The financial world has a lot of loop holes. Sometimes you may be able to catch them and sometimes you may miss out on that. The question that have I got ppi is really tricky. This is because when you are taking a loan or getting into a contract of mortgage you may not go into too much detail. But when you feel that you are being charged too much for the loan or may be if the PPI has been wrongly sold to you then in that case you should take some action. You should take up a thorough check whether your PPI is valid or not.
How to take up the check?
The first thing you should do is to take out all your stored agreements and contracts as related to loans and mortgages. Once you have all the records in your hands you just have to see whether any sort of PPI was attached with it or not. PPI refers to payment protection insurance. But the loan or mortgage agreement may use different terms like payment cover, account cover, card protection, personal loan protection etc. When your contract or agreement uses such words it is implied that PPI is attached. But it is important to note that PPI should be used only if you feel that something is not on the track.
There is one more way wit which you can have a check on PPI. You van just run a credit check at a reputable credit checking company. This will help you to know about all the details including the PPI factor. It is important to note that PPI won’t make the credit rating better. But its main purpose is to protect the borrowers from the unexpected and events. Like for example, if there is an accident caused to the person, then that person may be hospitalized and in that case there may be inability to make the payment of loan. Thus PPI can be exercised in case if the person is forcefully charged with penalties and interest on loans. Check out in the records and find have I got ppi?
Is PPI mandatory?
PPI is not mandatory. But it really helps the borrower in case if something wrong goes with him or her. Checking out with the help of old records that whether PPI is there or not would really be a daunting task. In that case it would be better to take some professional help from those who deal in such things. PPI seems to be a complicated thing. But if you seek right help and if you really know how to approach those who deal in such things then things would really become simple for you.
There was a time when people were not aware of such terms. But now the financial field has really opened up and people have understood that they have right to know as to how they have to protect their credit. Taking a loan does not make them a criminal. If they face some unavoidable situation then the credit protection does come into picture.