How to claim a refund when miss-sold a PPI

Payment Protection Refunds

It is a very common procedure to offer people with a payment protection policy when they apply for a loan. The idea behind such a policy is to help a person to make the loan repayments to the bank when he is not able to do so. The reasons for not being able to return the loan to the bank are many including health issues making the person unable to work, accidents or unemployment. In such conditions, a person can claim the payment protection insurance company to help him with the remaining installments.

Due to evident reasons, many people decide to take such a policy without even checking the things covered by them. The result is most of them are left disappointed when they claim for payment protection refunds and are told that this is not covered. However, with the increasing number of such cases, the financial authorities have started scanning these policies and taking care of the interest of the consumers.

It is seen in many cases that the consumers are miss-sold a policy. They are told that it is compulsory to take this policy or the loan will be cheaper if this policy is taken along with the loan. In such cases, a person can seek refund from the insurance company. However, trying to claim refund of the PPI policy is not very simple. These companies often deny from any claims made against them especially when they know that the claiming person does not know his rights.

The most common way of claiming refunds is to write to the bank from which you got the policy. There are certain conditions to be checked to make a person eligible for the refund. The first condition to be checked is the age. The person’s age should be between 18 to 65 years. The second factor is the employment. All the past records of employment will be checked via the different firms for which the person has worked. The person has to provide all the evidences regarding his statements that he was not informed about all the alternative policies and was not asked if he is already possessing the same kind of policy. Thus, getting a refund of the policy solely by the consumer is very difficult. As the bank people are familiar with such claims, they will have a hundred reasons for denying for the refund.

The best way to get payment protection refunds is to contact a claims company. These companies have well experienced people with a detailed know- how of such cases. They will carefully investigate your case and ensure that you get your refund. These companies provide fast and convenient methods to ensure refunds without any hassle for you. Many companies operate on the no win, no fee policy under which you are not charged until you get your claim refunded. These are the best ones to choose as getting the services of such company will ensure that you are not going to lose more money and you are given a risk free choice. You just require applying to them and they will take care of rest matter.

Role of the Insurance policy in making insurance claims

Payment Protection Insurance Claims

Payment protection insurance is an insurance plan which covers the debt in case you are unable to pay it back. The reasons for being unable to pay back a loan may be many like the person responsible for the payback lost his present job, he is unable to work because of an illness or he met with an accident or even death. Such insurance policies are sold by banks and loan companies when a loan is taken, or by other credit agencies on purchasing anything.

A right payment protection plan purchased at the right time renders your peace of mind. There are various such plans designed according to their coverage areas and terms of validity. Any person can take the advantage of having such policies to make payment protection insurance claims whenever required but certain factors can make you ineligible for it like if you are unemployed, retired, a student or in a bad health, you may not be entitled for such services. These decisions of eligibility are solely based upon the terms and conditions of the different insurance companies.

There has been enormous number of cases in which a wrong or inefficient policy is sold to a person. There can be many reasons for it like the salesperson not telling you all the policy details, insisting that it is compulsory to take the insurance policy from the same company who sanctioned you the loan or stated that loan could be more expensive if insurance is not taken. Most common reasons are due to misguidance and lack of knowledge.

The key to get the best payment protection insurance claims is to know what you need and what you are getting. You always have some priorities which must be covered under your plan. Note down these things and ask the policy provider if these are covered under the plan he is offering. These insurance claims are desired to have a term which is equal to the term of your loan. If it is shorter, then you should ask the salesperson to offer you some other option with a longer term. In case of a joint loan or a loan taken by more than one person, the insurance is also required to have the names of all the people taking loan.

You will get an idea of what all is covered under the policy being offered from the questions asked by the salesperson. For instance if he asks you about your present health, the policy covers health issues. Generally when people make claims for health related issues, they are asked whether the issue existed when they purchased the policy. If any similar issue is found to exist earlier, the person is stated ineligible for the claim. Other things such as employment status are also very important to be checked because there are different covers for people working with firms and self- employed people. If you are not working or going to retire from your job soon, then there is no need for an employment cover.

Taking the correct decision for getting an insurance plan is very important and should always be taken under the expert’s supervision. If you realize that you are having the wrong protection policy, you can complain to the insurance company.

Points to check when taking a PPI Claim insurance plan

Best PPI Claim Company

Today the world is facing challenging financial issues due to the imbalance caused in the economy for past few years. There are many factors responsible for this imbalance and these are uncontrollable. These factors include rising cost of consumables, transportation, maintenance and high interest rates. When you have to purchase something but you don’t have enough finance for it such as property or a vehicle, you decide to take help of financing companies. But sometimes you are not able to make repayments to the company due to certain unavoidable reasons.

For all such times, there are payment protection insurance companies from which you can choose the best PPI claim company according to your needs. The payment protection insurance, also known as PPI, Credit Protection Insurance or Loan Repayment Insurance, is an insurance designed to cover an outstanding debt if you are unable to make the repayments due to any reason. The reason for inability to pay back the loan can be many like unemployment, accident, illness or even death. Sometimes only the present expenses are visible to a person and he does not plan anything about the future expenses of the maintenance and repair of assets being purchased. Later on, when these repair costs are added with the other everyday expenses, he finds himself trapped in as situation where he is unable to manage his money matters.

Insurance is generally the most reasonable approach to manage your money matters. Many insurance policies assure the policy takers that they have a total coverage of their issues, however, most of the times they do not qualify to get these benefits. This problem is not new, however, now the financial services industry is taking care of all such issues in which the consumers can make a claim. As all the policies do not cover all types of losses, so you should seek thorough information about the policy before taking it.

- Check whether you already have a policy: In some cases, you already have a protection plan or your employer has provided you with an illness and redundancy package as insurance. In that case you should tell this to the policy provider and ask him to provide you a policy with other coverage areas.

- Check the term of the policy: Some policies are valid till a fixed maximum term. You need to check whether your policy covers the full term of your loan or not.

- In case of a joint loan: If the loan that you have taken is a joint loan, which means more than one person is responsible for paying back the mortgage, you should ensure that the payment protection insurance has the names of all the loan takers covered.

- Policy cover: Some policies only provide accidental and illness covers with no unemployment element included. Most likely when the policy provider doesn’t ask you about your employment, you are being sold an inefficient policy.

After clarifying all these basic points from the policy seller, you should also take the advice of an expert in this field to ensure that you are dealing with the best PPI claim company. Taking payment protection insurance is very important as not having one may leave you in huge debts on one hand and facing court proceedings on the other.