Loans get things done, period. We know that a lot of people pride themselves on paying for everything in the cash, but one of the things that you have to remember is that debt isn’t just debt. It’s not just something that doesn’t have any power or effect on anything. It’s truly leverage in motion. This means that debt can be good, or debt can be bad. However, that’s not quite what we’re here to talk about today.
You see, if you’re getting behind on a loan, you might not be worried. If you’re one of the many people that have already taken out payment protection insurance, then you might think that you’re going to be okay. If your hardships were caused by something that’s easy to document, then you’re going to be just fine. However, it’s not as cut and dried as that. You see, every insurance policy has a few exceptions and exemptions that you need to be aware of.
For example, if you already have a pre-existing medical condition and it causes you to miss time off work, that’s not an event that’s going to trigger your payment protection insurance. It’s exceptions like that which can make you feel a bit nervous in the end. You are much better off making sure that you look into the fine print of what you signed.
Unfortunately, one of the mistakes that loan holders make is that they are so excited to get that infusion of cash that they don’t really think about the terms and conditions. You might have been paying all of that money on payment protection insurance, only to find that it’s really not doing them any good. You might feel tricked, betrayed or even downright lied to.
Thankfully, there are ways to fight back. You’re going to have to collect your paperwork and get in touch with the right parties, but it’s something that can be done. Don’t ever think that you’re not going to have any recourse when it comes to finding out that you have been mis-sold PPI. A lot of people have, and it’s finally coming to a point where people can get compensation for these misleading policies.
Can payment protection insurance actually be a good thing? If you actually fall into a group that can use PPI, then it’s a great thing. However, many people don’t and it can create false security when the rough times happen. Hang in there and check out your options — you do not have to let hard times with a loan ruin your financial future!