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The phrase PPI gets banded around everywhere in the media – but what does it really mean for you?
The phrase PPI gets banded around everywhere in the media – but what does it really mean for you?
PPI is payment protection insurance, which for many people was a valid service that could be added onto loans and mortgages. There comes a time in many of our lives where we have to borrow money for one reason or another. Of course we do this in good faith that given our current financial circumstances, we’ll be able to pay it back. For many of us this goes smoothly but not always. For example, if you fall in and have to miss work it could be that you struggle to keep up with repayments. This is where payment protection insurance comes in – because it helps to protect you from situations like this.
However when it comes to payment protection insurance you have to make sure that you read the fine print and you know everything that is entailed, so that you know what you are getting in to and how it can benefit you.
The reason why PPI has hit the headlines so much is the fact that it is has been added onto many people’s loans without their knowledge. PPI is usually a chargeable service with premiums added on monthly for the duration of your loan. This means that for a long term loan, the amount that you pay can soon add up!
None of us want to be paying out more than we need to when it comes to services which is why so many people were up in arms about PPI. It turns out that there was a trend amongst many lenders to add this on without the customers consent.
This is why over the past couple of years; many people have taken steps to claim back this money – which they should never have really paid out in the first place. In fact when you do claim back the PPI premiums you paid, you can even look at claiming back the interest that you have lost out on.
03/07/2012 - PRcarbon.com