Well, like many products, it’s a matter of it really is right for some, though not everybody. For a few individuals the banks may be forgiven for effecting the acquisition of the payment protection insurance, while for others it is nothing less than a costly outlay. Which of these classes do you fall into? Before you even consider any payment insurance, have a careful look thru the terms and this could help you manage to work out whether you fit into the group that that cover can be helpful or whether or not you are definitely in the group the insurance won’t help. The terms can quite frequently rule out plenty of folk from ever benefiting from the cover.

As an example, some have been sold insurances that won’t pay out to people who are self-employed.

Just as you are self-employed the inclusion of this rule does not stop certain banks from attempting to sell the insurance cover to you! So be warned and ensure that not one of the exclusions apply to you, else the premiums will be a waste of money. If you have checked all the exclusions don’t apply to you then perhaps, just perhaps, it’s time to take a look at the policy and see whether it is for you. If you know that you’re going to definitely have no problem paying it off, then do you actually need such a policy? For instance if you’re taking a 0% loan to buy some furniture, you could be forced into a PPI agreement.

They can be added to policies even if you have already got the money to pay down the whole loan at the end of the introductory term. Again, this is a reason of mis-selling. If you already have enough funds then why do you need to give protection to the payment? Also, if you know that your revenue is secured, then though you qualify for PPI protection, why take it out? If you know that you’re going to never need to make a claim, save the money. Inversely for those that suspect that they won’t be ready to meet future payments, again this may be a reason for not being suitable for full protection. If there is the likelihood of redundancy on the horizon or you’re a seasonal worker, then the bank will assume there’s a good possibility of you needing to make claims and then potentially disqualify you from protection.

How sort of them! Overall, everything is stacked in the favour of the banks. If you have a stable job, but worry about it in the long run, then it could be worth taking a look at PPI. But be particularly careful that you do absolutely qualify for all of the conditions. You will find out more about Reclaiming PPI and other bank charges from the site.

If you think that you are suitable for a PPI Reclaim then call us on 0800 840 7292 or fill in the form on the right.