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Weighing Up The Advantages And Disadvantages Of Payment Protection Insurance

February 21, 2012 | Comments: 0 | Views: 109

In principle it makes absolute sense to invest in payment protection insurance (PPI), a policy which has been designed to protect your finances in the event of sickness, injury or job loss. However, people have grown increasingly sceptical of the merits of this form of cover ever since it emerged that PPI was being sold in an underhand manner. Some people were persuaded to buy PPI when, in fact, they already had adequate protection in place. Others were wrongly persuaded that investment in this type of insurance was mandatory rather than optional. But before dismissing payment protection insurance as a policy that nobody wants, it is worth considering its merits.

Firstly, it is important to note that PPI can prevent people from falling into serious debt should they be made redundant or fall ill. It has given many people peace of mind to know that they are covered against monthly and annual mortgage expenses should they experience such negative happenings. For those without protection, the prospects of home repossession and the development of a poor credit rating are very real. Without PPI they could plummet to nasty levels of debt and stand very little chance of obtaining much-needed loans in the future. Through absolutely no fault of their own they could end up facing court proceedings due to money owed.

It is such concerns that the pushy insurance sales people played upon when attempting to encourage customers to part with their money. Even retired and self-employed people were informed that it was absolutely imperative to have payment protection insurance in place, despite the fact that their claims would be considered ineligible. In a bid to make as much money as possible the banks and financial institutions continued to sell policies to individuals who had no need for them. We now have a scenario where the words, payment protection insurance, have to be uttered in hushed tones. The newspapers continue to release stories about the highly negative aspects of this issue.

Although some people have been glad of making a PPI investment, many more were so angered at the way in which they were treated that PPI claims seemed the most suitable course of action. If you belong in the latter category then it might be worth discussing your options with the industry experts at a reputable claims handling company. They should provide information regarding the likelihood of success in your particular case, and the amount of money that you could see returned.

Yorkshire based SEO consultant, Lyndon Miles works on behalf of clients to promote their business online through informative articles such as on PPI Claims and how to claim PPI Compensation

Source: EzineArticles
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