A miss-sold PPI is not your fault but you may suffer for it
A payment protection plan was first launched to help people who are under financial crises to meet their outstanding debt. It is like any other insurance plan that can be taken over on a loan or mortgage to save a person from an unresolved liability when he becomes incapable of repaying his debt to the company or the person who has lent him money. In such a condition, he can claim for the insured money from the insurance firm. But the process of claiming back money is not as simple as it sounds.If the insurance you bought on your loan is something you are not eligible to get, it will fail to help you in the time of crises as you will not be able to claim back PPI. Now the question arises that if you are not eligible to get it then why were you sold this particular insurance? There can be many reasons behind it like:
- The sales person not disclosing you all the eligibility conditions of the policy as he has to complete his target of selling insurances.
- You were told that it is compulsory to take the insurance and it is not optional.
- You are unaware of the policy being added to your account and take it as a part of the loan.
- You already have an insurance plan and yet another one is sold to you.
The rules that are generally exploited while selling a PPI are like selling it to a person who is not employed or is self-employed as this does not entitle him to get a policy that is based upon his payment. Also students and retired personnel are not eligible to get such insurance. It is totally understandable that a person may not be aware of such details while getting a payment protection plan but he should ask lot of questions about the insurance when he wants to purchase it.
When you claim back PPI, you need to possess all the details of the loan and insurance. You have to check certain things before you make your claim. It involves visiting bank, the insurance company if it is other than the lender and the local court. For a person who is unknown to the legal obligations involved in this procedure, it is a very lengthy and tiresome process. There are great chances that the insurance firm will reject your claim application after all the efforts you make to get your money back.
Another way to approach the insurance firm is to take the help of a claim management company. These are the companies with the staff that is aware of the whole claim process. They know how to get a claim back from a commercial body that is not willing to do so. Once you hand over the process of insurance claim to an experienced firm, you will be ensured of getting the money you are entitled to. All the intermediate tasks of visiting the company and the court will be omitted if you give away the responsibility to a private claim making company.
- The sales person not disclosing you all the eligibility conditions of the policy as he has to complete his target of selling insurances.
- You were told that it is compulsory to take the insurance and it is not optional.
- You are unaware of the policy being added to your account and take it as a part of the loan.
- You already have an insurance plan and yet another one is sold to you.
The rules that are generally exploited while selling a PPI are like selling it to a person who is not employed or is self-employed as this does not entitle him to get a policy that is based upon his payment. Also students and retired personnel are not eligible to get such insurance. It is totally understandable that a person may not be aware of such details while getting a payment protection plan but he should ask lot of questions about the insurance when he wants to purchase it.
When you claim back PPI, you need to possess all the details of the loan and insurance. You have to check certain things before you make your claim. It involves visiting bank, the insurance company if it is other than the lender and the local court. For a person who is unknown to the legal obligations involved in this procedure, it is a very lengthy and tiresome process. There are great chances that the insurance firm will reject your claim application after all the efforts you make to get your money back.
Another way to approach the insurance firm is to take the help of a claim management company. These are the companies with the staff that is aware of the whole claim process. They know how to get a claim back from a commercial body that is not willing to do so. Once you hand over the process of insurance claim to an experienced firm, you will be ensured of getting the money you are entitled to. All the intermediate tasks of visiting the company and the court will be omitted if you give away the responsibility to a private claim making company.
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