PPI Compensation Claims : Know the true picture!!
Wednesday, April 7th, 2010
What is PPI (Payment Protection Plan) ?
First thing firsts, most people might not have a single idea about what actually PPI is? So for such readers, PPI has been defined under –
PPI is Payment Protection Insurance, a product, in fact is an insurance cover supplied by banking entities and financial service providers to their clients on almost all kind of loan products and credit agreements, to protect them from immediate serious consequences if in case, the client suddenly becomes incapable of repaying outstanding debt installments due to any reason whatsoever.
Cutting the long story short, PPI is a well-defined way of covering your back in case if the borrower or the service-user is unable to pay his or her debt obligations to the concerned lending party.
Is there any Premium payment involved in it ?
That is one question that automatically comes to everyone’s mind, if PPI is an insurance product then there has to be a premium installment payment too from the client’s behalf. Well, its absolutely logical. Yes, if the client wants to make sure that he takes advantage of this so-called ‘Payment Protection Plan’ he or she will have make regular payment of premium to the provider.
What are the circumstances when one can exercise his or her PPI ?
Any person who has an access to this service, can exercise it in case if he or she meets with an accident, suffering from some grave sickness or disease; has been suddenly laid-off or any other genuine reason. Readers, keep in mind that the list of circumstances mentioned here, is just an overview. List of conditions can vary with every service provider.
Is there any way we can reclaim it ?/Is there any provision of PPI reclaim ?
Yes, there also exists the concept of PPI compensation claims. In case if the client does not faces any such circumstances as ones mentioned above, he can definitely apply for reclaim. This reclaim will be for the amount that the client has paid to the provider party. One thing to add here is that, it entirely depends on the discretion of the provider if he allows you to have the entire amount or only a fraction of it hence it is a debatable aspect which one needs to clarify before he or she enters into the agreement or while filing for claim.
What all products are covered under PPI compensation claims ?
PPI Compensation Claims cover virtually all kind of credit agreements which include loan products – secured loan, personal loan, car loans etc.; credit card payments, store card, catalogue credit; mortgages etc.
Does cases of Mis-sold Payment Protection insurance really occur ?
Yes, cases of mis-selling of Payment protection insurance plan has been reported but that is not an illegal phenomenon, if the customer is not interested in buying one, he or she reject the offer outright. The seller in any condition cannot sell it to customer on giving impression that it is mandatory phenomenon. The newly formulated laws prohibit it.
Readers of this write-up are advised to take a good idea from it and do clarify all kind of doubts before they actually get involved in anything like it.
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