Mike's Mis-sold PPI
A Smart Individual's Guide to PPI Claims
First off, PPI stands for Payment Protection Insurance. It also goes by the name of credit protection or loan repayment insurance. PPI service is a type of coverage that's usually sold along with loans, credit card, mortgage, or other types of agreements. Its purpose is to finance whatever payments you are obligated to make if it ever comes to the point where you can no longer do so.
While the product may be of value to some, the problem with it often lies in the way it is sold. This is where the concept of PPI claims gets a bit tricky. It's a common misconception that it's sold in a bundle with whatever loan is taken out. This is not true. Borrowers need to know that this kind of agreement is optional. If you are certain that you have the means to pay for whatever it is you borrow, it's fine to proceed without it.
Most people are misled into availing of the policy because of this simple misconception. PPI mis selling had already caused a lot of trouble to many individuals who are seeking financial assistance. Other companies are telling their clients that the insurance will help them secure the loans that they need. This is another common misconception; it's actually quite a lie. An insurance policy isn't connected to the likelihood of getting a loan approved.
Banks and other lenders will undoubtedly present different scenarios to their customers about not being able to repay debts. It's something they do for the sake of security. Buying an insurance policy, however, is ultimately up to the person taking out the loan. For more information about payment protection insurance, you can visit http://www.ppi.com/. They already helped a lot of people in their financial needs. Visit the website now and be financially secured.