Things You Should Know About Claiming Payment Protection Insurance Beforehand
Many of you know what a PPI is and you are here for some further research on the subject, but for the ones, who do not know what it is, here is a brief introduction.
PPI, short for Payment Protection Insurance is a service provided by an institution to individuals wherein they promise to pay the loans, debts or any other liability the individual may have when he/she is unable to pay it for various reasons listed in the terms and conditions. These reasons may include things like an accident, falling sick or ill, or any other medical condition where you are held back from being able to work.
After the individual recovers from the illness, he/she has to pay the amount back to the institution. These institutions are usually banks or Insurance companies.
Things you have to know before making a claim
You can try to claim PPI by yourself or a representative/lawyer. You will find many law firms even specializing in these types of cases. You can try the “NO win, no fee PPI claims lawyers” to make sure that you will get someone to genuinely represent you. So, you know that they will get paid only when you do.
There are certain factors to take into consideration before trying to make a PPI claim to the company/institution. These things are –
- Age at the time of PPI being sold
- Employment status
- Medical condition
Age at the time of the PPI being sold
A PPI is essentially supposed to be sold only to individuals, who are between the ages of 18 to 65. Individuals below the age of 18 and above the age of 65 are not eligible for PPI. So, if you were younger than 16 or older than 65 when you were sold the PPI, you can claim the PPI legitimately, due to the mistake on their part. However, make sure you read the clause to check whether these terms and conditions apply before making a claim, because some companies don’t have the age limit in their conditions.
Employment
The PPI is usually sold to people, who already have a job and steady employment. They cannot be sold to individuals, who do not hold steady jobs or have part time jobs. These PPl institutions do not even cover people, who are self-employed or have their own businesses. Therefore, if you were employed under the conditions of the PPI institutions and lost employment after purchasing PPI, then you have legitimate grounds to claim.
Medical condition
If you were sold the PPI when you already had an illness or medical condition and this illness resulted in your current job being terminated, and you are out of work, then it means the PPI was missold. You can claim for reimbursement, but this again depends on the institution.
Therefore, before you think about claiming any PPI, try to check if these instances or rules apply to you to make sure that you have proper grounds to do so.
Author’s Bio:
Alisa Martin works with one of the top claims company in the UK, HSBC PPI claims. To file missold payment protection insurance claim and get your money back, visit their website today.
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Category: Insurance
