More and more people are talking about the Payment Protection Insurance (PPI). Conflicting information about the PPI does not hide the fact that it is actually helpful. It enables you to make sure you repay your loans just in case you lose your job, get sick, become unable to pay, or (knock on wood) die.
This is different from income protection insurance because it is centered on debt repayment. Let’s say you got a car loan, for an example. After that, the bank obviously pays the car for you at first, you drive it back home, and you will repay the loan.
As you pay each computed repayment, remember that those amounts had already included the PPI, which is going to be applied to future unpaid amounts. In short, the PPI is an attachment to your loan. It works only for 12 months, hence after that you are still expected to repay your dues by getting another job or the like.
The PPI is talked about because it is sold to wrong clients by some banks and creditors. Some customers had no idea that this policy has been part of their loan agreement. Fine prints in some policies are impossible to notice.
Credit card loans and mortgages are not safe from mis-sold PPIs. Buying a loan within the last 10 years would include a PPI charge, whether you knew it or not. You can use a pip claim calculator to investigate if you bought a mis-sold PPI.
Even if a PPI has been mistakenly sold to you, your bank or your credit agency won’t bother to tell you about its eligibility conditions. If something does happen to you that you can’t continue repaying a loan and it turned out you are not eligible for a PPI, you can say goodbye to all the money you’ve paid for the policy. You will still be under obligation to repay every penny of the loan.
How is it possible that PPIs are mis-sold? Self-employment is not part of the eligibility requirement, but you need to be employed. If for instance you are running a business and have been persuaded to purchase a PPI, then you were mis-sold since it was not explained to you that you were not eligible at the outset.
If you can prove that you have been mis-sold to, you can get help from a solicitor and make the necessary claims. Premium plus interest charges are the amounts you have the right to claim. If you learned about the PPI a short time ago and had already paid your loan, you can still report your claims including statutory interest.
Lack of or little knowledge about insurance policies, claims, and accounting will make your calculations a little bit challenging. An expert will help you how to best handle situations like these. Those looking for PPI claims calculator services would have many companies to choose from.
In this case, basic math isn’t the only thing involved here. The website ppiclaimscalculator.org has a PPI calculator that will take into account information like age, status of employment, policy details, and well-being. You can be like William Robb, who retrieved ?52,851.30.
Be sure to read this to know how to prevent your money from being stolen due to mis-sold PPI.