Payment protection insurance, more commonly referred to as PPI, is an issue that has continued to be prevalent throughout society and the media for the recent years. These days, insurance providers, financial organizations, and banks are in the process of carefully examining and improving the process available for claiming back the funds paid for unnecessary PPI.
Claiming Reimbursement For PPI
Payment protection is an insurance plan that was designed to assist people with maintaining their loan payments in the unforeseen circumstances of hospitalization, illness, or unemployment. With websites such as http://www.haveigotppi.org.uk available to help people discover whether they have the grounds to re-claim their payment protection insurance, more individuals than ever are looking to find out more about PPI. If you are considering applying for a PPI claim, it is essential that you consider the personal condition of your situation or circumstances to properly evaluate whether you qualify to claim. Understanding these factors can help to prepare you when it comes to claiming for PPI.
1.) What Is Your Status? Unemployed, Retired, Self-employed?
If you are:
after you have taken out payment protection insurance, then you should have the grounds to make a PPI claim. The personal protection insurance becomes meaningless if you took it out when you were already retired, self-employed, or unemployed. If you were engaged in part-time work at the time, then you would not have been eligible to take out PPI, nor would you if you were engaged in a short-term contract.
2.) How Old Were You When You Were Sold PPI
It is important to remember that payment protection plans can only be sold to someone between the ages of 18 and 65. If you had applied for payment protection when you were younger than eighteen, you may be eligible to make a claim that you were missold PPI. Some policies will have an age threshold which dictates that a claim cannot be made depending on whether you have reached their set age limit. If you have surpassed that age threshold, then your PPI would become ineffective.
3.) Did You Have Medical Issues When You Were Sold PPI?
If you signed up for a payment protection plan knowing that you had a health problem which was capable of contributing to a loss of your current work, you were miss-sold PPI. In this case, you should be able to have the repayment costs you have paid for the payment protection reimbursed, but the process of this will depend largely on the insurance company that you had. The best course of action in this case would be to speak to a lawyer or insurance professional about the state of your medical health when you were sold PPI, and how that could contribute to an easier claim for reimbursement.
Author bio: James Patrick has a long history of working with various insurance providers and law professionals over the previous decade, particularly when it comes to claims for payment protection insurance.