The popularity of Payment Protection Insurance has caused quite a rush for people who want to avail of the service. Because Payment Protection Insurance allows for a convenient way to secure payments for any loans that you might be purchasing, they have become an ideal choice of safeguarding any loans that people are securing nowadays. Whether one will be getting loans for their vehicles or their homes, it has been advised that securing Payment Protection Insurance is the best option for everyone.
But because of its popularity, most people often do not realize that there can be drawbacks to such. Because the service of Payment Protection Insurance is basically an option that will provide more revenue to creditors, it makes their selling such a priority that some people who may not even opt to apply for the insurance end up having it without their knowledge. There are also some people who will get Payment Protection Insurance without any clear clues on what it is really about. To find out if you are one of them, here are a few things that you could look into
How to Find out if you Have Been Missold Payment Protection Insurance
The first thing you would need to look into is the process in which you have been offered. If you have been given no choice about taking out PPI, then you have been missold Payment Protection Insurance. Another thing to figure out is if you have been informed of the basic qualifying factors that Payment Protection Insurance has, like exclusions for pre-existing medical conditions. If you haven’t then it is another sign.
Looking into your statements will also allow for a clearer picture. If you find that you are paying for Payment Protection Insurance even if you do not recall signing up for such, you can give the company a call and dispute such charges. There are also other upsetting ways that unknown Payment Protection Insurance subscription can bring, such as payment in a lump sum. You will be surprised when it comes along with your statements, and payment for such should be something that you should refuse.
Looking into your qualifications will warn you as well if you have been missold Payment Protection Insurance. If you were unemployed, then it doesn’t qualify you for such. Being retired as well does not hold one up to the benefits that Payment Protection Insurance, so dispute and make your ppi claims when you find out.