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| Payment Protection Insurance Claims |
If you are taking a loan from a bank or any other lending institution, it is obligatory for you to think about what to do in such a situation when you are not able to pay off your debt. There can be many such circumstances under which you become incapable of giving away the money you took as loan. You may have lost your job, fallen ill or met with an accident to make you incapable of earning. For safeguarding the interests of such people, there are various insurance plans that are designed by insurance companies and banks.
A suitable protection plan can save you in such disastrous situations and keep you stress free. The coverage areas and terms of validity of these plans vary and you should be aware of these details about your plan. There are certain initial conditions that are needed to be satisfied when a payment protection insurance policy is sold to someone. Unfortunately neither the seller nor the buyer takes care of these policies and in 90% of the cases; these policies are mis-sold to people. If you don’t satisfy the initial conditions that make you capable of possessing the insurance, you may have to face problems when making payment protection insurance claims.
Generally a person who is unemployed, retired, and a student, self employed or has some complications related to health is not eligible for getting such an insurance policy. Likewise there may be a long list of such conditions that are needed to be checked before purchasing a policy like this. If you purchase a policy without fulfilling the eligibility criteria, it will bring you no benefits rather you will end up paying extra amount of money to the company. Sometimes, for personal benefits, the sales person may insist you for buying the policy without disclosing all the eligibility criteria to you.
In many cases when people who have been mis-sold such policy are asked why they purchased it, they state that the salesperson told them it will make the loan more expensive if the policy is omitted or it is compulsory to buy the policy from the money lending company only. All these conditions are self-imposed and these don’t exist anywhere in written. So it is a good way to ask them where these rules are written to avoid a mis-sold policy. A better approach to be sure of the protection your policy is providing is to note down your areas of interest that you want your policy to cover. You should ask your policy provider about each and every point you wrote down whether your policy covers the following points. Another catch here is to ensure that the term of the policy is equal to the term of your loan. If it covers a shorter term then purchasing this policy is of no use.
In case more than one person is taking the loan, it is compulsory for the policy to have the names of all the people taking loan. If you want that you succeed in making payment protection insurance claims, be aware of the terms and conditions of the policy at the time of its purchase.
A suitable protection plan can save you in such disastrous situations and keep you stress free. The coverage areas and terms of validity of these plans vary and you should be aware of these details about your plan. There are certain initial conditions that are needed to be satisfied when a payment protection insurance policy is sold to someone. Unfortunately neither the seller nor the buyer takes care of these policies and in 90% of the cases; these policies are mis-sold to people. If you don’t satisfy the initial conditions that make you capable of possessing the insurance, you may have to face problems when making payment protection insurance claims.
Generally a person who is unemployed, retired, and a student, self employed or has some complications related to health is not eligible for getting such an insurance policy. Likewise there may be a long list of such conditions that are needed to be checked before purchasing a policy like this. If you purchase a policy without fulfilling the eligibility criteria, it will bring you no benefits rather you will end up paying extra amount of money to the company. Sometimes, for personal benefits, the sales person may insist you for buying the policy without disclosing all the eligibility criteria to you.
In many cases when people who have been mis-sold such policy are asked why they purchased it, they state that the salesperson told them it will make the loan more expensive if the policy is omitted or it is compulsory to buy the policy from the money lending company only. All these conditions are self-imposed and these don’t exist anywhere in written. So it is a good way to ask them where these rules are written to avoid a mis-sold policy. A better approach to be sure of the protection your policy is providing is to note down your areas of interest that you want your policy to cover. You should ask your policy provider about each and every point you wrote down whether your policy covers the following points. Another catch here is to ensure that the term of the policy is equal to the term of your loan. If it covers a shorter term then purchasing this policy is of no use.
In case more than one person is taking the loan, it is compulsory for the policy to have the names of all the people taking loan. If you want that you succeed in making payment protection insurance claims, be aware of the terms and conditions of the policy at the time of its purchase.
Nowadays PPI mis-selling cases are increases and people should be aware of it. At that time the only person who helps you is PPI claim solicitor. You should also get help from reputed PPI claim company.
ReplyDeletePPI claims
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ReplyDeleteWow great sharing to aware while choosing a payment protection policy to reclaim your mis sold ppi and money from cheaters.
ReplyDeleteThank you.......
A better approach to be sure of the protection your policy is providing. Free PPI Claims
ReplyDeleteIs there any further reading you would recommend on this?
ReplyDeleteAmela
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