What is Loan Insurance / PPI?
Have you ever borrowed money in the form of credit cards, a loan
or a mortgage? If so you may have been sold Personal Protection Insurance
and you could be owed thousands of pounds in compensation.
Payment Protection Insurance protects a borrower’s ability
to maintain repayments and helps them avoid getting into debt should they be
unable to keep up their repayments due to accident, sickness or unemployment. Payment
Protection Insurance is also known as: Accident, Sickness, Unemployment Cover;
Redundancy Protection; Loan Protection and Mortgage Payment Cover.
Policies are available to protect most forms of personal credit,
including mortgages, personal loans and credit card repayments. Cover is often purchased
at the time the finance arrangement is made, but may be available at a later date
or taken out as a stand-alone policy.
The Financial Services Authority have recently conducted an investigation
into how PPI is sold. They concluded that tens of thousands of people could
have received bad advice and are therefore able to claim compensation. If you have
or are borrowing money for any of the following reasons then you may have PPI and
could be owed thousands of pounds in compensation:
• Consolidation loan
• Loan for a car
• Credit cards
• Store cards
• Personal loan
• Mortgage
Of course, PPI could be very beneficial, but if you are not careful,
it can also be very expensive. Inevitably, there is also the usual list of exclusions
to look out for. For example:
• For example, consumers must not be aware of impending unemployment
• Policies do not usually cover unemployment occurring within an initial
period of time
• Policies exclude claims arising from pre-existing medical conditions
• Claims that result from your own actions will not be covered.
Like thousands of others, you may have been given bad advice. Were
you told about the costs, exclusions, charges or alternative (potentially cheaper)
products available to you? You might not be sure if your PPI was mis
sold or not, but by contacting Portal Claims you'll be certain of unbiased and professional
advice to let you know if you have a claim.
Even better, it will not cost you a penny in up front fees to find out how much
you are owed. That's because we operate a no-win no-fee service, so
you only pay a percentage of anything we manage to claw back. If we don't
claw back anything, then you don't pay a penny!
Portal Claims is a professional claims company which has been
helping people to claim for mis-sold financial products, such as endowment
mortgages and payment protection insurance since 2004.
How do I know if I've been missold Loan Insurance / PPI?
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