Finding Payment Protection Insurance Online
Payment protection insurance (PPI) is a plan that is often sold together with a mortgage, loan or credit card. PPI is there to cover the borrower’s payments in the event that they cannot work due to an injury, illness or redundancy. The insurance will make the minimum monthly payments for up to 12 months, after which time the insured will have to find other means to cover their monthly payments.
Mis-Sold Plans
PPI policies have been in the news a lot lately due to the occurrence of “mis-sold” plans. There are many people who were sold PPI plans either without their consent or because they were told the insurance was compulsory in order to qualify for the loan. Both of these situations result in mis-sold PPI plans, and the borrowers are eligible to claim the money back from the payments they made towards the insurance policy.
Can I claim?
If you think you have been mis-sold a PPI plan, you’ll need to write to the seller asking for compensation. If your claim is rejected, your next step is to complain to the Financial Ombudsman Service. Alternatively, you can go through a claims company to help you get the money back. Claims companies employ specialists who know exactly how to get the money back that you deserve. They often charge a small percentage of the money claimed as their fee.
Finding New Insurance
Whether you have claimed back a mis-sold plan, or just want a better rate for your PPI, you will want to shop around online to find a new provider. The company you go through does not have to be the same bank, credit card company or mortgage company that originated your loan. It can be any third party, which is why you will want to spend a bit of time researching your options and shopping around for the best deals.
What To Look For
When you start comparing different PPI plans online, remember to thoroughly read the fine print. One complaint that some people have had about mis-sold plans is that the list of exclusions is too long. For example, your policy should
Simon Cole is an expert in debt consultancy who is currently researching websites that offer payment protection insurance including many claims advisory experts online.
Processing your request, Please wait....
