www.ABCwages.com
Payment protection insurance (PPI) was once seen as a part of
life when it came to credit loans-it was there for the benefit of both
you and your credit institution. It was designed to cover the cost of
the loan payments in case you-the borrower-became unemployed or unable
to work through disability, illness or other reason. Typically, the
insurance would cover your payments for only up to a year before you had
to again become responsible for making these payments. This was done
under the pretense that most people will be back on their feet again,
financially, within a year after the initial crisis.
www.ABCwages.com
When you obtained a loan, sometimes this insurance was stated as being optional and sometimes it wasn't. Most people did not question this and trusted the credit institutions and banks. But things have changed recently, and now the truth is out: payment protection insurance was, simply put, a type of fraud imposed upon the unsuspecting public by these same so-called trustworthy credit institutions and banks.
www.ABCwages.com
Payment protection insurance should have been a disclosed and optional fee for those borrowing credit, with careful information given on who may need the insurance and who may not, but it instead became an abused and mismanaged form of insurance. The insurance was mis-used in several ways: it was suggested to people that did not qualify for or need it, it was forced upon people as a mandatory requirement rather than an optional one, and it was even added onto credit borrowing policies and contracts without the borrower even knowing about it. In fact, it was found that millions of people had payment protection insurance, and up to 40% of all credit borrowers in the country were not even aware they had the insurance, and were paying fees on it!
Once these numbers were found, consumers demanded that they get refunded for these fees that they had been unknowingly paying. Banks and financial institutions were also fined, and the total cost of these fines adds up to millions of pounds. Consumers that do not request a refund do not receive one automatically; you must go to the original source of your credit loan and request that your payment protection insurance fees be refunded.
Hopefully the banks will consider this a very expensive lesson, and walk away from this more knowledgeable about how to handle customers of all types with respect, as well as full disclosure on the loans they are providing.
www.ABCwages.com
When you obtained a loan, sometimes this insurance was stated as being optional and sometimes it wasn't. Most people did not question this and trusted the credit institutions and banks. But things have changed recently, and now the truth is out: payment protection insurance was, simply put, a type of fraud imposed upon the unsuspecting public by these same so-called trustworthy credit institutions and banks.
www.ABCwages.com
Payment protection insurance should have been a disclosed and optional fee for those borrowing credit, with careful information given on who may need the insurance and who may not, but it instead became an abused and mismanaged form of insurance. The insurance was mis-used in several ways: it was suggested to people that did not qualify for or need it, it was forced upon people as a mandatory requirement rather than an optional one, and it was even added onto credit borrowing policies and contracts without the borrower even knowing about it. In fact, it was found that millions of people had payment protection insurance, and up to 40% of all credit borrowers in the country were not even aware they had the insurance, and were paying fees on it!
Once these numbers were found, consumers demanded that they get refunded for these fees that they had been unknowingly paying. Banks and financial institutions were also fined, and the total cost of these fines adds up to millions of pounds. Consumers that do not request a refund do not receive one automatically; you must go to the original source of your credit loan and request that your payment protection insurance fees be refunded.
Hopefully the banks will consider this a very expensive lesson, and walk away from this more knowledgeable about how to handle customers of all types with respect, as well as full disclosure on the loans they are providing.