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Claims of Payment Protection Insurances (PPI)

Usually, the Payment Protection Insurance (PPI) is sold along with a credit agreement, and it is created to protect the borrower from missing the payment deadlines, in cases of unemployment, sicknesses or even accidents and other personal or professional problems or issues.

The Payment Protection Insurance can really help you if you have applied for a car, a mortgage or other things. Although all this, the government says that the PPI cannot represent something “lifesaver” for more than a little minority, because there are less than 4% people that are claiming a PPI, and just 25% of these will receive it. The nightmare as you may know is represented by the administrative problems and issues.

A PPI will not come always with contracting a credit & store card or a loan. A PPI is able to cover your debts from them in case you have encountered with some serious problems or issues, such as unemployment, an illness or an accident.

The sale of PP’s represents a big business, with more than 20 million policies and more than 5 billion Pounds just in annual gross premiums.

Some people are having PPI without even knowing. Many of the lenders are automatically including PPI’s for all the monthly loan repayments.

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March 6, 2009
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