Paying bills through PPI claims
It was never as easy as it’s become today to claim PPI in order to pay your bills. The payment protection insurance is an important financial plan which borrowers ask for when they make use of a personal loan or mortgage or credit. The PPI cover policy to refund the due amount in case of having any personal perversion.
Payment Protection Insurance (PPI) is also known as Loan Protection Insurance (LPI), Income Protection (IP) and Loan Repayment Insurance (LRI). The insurance policy is designed in such a way that it may cover an outstanding debt in the form of a loan, a credit or a mortgage.
Its clients can call it (PPI) an additional insurance, as it protects them loss due to unemployment or causality. In most cases, accident, illness, disabilities or unemployment come about. These sudden unfavourable circumstances often make you unable to fit your bills on time. And there, PPI provides financial backup. You afford to payoff your due bills.
Remarkably, over 20 million PPI policies are sold each year. 90 per cent of them are mis-sold however. But those successfully claim Payment Protection Insurance receive an average payout of £2,500 per policy claim.
But remember, the PPI claim is not given to unemployed, self-employed or retired.
Sometimes, the claiming PPI becomes a hard nut to crack. Customers hold lenders responsible for being mis-sold their policies.
Several financial institutes are out there in the money market providing the Payment Protection Insurance claims. Of them, the leading names are of HFC that is an authorized commercial organization based at Camden House West in Birmingham, England, UK. This is authorized by the FSA in the year 2001 to give advice on non-investment insurance contracts. They provide also both unsecured and secured loans, and their secondary focus is general insurance through the sale of Payment Protection Insurance and Bank of Scotland (BoS) which is a commercial bank based at Edinburgh in Scotland. It is the second oldest surviving bank in what is known the UK (United Kingdom). It was also the first bank to have printed its own banknotes. BoS also provides PPI claims.
Normally, the claim amount varies with the type of product and coverage the claimant has. So, do check once.
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