In the Know on PPI with Payment Protection Refunds

June 18, 2010 - PRLog -- Many users have sadly been unable to avoid the trap of a high-interest and sometimes unnecessary payment protection insurance (PPI) policy and Payment Protection Refunds, the experts in handling your PPI claim bring consumers the ins and outs of how to take out an accurate policy and avoid being mis-sold insurance on loans and credit cards.

What is PPI?

PPI is an insurance policy often taken out with a lender to cover repayments of loans, credit cards, mortgages and cars on finance in case of emergency and clients are unable to pay their debts. Each policy varies significantly from lender to lender, and what some clients don’t know is that PPI policies can be taken out with separate insurance companies, usually with a lower interest rate: saving client’s money in the long run and avoiding a PPI reclaim.

How does PPI affect loan repayment?

Many lenders charge an up-front lump sum premium when clients take out (knowingly or unknowingly) a PPI policy. The sum is then added to the loan amount being credited to each client; a client is then expected to re-pay the insurance premium on top of loan payments as opposed to the initial lump sum. The way in which the premium is charged requires the work of teams like the Payment Protection Refund experts to handle PPI refunds, as clients cannot simply stop payment.

How do I know if I’ve been mis-sold PPI?

Many lenders, especially those who have come under criticism from Watchdogs rely on clients to actively ‘opt out’ of a PPI policy; salesman may mention that the policy is required with the lending agreement. The majority of complaints come from when policies are not described in detail to clients, or if the PPI policy was added automatically.

If you feel you have been mis-sold a payment protection insurance policy and would like to look into a PPI refund, the team at PPR can help. The qualified experts are on hand to discuss you problems and asses your claim in detail, easing the process of a PPI reclaim.
To enquire about a PPI refund claim, or to speak to a legal advisor; visit the website on www.paymentprotectionrefunds.co.uk or free phone 0800 0437 087.

About Payment Protection Refunds: Payment Protection Refunds are a dedicated team of legal experts who can handle the refund claims in payment protection insurance policies. With only a small fee of 20% inclusive of VAT, Payment Protection Refunds are one of the UKs leading claims management companies.  

If you wish to make a claim, complete the Start Your Claim form available on the website and submit and then you will have the option to either download the necessary documents or you can request that we post them out to you. On their return we will proceed with the first stage of your complaint..

# # #

PPI (Payment Protection Insurance) policies were designed to cover the cost of loan repayments in the event that you were off sick or became unemployed. They were mainly taken out with loans, mortgages and credit cards.