There are a lot of entities that assist people during their struggle for financial claims. And people have different reasons in doing so. Most people claim due to mis-sold Payment Protection Insurance (also known as PPI) on credit card and loans. Others claim for unfair charges on their credit cards or bank institutions. Some people claim due to unfair contracts on their loans or mortgages. Apparently, ancillary claims are applicable to those under the process of divorce, annulment or other judicial separation proceedings.
Payment Protection Insurance
Payment protection insurance or PPI is usually sold at the same time a loan or mortgage is sold. The same is true with the application of credit cards. Bank institutions, lenders, and other financial providers normally sell a PPI to their applicants together with a certain loan or mortgage. This is done in order to ensure the borrower.
There comes a time when a borrower is unable to pay a loan. Such circumstance may be due to incapability to work, no income, accident, or other similar cases. The PPI is a protection of the borrower once, such circumstances occur. A borrower is always entitled to a PPI and could ask for financial claims whenever necessary.
Who are Legible for PPI
Borrowers who are not informed of the PPI and its costs are entitled to a claim. Those who were informed that a PPI is only an option is likewise entitled. Those who were not informed that they can buy a PPI somewhere else and those who were pressured to buy a PPI policy are also eligible to a claim. Moreover, borrowers who were not asked about their medical conditions and employment status are similarly entitled to such financial claims. Hence, it is always important for borrowers to be aware of such policies and agreements covering a loan, car finance, mortgage, and other financial products.
Claiming a Mis-sold PPI
Borrowers should be well aware of what a PPI truly is. Primarily, it is a protection of a borrower, compensating payments in times, whereas incapability to pay occurs. Borrowers must be aware that during hardships or difficulty to repay a loan, a PPI is an utmost compensation. A loan, mortgage, car finance, or even a credit card comes with a PPI, protecting and insuring the borrower during difficult times. Borrowers with a PPI are always entitled to financial claims.
Claiming Under Unfair Contracts/Agreements
There are many lenders and institutions that lend money to borrowers. Each entity may impose different loan rates, interest rates, and payment periods. Alongside the loan agreement, lenders must give their clients full explanation surrounding the entire loan policy and payment protection insurance. It is the lender’s main responsibility to inform their clients of corresponding payment terms, other conditions, and insurances. Borrowers who were misinformed of the existence of a PPI, or that it is optional, are certainly entitled to financial claims.
Claiming Under Unfair Charges
A borrower is likewise entitled to a financial claim under unfair charges by a bank or a credit card provider. Such financial entities should also disclose complete and truthful terms to their clients. Hence, the availability of a PPI for their clients’ protection in times of adversity. Some bank institutions and credit card providers also promote false advertisements, misleading their clients to buy unreasonable products or services. Such institutions also impose hidden charges.
Claiming Under Judicial Separation Proceedings
A financial claim is also possible for those people under annulment, divorce, or other judicial separation procedures. This claim is more popularly known ancillary relief. Such claims can be settled out of court or through a court proceeding, depending on the couple’s decision. Ancillary claims include the transfer of a property, sale of a property, lump sum, shares of a certain pension fund, and/or periodical payment for children or a spouse. Under these circumstances, borrowers with a PPI are entitled to financial claims for absolute protection and compensation.
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