PPI or Payment Protection Insurance has been a controversy for the past years. Nowadays, banks and insurance companies are assessing and currently improving the process of claiming for PPI.
At this time, before we move about how to get PPI claims, allow us first tackle what is PPI for starters. Payment Protection Insurance (PPI) is an insurance policy which is particularly made to help an individual keep up with their loan or repayment of their cards in the instance that the individual (who applies for PPI) can’t pay it due to an accident, hospitalization or unemployment.
Now, there are a lot of people requesting for PPI claims but unfortunately most of them were not able to get one. This is because most people who apply for PPI have not read the terms and conditions in it thoroughly. In connection, if you are planning to make a PPI claim, it is important that you assess first your personal condition or circumstances to know if you are eligible for a claim. Below are some important things that you need to consider before requesting a PPI claim.
Your age when the PPI coverage was sold
PPI policies can only be sold to individuals that are between the age of 18 and 65. So if in the first place you had applied for PPI when you are younger that 18, then you can go and have a valid claim for mis-sold PPI. Also, there are PPI policies that have an upper age threshold where the claim could not be made as long as you haven’t reached that age threshold. In the case that you exceeded the threshold, then you PPI would be worthless. So make sure you check with your policy.
Are you retired, unemployed, self-employed when you get a PPI?
If so, then you have a good ground to make PPI claims. PPI is meaningless if you had taken it out when you are already unemployed, retired or self-employed. People who are working part-time would not be eligible to take out PPI. Also, people who are working on a temporary contract or in contract that they were likely to end up unemployed in the future are not eligible to get PPI as well.
Health Issue when PPI was sold.
Now, when you applied for PPI with an existing health problem that lead you to termination of your current job then most likely you had a mis-sold PPI. You can have the payment you’ve done for your PPI reimbursed but this still depends on the insurance company you had. If you are going to make a PPI claim and this has been proven true, then chances are you will not be allowed.
Today, these are simply some of the stuff you have to consider for making PPI claims. Knowing these certain circumstance will provide you a heads up if you are suitable or not for a claim. Therefore it’s crucial that before applying for PPI, you had completely recognized the terms and condition mentioned in its policy. If you are not certain then better ask an insurance professional.
Go Claim PPI have a 100% success rate at helping people to gain compensation for valid PPI Claims in the UK.
Author: Jon DaleThis author has published 2 articles so far.