Mis-sold Payment Protection Insurance
Payment protection insurance can be a significant help to you if you find yourself in trouble. Unfortunately, there are numerous scams in this field. It is essential to equip yourself with as much knowledge as possible so you do not fall victim.
What Is Payment Protection Insurance?
Payment protection insurance is a plan that often comes bundled with personal or property loans. For a relatively small cost, the insurance will cover the payment of your loan in the event that you lose your job or otherwise cannot make payments. It acts as a stop-gap measure to ease your mind as you try to find another way to continue paying the loan.
How Can Payment Protection Insurance Be Mis-sold?
Payment protection insurance will cover you, but you need to be able to demonstrate the amount of income you would lose as a result of being out of work. If you are self-employed or are retired, you had no revenue stream to lose that you could prove to the government during bankruptcy or illness. Therefore, there is no plan that could feasibly cover you. The purchase of the plan could be buried within the paperwork, or it could be spelled out adequately to you. Some banks won't even give a loan unless you purchase the protection that comes with it. If you don't qualify to make a claim using the insurance, then the plan cannot be sold to you.
What Can You Do if You Purchased a Mis-sold Plan?
If you were never able to make a claim on your insurance plan due to eligibility criteria, the company that sold it to you can be forced to pay the money back with interest. Even if the paperwork you originally signed laid everything out perfectly, the company was not legally allowed to sell you the plan. Your best recourse is to complain to the credit card company or bank that sold the insurance plan in the first place. If they do not respond, then get in touch with a lawyer who specializes in financial matters.
Payment protection insurance can be a wonderful means of staying on your feet if you lose your job. It is essential, however, to know exactly what these plans cover. Some companies may not be scrupulous in their selling of plans, and you may find that yours does not actually cover your unemployment. Get the facts about personal protection insurance, and protect yourself from fraud.
What Is Payment Protection Insurance?
Payment protection insurance is a plan that often comes bundled with personal or property loans. For a relatively small cost, the insurance will cover the payment of your loan in the event that you lose your job or otherwise cannot make payments. It acts as a stop-gap measure to ease your mind as you try to find another way to continue paying the loan.
How Can Payment Protection Insurance Be Mis-sold?
Payment protection insurance will cover you, but you need to be able to demonstrate the amount of income you would lose as a result of being out of work. If you are self-employed or are retired, you had no revenue stream to lose that you could prove to the government during bankruptcy or illness. Therefore, there is no plan that could feasibly cover you. The purchase of the plan could be buried within the paperwork, or it could be spelled out adequately to you. Some banks won't even give a loan unless you purchase the protection that comes with it. If you don't qualify to make a claim using the insurance, then the plan cannot be sold to you.
What Can You Do if You Purchased a Mis-sold Plan?
If you were never able to make a claim on your insurance plan due to eligibility criteria, the company that sold it to you can be forced to pay the money back with interest. Even if the paperwork you originally signed laid everything out perfectly, the company was not legally allowed to sell you the plan. Your best recourse is to complain to the credit card company or bank that sold the insurance plan in the first place. If they do not respond, then get in touch with a lawyer who specializes in financial matters.
Payment protection insurance can be a wonderful means of staying on your feet if you lose your job. It is essential, however, to know exactly what these plans cover. Some companies may not be scrupulous in their selling of plans, and you may find that yours does not actually cover your unemployment. Get the facts about personal protection insurance, and protect yourself from fraud.