Many people have paid and continue to pay for Payment Protection Insurance as part of a Single Premium Policy with their loan or mortgage, failing to realise that they are even paying for it.
To find out whether you are paying for Payment Protection Insurance, there are several key measures that can be taken.
The ender will know whether Payment Protection Insurance has been sold and will be able to provide you with the necessary information, regardless of the financial product you have purchased.
In the case of credit cards, charges will be clearly marked on the statements. It is crucial that the card owner looks over ALL statements for the entirety of the card. Many dispose of historic statements and therefore it may be necessary to ask of the Credit Card that fresh ones be sent. The standard charge for this is £10
In the case of a Mortgage or Loan, the Agreement must be looked at. These Agreements are less commonly disposed of but again can be reproduced by a lender although fee may be involved.
An alternative to the above may be to employ the expertise of a Claims Management firm. Provided it is it bona fide and regulated by the Ministry of Justice, Claims Management firms will process a Payment Protection Insurance re-claim on behalf of a client. If a consumer simply wants to find out whether they are paying for Payment Protection Insurance but does not necessarily want to re-claim their Premiums, a firm may not handle the case.
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