Specialist Mis Sold Financial Products
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We are a dedicated claims management company specialising in financial mis-selling within the Irish Financial Services Sector. Our aim is to provide a solution and service to the thousands of consumers who believe they have been mis-sold or misinformed when obtaining financial products and services.

 

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Claim Mis Sold PPI with Financial Claims Ireland

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What You Need to Know about Loan Protection Insurance

When a person takes out a loan, mortgage, credit or store card, and the like, he can be offered protection insurance or better known as Personal Payment Insurance (PPI). This type of policy is offered to anyone who takes advantage of all sorts of financial products or services. PPI is a kind of protection to the borrower should an incident, such as unemployment, disability, sickness, or injury stops him from making repayments. The insurance is designed to provide financial assistance to the creditor as part of repaying the debt and is based on the coverage. Moreover, loan protection insurance can cover the policy holder for 12 to 24 months, depending on the package he purchased. However, the longer the period of the coverage is, the higher the monthly premiums will be.

The promise of peace of mind and protection from this type of insurance may be attractive enough to entice a borrower to purchase it. However, loan insurance does not work for everyone all the time. This is because the cost of taking out coverage can mean higher monthly payments than what is bargained for. Nevertheless, a lot of ramifications are made against such type of insurance in regard to mis-selling. And so, it is extremely important to gather as much information about it before signing anything. Should a lender insist that you take out PPI from them, you might as well walk away and find one that deals with you fairly. Furthermore, if you feel that you have been mis-sold loan insurance, you need to get a hold of professionals who can advice you on whether you can or you need to make a claim, which is what this site is all about.


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