PPI (Payment Protection Insurance) – What to Know and How to Fight it Modest Money1 Comment

The predatory sale of Payment Protection Insurance has been going on in the UK for more than a decade. For this unfamiliar or apparently unaffected, PPI is an additional insurance product added to the purchase of loans such as mortgages and what have you. If, for some reason, you, the lendee, find yourself unable to make your loan payments because of injury or other personal catastrophe, PPI will cover your payments according to terms laid out in your individual contract. Sounds great, but no! Millions of customers report being duped… shanghaied!…into buying said insurance against their will and without their knowing consent. This being the case, here is what you need to know in order to have your PPI payments remitted, or to avoid the usurious practice yourself (unless you really need it).

For those so afflicted, PPI can pop up in lots of places – on your car loan, credit cards, etc. It’s easy enough to spot on credit card statements, but for larger loans, like your mortgage, PPI may bave been absorbed into your larger loan payments, with no trace left behind. The only way to truly know is to contact your lender. Because the deceptive…

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This entry was posted in Insurance, Real Estate, and tagged , Modest Money1 Comment
By : Adam | 1 Oct 2014
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