What is PPI or Payment Protection Insurance?
The Payment Protection Insurance Claimsis known by a multitude of including loan repayment insurance or credit insurances and even credit protection insurances. Whatever be the name referred to as, the entire idea for possessing a PPI is to protect the money and borrowers. In other words, the payment protection insurance is designed to protect the borrowers from unfortunate happenings that keep them away from making the required payments. This ideology is served in many different situations, hence the multiple names.
The protection is taken against a few common issues that might happen at any point in time of one’s life, like the debtor’s death, illness or disability due to an unfortunate accident or even a loss of job or source of earning. This type of insurance plan can be applied at a bank in which you transact or even with the financial credit providers.
Is it a Scam?
PPI is not a scam until there are people or companies who misuse the claims, due to which the insurance companies these days are governing around set of terms and conditions that need to be fulfilled while submitting the claim. However, misusing of the claims also happens when the loan company does not keep up its promises and release the claim amount. Many a time it so happens that the companies do not follow the procedure while offering the insurance coverage.
There are many occasions when PPI claims are mis-sold to individuals due to different reasons. It might so happen that you have a mortgage or store or credit card payments that are supposed to be done, and, you find a charge on your statement without your knowledge, this is when you can be assured that you were mis-sold an insurance claim. However, there are many ways by which you can reclaim the mis-sold one on your account by following a certain procedure. All that you need to do is to follow the procedure. Get a ppi refund here.
Tips to Successful PPI Reclaim compensation
There are many circumstances where the customer is sold a PPI policy without his or her consent. On the other hand, there are others who are sold one forcibly on account to make a purchase of a loan product or credit card. Whatever, be the reason, PPI reclaim can be successful many a time if you stand in one of these situations
- Were you unemployed, retired or a self-employed individual at the time when the insurance policy was sold to you? If you were, you could have never been benefitted of this policy
- Did you suffer with any pre-existing medical condition? If yes, then it automatically nullifies the policy
- Were you sold a ‘single premium’ policy, meaning that you had to pay the complete policy amount upfront?
- Were you informed that taking the policy was a mandatory requisite?
- Were you unaware of any kinds of terms and conditions mentioned in the policy
- Were you falling under the age group of 65 to 70 years or above