PPI or Payment Protection Insurance continues to be an argument over the past years. Today, financial institutions and insurance companies are evaluating and currently improving the procedure of claiming for Payment Protection Insurance.
At this time, before we move about how to get PPI claims, let us first tackle what is PPI for starters. Payment Protection Insurance (PPI) is an insurance coverage which is specially created to help somebody keep up with their loan or payment of their cards in the event that the individual (who applies for PPI) is unable to pay it due to an accident, unemployment or hospitalization.
Now, you can find several people looking for PPI claims but sadly many of them were unable to have one. It is because many people who request for PPI have not check the conditions and terms in it carefully. In connection, if you are planning to get a PPI claim, it is crucial that you examine first your own condition or factors to know if you are eligible for a claim. Beneath are a handful of essential things that you need to take into account before inquiring a PPI claim.
Your age when PPI policy was sold
PPI plans can only be sold to people who are between the age of 18 and 65. So if in the beginning you had requested for PPI when you’re younger that 18, then you may go and have a legitimate claim for missold PPI. Furthermore, there are PPI policies that have an upper age limit where the claim couldn’t be made as long as you haven’t reached that age limit. In the case that you exceeded the threshold, then you PPI would be worthless. So be sure you check out your insurance plan.
Are you unemployed, retired, self-employed after you take out a PPI?
If so, then you’ve got a fantastic ground to make PPI claims. PPI is meaningless when you had taken it out when you’re presently self-employed, retired, unemployed. People who are working part-time would not be permitted to take out PPI. Also, people who are working on a temporary contract or in contract that they were about to wind up jobless at some point are not eligible to get PPI also.
Health Issue when PPI was sold.
Today, whenever you applied for PPI with an existing health issue which lead you to end of your current job then most likely you had a missold PPI. You will get the repayment you’ve done for the PPI reimbursed but this still depends upon the insurance company you had. If you are going to make a PPI claim and this has been proven true, then odds are you will never be permitted.
Now, these are just some of the factors you need to take into account in making PPI claims. Realizing these specific situation will provide you a heads up if you’re qualified or not for a claim. It is therefore important that before you apply for PPI, you had completely recognized the terms and condition stated in its policy. If you aren’t sure then better ask an insurance specialist.