Learn how credit products were affected by ppi such as ppi insurance on mortgages store or credit cards and life insurance and why you might be eligible to claim back money. While most ppi was sold with credit cards and loans you can also get types of ppi on business accounts life insurance policies and catalogue accounts.
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In october 2000 i got a mortgage through an independent financial adviser he told me at the time that i had to take out a life insurance policy as part of the conditions from the mortgage company santander for getting the mortgage.
Is life insurance ppi. Find out about payment protection insurance. Additionally if as in my and mikelsoks case the banks were claiming this was compulsory to purchase together with the loan and in the same way that ppi is added onto the total loan meaning you pay interest on it is this actually legal. Also life insurance is only paid to the beneficiary upon death of the insured person.
Life and protection insurance how to claim for mis sold payment protection insurance ppi payment protection insurance ppi has been mis sold to millions of people and if you submitted a claim on or before the 29 th of august 2019 theres a chance you could still receive compensation. Ppi or payment protection insurance has become one of the most notorious financial products in recent years thanks to the ppi mis selling scandal but what is ppi and how do you know if you have it. Payment protection insurance ppi also known as credit insurance credit protection insurance or loan repayment insurance is an insurance product that enables consumers to ensure repayment of credit if the borrower dies becomes ill or disabled loses a job or faces other circumstances that may prevent them from earning income to service the debt.
Life insurance is it classed as ppi life assurance is not ppi. The payment goes directly to the lending institution. Payment protection insurance also known as ppi is a type of short term income protection and is usually sold with products that you need to make repayments on like a loan credit card or mortgagethis type of policy covers you for a loan payment if you are made redundant or find yourself unable to work due to an illness or accident.
Life insurance is different in that it pays a beneficiary chosen by the policy holder and that beneficiary can use the money as they see fit. And is life insuranceassurance compulsory for every loan.
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