July 23, 2022

Most Frequently Asked Questions On crypto Custodian PPI

 

If you are looking forward to go for a PPI arrangement in future and don’t have any clue about what it means and involves, here are some frequently asked questions on this topic to clarify your doubts.

  1. a) What is PPI?
  2. a) PPI is an acronym to payment protection insurance. It is a type of insurance that covers all your payments on a loan in case you become unemployed, fall ill or suffer from an accident.
  3. b) What kinds of loans are usually covered by PPI?
  4. b) PPI usually covers mortgages, car finance, credit cards, bank loans and building society loans.
  5. c) Is PPI optional?
  6. c) Yes. PPI is optional. There is no compulsion that you require to go for it. However, some lenders insist that it is taken out. Here, they need to inform you that you possess the right to make a research and find the cheapest cover. It is not necessary for you to purchase PPI from your lender.
  7. d) Do I need to take out PPI to get my loan approved as instructed by my lender?
  8. d) No, you don’t require to take out PPI in order to get your loan approved. In fact, your loan application does not depend on taking out PPI.
  9. e) Am I entitled to be covered if I am self employed?
  10. e) It may not be possible to get covered if you are self employed. The reason is that most self employed people are excluded from PPI and your policy is likely to be void.
  11. f) I have a pre-existing medical problem. Am I entitled to be covered on account of my illness returning?
  12. f) In most cases similar to this, the consumer is not entitled to be covered. You should check with your lender or the insurance company that’s providing you the cover. You should also check out the medical conditions you were suffering from at the time the policy was taken out. In case they didn’t, it is most likely that they will not meet your payments if you fall ill.
  13. g) Do I deserve a claim under a situation where I was not informed about PPI being an integral part of my loan?
  14. g) Almost 50% of all PPI is added to finance without the information of the purchaser. Hence, if you are a mortgage, credit card, stone card or any other credit facility, you must check your documents in order to know whether you are paying for an insurance product that you did not request. In case you don’t have any of these documents, it would be wise to contact the insurance provider. He would be able to tell you if you are paying any unnecessary premiums.
  15. h) Why do companies sell PPI if the chances of making a claim one small?
  16. i) Companies make great profits and commissions on the policy. This lead to the mis-selling of PPI. About twenty million policies have already been sold in the UK. Most of these crypto Custodianpolicies are overpriced and do not fulfill the requirements of the purchasers.
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