There are a number of insurance companies with their nasty tricks up their sleeves- misusing a very high percentage of your compensation and sucking your hardly earned money. The nasty tricks can be by all means. By getting some idea about the types of Payment Protection Insurance plans you can be aware about the possibilities of mistake to occur. Here is an array of prevalent ways you might have been mis-sold payment protection insurance: you were not asked regarding previous medical conditions, you were never asked just how long you had been employed at your latest job, you were not shown the policy fees and payment break down, or you were not asked had you been self-employed.

Quite a few facts that were revealed not too long ago have demonstrated some appalling numbers to the premiums consumers were being billed. In some cases over 50% of the specific loan amounts have been added. Unsuspecting consumers would have this amount of money tacked on to their particular loan repayments as well as the extra finance fees.

So let’s look at the types of payment “protection” insurance that are available though it doesn’t sounds to be a protective concept.

Mortgage Payment Protection Insurance (MPPI):

This form of insurance covers your mortgage payments for 12 or 24 months and depending on the policy covers you for periods of illness and unemployment. Mortgages are often our largest financial commitments so it is sensible to shop around for the best and cheapest mortgage protection insurance.

Loan Payment Protection Insurance:

In a similar way to MPPI, this covers the payment of any loans that you might have secured or unsecured. Defaulting on loan payments can harm your credit rating and even result in the loss of your house, so taking out loan payment protection is sensible, but take care to find the best deal and see if your lender offers age related protection.

Income protection Insurance:

Income protection insurance pays you a fixed amount monthly for 12 months, so that you can keep your finances going whilst you find another job. Once again, shop around and get the best rates and cover. Also try and get age related discounts as it can save you a lot of money every month.

Retail PPI is one of the specific products in the PPI market. Retail PPI relates to protection policies taken out on repayments for goods bought from home catalogues.