Originally, PPI, or Payment Protection Insurance, was designed so as to protect an individual from losing their good credit rating or property, in case they lose their job or become ill. However, in a matter of a few years, many financial institutions, moneylenders, and banks saw PPI as just another way of earning money.
4 Main Qualifications For PPI Claim
When you end up with a misrepresented or mis-sold PPI policy, your only remaining option is to file a PPI claim and try to reclaim your insurance money. There are four main prerequisites for being entitled to filing proper PPI claims:
- You were not given an option of refusing PPI.
- You weren’t aware that you were purchasing PPI.
- You did not meet the proper criteria to purchase a PPI.
- Your credit approval was dependent on buying a PPI policy.
Lack Of Options
There were also many cases where clients were not informed that they had various options when buying PPI, such as buying it at a later date and so on. Those who asked questions were usually told that they had to purchase their insurance plan at the same time when applying for a credit card or at the same location where they planned to buy something. Many banks resorted to using this misinformation in order to sell PPI policies at a higher rate, in comparison to the market price.
You Were Unaware Of PPI
It is a very common occurrence where people are simply unaware of the fact that they are getting PPI. Until recently, PPI was commonly bundled with regular packages when taking out mortgages, getting credit cards or buying various devices. The policy was usually buried deeply within other aspects of the agreement and rarely fully explained. Since many customers did not know they actually had it, they were unable to detect it and ask for its removal.
Failing To Meet The Criteria
If you were under 18 or over 65 when you purchased your PPI, you could reclaim it. Another reason why you may be able to do that is if you were unemployed, self-employed or retired at the time of buying PPI. Other disqualifiers for buying PPI also include various pre-existing health conditions that restrict and impair your working ability. If you can prove that your seller was aware of these disqualifiers, you can reclaim your PPI.
PPI Is Prerequisite Or Mandatory
Many sales people were also known to inform their customers that they were unable to purchase new cars without PPI. This same tactic was used by many banks when their clients tried to apply for a mortgage or a new credit card. If you were in a situation like this, you are entitled to make a legitimate PPI claim.
If you have encountered any of the previously mentioned scenarios when purchasing PPI, your next step should be to submit a claim.
However, keep in mind that the overall process can be quite complex, so don’t try to handle it on your own. Instead, make sure to get in touch with the best ppi company, who will properly handle the entire procedure.