Do you have a Loan? It may well have Payment Protection Insurance(or PPI) which is failing many of those who need it most, adding to their debts instead of protecting them against hard times, a report from a national debt charity has found.

The report found that Payment Protection Insurance, which is sold to cover credit payments in the event of illness or job loss is often very expensive, mis-sold to people who cannot possibly claim on it, and designed to exclude many of the most common situations that can lead to debt problems.

There are an estimated 20 million PPI policies in force in the UK producing annual revenues in excess of 5 billion for the insurance companies. The report concluded that Payment Protection Insurance was more about providing an additional source of profit for the financial industry than protecting consumers.

Problems occur in nearly all sectors of the consumer credit market from non-status mortgage lenders and hire purchase companies to major high street banks and credit card companies.

PPI Claims
The insurance premium paid can be as high as 40% of the value of a loan and has to be paid for by borrowing more. It is common for interest to be charged on PPI premiums in credit agreements.

Borrowers are often sold completely inappropriate policies when they take out credit agreements. In many cases high pressure sales or inertia selling are used to force people to take out insurance that they cannot afford, do not want or need, and cannot benefit from.

PPI Policies sold by several well-known mainstream lenders have been found to exclude cover for common problems like bad backs and mental health problems that can stop people working. Many also have arbitrary age limits and ban the self-employed and those on fixed-term contracts from making a claim.

Even where people are able to make a successful claim, the amounts paid out do not guarantee to keep them free from debt. Some PPI insurance only pays out for a year, and then only covers minimum payments.

Delays in the payment of PPI claims can trigger spiralling debt and administration charges, leading to borrowers being pursued by debt collectors and the threat of court action.

Bad practice in the sale of Payment Protection Insurance is also often linked to irresponsible lending. Cases have occurred where consolidation loans advanced to borrowers already in financial difficulty are rolled over several times, with a new PPI policy sold each time, increasing the debt significantly.

If you have an existing PPi policy or have had one in the past six years then you may well qualify for a total refund of that money,for a free initial review of your case or for more information please visit us below:
http://viraltrafficoutbreak.com/links/145