Payment Protection Insurance or commonly known is PPI is a good way of insuring yourself in case you are unable to make a payment against a loan which you have taken from a bank or any other financial institution. If you happen to lose your job or are unable to pay the amount due to major illness, then PPI will allow you to breathe freely for a maximum period of 12 months or 2 years. Some institutions also provide PPI policies which have extended periods of insurance. However, a lot of people are forced into signing a PPI form when they come for loan and often get stuck with meaningless PPI policies. It does not provide them with any benefit when they require it.
Here are the top benefits of PPI –
- PPI allow people to depend on something in case they miss a payment. PPI prevents arrears in case a payment is not made for many different reasons.
- PPI gives people peace of mind knowing that they can keep up with the repayments and will not be at a risk of being taken to court.
- They help you maintain your credit file in case you are looking to borrow again in the future.
- In case you are unable to go to work due to illness or unemployement, it gives you a breathing period to help you get back on your feet.
If you feel that you have been mis-leaded into signing a PPI form, then you can claim compensation against that institution. In order to get your money back and additional money from that institution, you can file a PPI claim. There are a number of PPI claim firms which allow people to claim their money back from the institution who cheated them in the first place. PPI refund claims are difficult to do, therefore, it is important to take professional advice to be sure of getting your money back. A lot of firms allow people to get professional help in order to get compensation for the wrong done to them and to get their money back.