Payment Protection Insurance or PPI is a form of protective insurance that can be offered when taking out a variety of finance products such as unsecured loans, credit cards or store cards. The cover is put in place to provide protection to customers when they cannot repay their card or loan for a certain amount of time should you become unable to work and meet the repayments due to accident, sickness or redundancy. This type of insurance can be a great benefit to people borrowing money as it can offer them security and peace of mind protecting them should there be an issue with keeping on top of repayments. You can never anticipate what is in store in the future and many people have suddenly found themselves out of work or unable to work for a significant length of time due to illness or an accident. Even a few months without money coming in can financially cripple someone and can make keeping up with payments an impossibility. If you miss payments you can incur bank charges and your credit rating can become damaged. This all adds to the stress of the situation at a time when you need to focus on getting through a difficult time. However PPI is not for everyone and you must ensure that you are well informed about the workings of the policy. You should always be informed that PPI is being added to your finance agreement. If you are self employed there is little to be gained by such a policy as you will not benefit from the redundancy cover. Remember it is not a compulsory charge although some banks may give you that impression. It is optional and if you have been forced to take cover out you can reclaim PPI. At Empire Claims we can help you to reclaim bank charges, mis-sold PPI and credit card charges.
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