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Mis sold PPI in a nutshell

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In a situation ideal for buying and selling, PPI, or payment protection insurance, is bought alongside the purchase of major items, like houses and vehicles, in order to give you protection against losing your property in the event that you miss a payment or two. When you’re getting PPI though, you should never get mis-sold PPI.

As a concept, PPI is a means of protecting you against losing whatever property you have in times when financial constraints may force you to miss a payment as brought about by certain situations like losing a job, getting seriously ill, or figuring in an accident that leads to short- or long-term disability. The problem here however is that there are some PPI policies that were mis-sold by their sellers. And mis-sold PPI policies benefit no one except the seller. To protect yourself from falling victim to this, it is very important then to understand what is mis-sold PPI.

Mis-sold PPI in a nutshell

PPI has been systematically mis-sold to millions of people because they did not want or did not need this type of insurance. Many people actually find themselves unable to claim on the policy, perhaps because they are self-employed or have pre-existing medical conditions. If you suspect you were mis-sold PPI or you are simply unsure, then perhaps you should seek specialist help or dig for further information online.

What to watch out for

For starters, make sure that you shop around first before you get PPI. There are a lot of policies out there and so shopping around first for a policy is a good way for you to familiarize yourself with your options, letting you choose the best one for you. Some are already included in your original loan so watch put. Always ask if the PPI is mandatory for you to qualify for a loan. If the loan provider says yes, take your business elsewhere. Be on the lookout for PPI policies also that won’t take care of you in the event you get sick, disabled, laid off from work, or drastically lose a portion of your income. These are the times you need help the most and so a policy that will make life even harder for you is not just a bad choice but the worst there is.


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