First of all age is a big factor. If a lender sells you PPI when you are beyond the age of 65, then this is a form of miselling PPI. In addition, anyone who suffers from a back injury cannot be covered by PPI. If someone has a pre-existing condition that causes them to miss work, this is another automatic disqualification of cover. If a person has a job that is only part time or temporary they do not qualify. Instead of asking what is payment protection people should be asking am I actually eligible for this cover because about 80% of people are not.

Payment protection insurance claims are abundant right now because there have been so many people mis sold this cover. As a result, there are literally thousands of people who are working toward payment protection refunds at this very moment. It is our opinion that the answer to the question, "What is payment protection cover" should be, "Nothing more than a burden on you and your wallet".


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