With all the talk about PPI claims, there are times that it will help you. Payment protection insurance is available when you lose your job to help keep up the repayments on your credit agreement. Of course, there are many people who will not benefit from credit insurance so it important to understand when PPI is the right choice for you.
To Help with Redundancy
While you will receive a redundancy payment, it may not be beneficial depending on the length of time that you have been working for the company. It will also depend on the loans and credit agreements that you have, especially when it comes to mortgages. PPI helps to cover the costs for a period of time, usually about 12 months. This gives you the chance to focus on spending money on utility bills and food while searching for a new job.
To Help with Disabilities
If a disability has occurred that leads to a person no longer being able to work, it puts a strain on the whole family and paying off debts. While there are benefits available for the disabled and there is the possibility of compensation, there is still the worry of being able to afford to clear the debts, keep a roof over heads and put food on the table. Payment protection insurance can help with covering the cost of debts if someone has been made disabled and can no longer work.
To Help After an Accident
Like disabilities, accidents can happen and cause strain on the family. The accident may lead to a disability or may just lead to someone being off work for a short period of time. The accident cover will help to cover payments while a person is off work due to the accident so that debt payments can continue to be made.
To Help After Death
The loss of a loved one is hard enough, without having to worry about paying off their debts. Credit life insurance pays out to cover payments for a set period of time when a death has happened. This will help the rest of the family be able to grieve, afford the utility bills and food without having to worry about paying off credit card or loan debts.
Harder to Make a Claim
The problem with PPI is that it is much harder to make a claim, especially when compared to other types of insurances. While it is there in case you are made redundant, it does not offer protection against those who choose to leave their workplace and those who are self-employed. This has led to a number of complaints about the mis-selling of PPI. Many people did not receive all the information regarding PPI or have enough time to determine if it is right for their needs.
When PPI has been mis-sold Gladstone Brookes is available to help. There have been thousands of people who have made a claim for PPI that they have not asked for or needed. This has led to many receiving compensation in the thousands, which has actually helped them clear their debts and put money back into the economy.