That’s a scary thought, the overall question of whether or not payment protection insurance could find its way into the mortgage world. As of right now, most lenders do not expect PPI within their loans. There’s a whole different insurance system in place to make things easier, but it has nothing to do with the scheme that has hooked millions of UK residents over the years.
The truth is that on its face, payment protection insurance doesn’t really sound like a bad thing. It’s more of a protective measure in case the worse happens. As much as we like to think that we get to go through life without really worrying about anything, the truth is that everything and anything could happen. So protection schemes have always been popular. The trouble is the way that they were sold — a lot of PPI products were sold by third party sales people who really wanted to make a certain quota more than really make sure that the product matched the person’s needs. You might think that you qualified for PPI, only to find that one condition or another held you back from it.
For example, if you have a pre-existing condition and you get even sicker from it, that’s not something that’s covered by PPI. Yet most salespeople didn’t disclose that type of information.
In the world of mortgages, information is truly everything. You want to make sure that you’re always getting everything disclosed to you before you commit to anything. Hundreds of thousands of pounds are at stake with these decisions, so you have to make sure that everything is tended to properly.
Why do we mention PPI in a mortgage world? Well, it’s prevalent in the world of regular loans. A mortgage is simply a loan on a home, so we know that you can make the connection. What you will need to do from here is look at any other loans that you have and make sure that there isn’t any PPI attached. If there is, then you’re going to need to fight back right here, right now.
Standing up for your rights isn’t just something that “rebels” do — it’s everyone’s right to make sure that they get compensation for faulty insurance. If you were mis-sold PPI, then you deserve to have your money returned to you — with interest. If you have an old loan, this means that you might be entitled to a large bit of interest from it. Look into your options today before it’s too late!