Unless you have been living in a hole somewhere then you have probably heard of payment protection insurance claims. However just because you have heard of them doesn’t mean that you know what they are really about or whether you can make a claim.
To fully understand about payment protection insurance claims you really need to understand payment protection insurance first. Payment protection insurance is a service offered by lenders to help protect your loan repayments. Basically it is a small monthly charge that you pay in order to be protected if you are ever off work and can’t make payments. None of us like to think about falling ill or being off of work for long periods of time however it is a stark reality that it could happen. If you have an outstanding loan then it can be a worrying time wondering how you are going to make the repayments. If you are covered by a payment protection insurance policy then this is one less thing to worry about. Payment protection insurance claims work for some people however not everyone. There is a strict set of terms and conditions that you have to follow in order to make sure that you are eligible to claim.
Statistics actually show that out of every payment protection insurance policy that is undertaken, only 18% of them are actually ever attempted to be claimed on. That means that less than 1/5th of people that pay this monthly charge actually attempt to use it. What is perhaps even more worrying is that out of this 18% of people that make payment protection insurance claims only 8% of them are successful. This means that most people who try to be protected by the insurance policy they are paying out for are turned away and left to worry about how to make the repayments, despite having the insurance policy that should protect them.
Payment protection insurance has been mis-sold to many people or added onto loans without consumers consent or knowledge. If this is you then you could be in a position to claim back the money you have paid, even if the loan is already fully paid up.