Payment protection insurance is one of the very controversial loan products which are actually good in nature but due to the practices followed by the companies and its agents over the years to increase their sales and profits, the product got defamed and left a bad taste in the mouth of many consumers when it comes to PPI.
Here are some of the top benefits of PPI to Consumers –
- Payment protection insurance provides coverage to help you meet your monthly financial obligations in times when you are suffering from illness, lost a job or suffered a huge business loss and or for whatever reasons, not able to meet your monthly financial obligations.
- Payment protection insurance will provide for your monthly financial obligations up to a certain amount for a year or so as agreed upon in the agreement.
- PPI will provide you good amount of time to get back into the financially stable situation and will also ensure that your credit ratings are not affected in the meanwhile.
- People can easily calculate the amount of premium they are expected to pay for the PPI against their loan using the ppi calculator online.
Terms and conditions as well as the eligibility criteria for the same should be checked very carefully before you go for the same as these can be a bit tricky and understanding it fully is very essential to reap its benefits when the time comes. You should not be forced or coerced into purchasing the ppi since it is not mandatory. The loan lender will give you the option of buying the ppi, but cannot force you to pay the premium for it.
The problem with the PPI is that the agents and the companies added this product to the loan and the credit card agreements without the consumers knowing about it. Thus, consumers ended up paying for it for years without their consent on it. This is why, many of the people who do not need such coverage are claiming back their money from the issuing companies. PPI claim companies are many out there, helping people get their money efficiently without the loan companies taking advantage of the vulnerability of the public. The PPI Claim company does not charge upfront and thus, if you feel you have been mis-sold PPI as well, go ahead with the claim with the help of a professional PPI claim company.