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One doesn't have to be a rocket scientist to know that PPI stands for Payment Protection Insurance. But still there exists a big chunk of people who doesn't know what precisely it is and what it does? Payment Protection Insurance is one scheme that helps clients in staying consistent with payments that are meant to dispose of the outstanding debts against their name. This insurance scheme is commonly available at banks and market lenders. It is even sold to people along with loan package. Yes, most of the times, it comes as a complementary service for the client in a loan product. The best part of subscribing to this form of insurance is that it neutralizes the possibility of client falling into debt-trap due to piling interest rates. Circumstantially speaking, this insurance scheme comes handy when the client, due to any unforeseen circumstances, expresses his/her inability to repay debts. In layman language, this insurance covers all the financial insurgencies on your behalf. The advantage: Person in distress can stay relieved and can focus on other things such as finding himself/herself new job or meeting other priorities. However, filing PPI claims is whole together a different ball game. It is believed that more than 50 percent of the total PPI claims filed are rejected. This is primarily because they fail to convince the claim awarders of their genuineness while most other times, they tend to fall flat on technical (read: legal) grounds. The situation becomes worse in case if you turn out to be a victim of unsold PPI policy. Another prime reason for why majority of claims get rejected is because they are not underwritten at the time when they are being sold. Hence, it is extremely important for you to stay on your toes as far as filing for PPI claims is concerned. After all, it is a vital cog in the chain of activities on which are lives depend on. If you have borrowed money from a bank or other money lender by obtaining loans, credit cards or mortgages then you will more than likely have been asked to take out PPI. For Financial Claims Made Simple Call us on: 0800 048 8820"
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