Finance Divide

Explaining Mis-Sold PPI

// February 7th, 2012 // No Comments » // Insurance

Payment protection insurance (PPI) is optional insurance coverage that protects a consumer in the event they are unable to repay a mortgage, auto or personal loan, credit card or even some store cards. The design and intent of the policies is not faulty. However, the manner in which many of them were sold certainly is.

PPI coverage is supposed to provide a consumer with a measure of peace of mind. If he finds himself unable to cover his monthly loan payments due to illness, accident or job loss, claims against the policy can be made and the monthly obligations will be met until such time as the consumer is able to resume responsibility.

Mis-sold PPI policies are those that were sold based on misinformation. This misinformation took the form of incomplete or inadequate disclosure of the terms, conditions, restrictions and qualifications of the coverage policies. Mis-sold policies also include those sold to borrowers who were led to believe they had to purchase it in order to gain loan approval as well as those who thought the policies were for longer periods. Others were unaware that they could find coverage cheaper through other sources.

PPI claims can be made to reclaim the costs of your mis-sold PPI policy. Visit ppiclaims.org.uk for information. 

Making a choice

// January 23rd, 2011 // No Comments » // Finance

When we gain a certain level of maturity we start looking at responsible options to make sure that our family is taken care of no matter what. This is when we start looking at insurance policies and trying to figure out what is best, meaning what is the best coverage we can get for the price range that we can afford. But often insurance deals look very similar and it’s hard to pick one of them. This is when you need help making a choice.

There are many people that can help you with picking an insurance coverage, but you need to feel comfortable with them as well. Insurance agents often work with specific insurance companies so it’s natural that they’ll only sell their own product, and it’s also natural that you dislike this. But others have realized that people think this, and there are independent insurance analysis and advice companies out there that basically operate like insurance search engines – some of them actually operate online as well, for your commodity. You select the kind of coverage you want and your price range, and they’ll find the best set of options that you can then choose from. It’s a great help when you’re lost in the world of insurance.