When Can You Claim Back PPI Insurance?
Do you find it difficult to understand each and every clause of a particular document or policy terms? This is a problem that is being faced by most of our generation. Getting duped and misled by a financial institution is quite a common thing to happen these days. The reason behind this is quite simple. Most of the times when you are reading these documents which contain the terms and conditions of such arrangements, the print is generally so small that people tend to skip whatever is given in the document. Even if you do manage to read on, you would find that the amount of technical jargon makes it a hell of a task for you to go on. As a result you end up with a missold payment protection.
What is a missold payment protection? More importantly, what is a payment protection? Payment protection insurance or PPI is an advantage provided to a borrower of money. When you are going for any kind of loan or mortgage or even credit card loan, you will be provided for this option. This is an option that would protect you from a defaulting payment. On the event of illness or any kind or other problem, where it is impossible for you to repay back the loan, the payment protection would take care of the situations.
Now this is one clause in your claim policy which sounds pretty good. However the problem that most people face with the PPI is that when they go to claim back PPI insurance, they are refused point blank. Most of the times, this refusal is on grounds like some clause in the policy that you had overlooked or was somehow hidden. Sometimes these policies are even refused on the basis of exclusion of certain requirements. That is why before you sign up for anything, you need to be absolutely aware of whether you are fully qualified for the benefit or not.
The question that would nag your mind is quite simple. How do you simply claim back PPI insurance? In case you were not informed about PPI in your claim where you bought the payment protection without realising that you had bought it, you are completely liable to claim your due. There are other occasions when PPI is a compulsory part of the policy. In case your policy is one of these, you can definitely go and claim back PPI insurance.
Sometimes even being deliberately misinformed can help you make a claim. Let us say, when you were buying a policy, you were not given a proper and full explanation on what you were paying for, puts you in the position to claim back payment protection insurance. Even if your claim allows you to get PPI from some other place, but you were not informed so, falls on the category of being misinformed. You must always remember that you have a right to information. However you must keep one point in mind. When you are provided with a document, you must go through it very carefully.