Email: ayq.davidwilliamsinsurancecoy@gmail.com
Scam Type: Loan Scam
Fake Insurance agent used in Loan Scams:
From: ayq.davidwilliamsinsurancecoy@gmail.com
Hello,
Attached is the application form. Fill in the required information in the application form and scanned to send back.
Regards
David Williams
Phone:+1(310) 870-9484,+1(760) 264-4313
A BRIEF ABOUT THE PAYMENT PROTECTIVE INSURANCE (PPI) COVER
Payment protection insurance (PPI), also known as credit insurance, credit protection insurance, or loan repayment insurance, is an insurance product that enables consumers to insure repayment of loans if the borrower dies, becomes ill or disabled, loses a job, or faces other circumstances that may prevent them from earning income to service the debt. It is not to be confused with income protection insurance, which is not specific to a debt but covers any income. PPI is widely sold by insurance companies and other credit providers as an add-on to the loan.
Credit insurance can be purchased to insure all kinds of consumer loans including car loans,business expansion loan and home mortgage borrowing. Credit card agreements may include a form of PPI cover as standard. Policies are also available to cover specific categories of risk, e.g. credit life insurance, credit disability insurance, and credit accident insurance. PPI cover is usually sold within the range of 10-30% of the requested loan amount. However we are offering the cover at 12% at the moment.
Note that the charge is repay to the consumer/borrower at the end of the loan repayment when there is not default. Also note that the insurance company the reserve right to sue the consumer/borrower to the jury at which the consumer/borrower could be declared bankrupt and the insurance appointed as the administrator/manager.
However, we do receive one-third of the charge of the policy fee as upfront, while the remaining balance is paid as premium within the first one year of the loan duration.