Causes for Filing PPI Claims
Originally, Payment Protection Insurance or PPI was designed to protect an individual from
burning off his property and/or a good credit rating should he become ill or made
unemployed through redundancy. In a matter of a couple of years however, many banks and
other banking institutions saw sales of PPI guidelines as another approach to earn money.
There are 4 major causes why you may be able to record PPI claims. You weren't made
aware you were purchasing PPI. Credit approval was PPI purchase dependent. You were not
told you had purchase choices. You as a customer did not meet the criteria for a PPI policy.
Being unacquainted with purchasing a PPI policy was, unfortunately, common. Until
recently, PPI was sold together with a regular package when buying devices, taking out
mortgages or other loans and trying to get a credit card. The policy was buried within other
parts of the acquisition agreement and not explained at all. Since many customers did not
know it was there and couldn't easily detect it, they did not know to ask to have it removed.
Contingent PPI was lies used by lots of credit officers and sales people. Basically, consumers
informed that they would be unable to purchase a car or a big kitchen appliance without PPI.
This same tactic was implemented when someone tried to apply for a new credit card or a
mortgage. If you were informed this, you may make PPI claims for such payments.
Several clients were not notified they had options when purchasing PPI; to add buying it later
and to go to another financial institution to search for a good monthly rate. If they did ask
about it, several clients were told that their insurance plan needed to be bought at the same
location as their product or at the same time when applying for credit card. Banks particularly
employed this misinformation to sell PPI at a higher compared to market rate.
Customers had to reach specific requirements to be qualified for PPI. If you're over 65 or
under 18 at the time you purchased an insurance policy, you may file PPI claims for
payments created. This is especially true if during the time of purchase you were retired, self-
employed or unemployed. Pre-existing health conditions that restrict your ability to work are
also disqualifiers for purchasing PPI. When you can affirm the seller had comprehension of
your situation, you may file PPI claims.
If any of these scenarios occurred while acquiring PPI, therefore submitting a claim is your
next phase. Now if you examine your purchase agreements, sales receipts or credit card
applications and don't see Purchase Protection Insurance or PPI, look again. To disguise the
transaction from customers, lending organizations and sales offices came up with numerous
"aliases" for their product.
Premium Protection Insurance Loan Protection Insurance
Credit Care Credit Care Insurance
Income Protection Insurance Mortgage Protection Insurance
Accident Sickness and Redundancy (or Unemployment) Insurance
If you see these titles or any variance of them, then you may be able to file a claim. The
process is not easy, so remember to talk to an attorney. A number of firms will not charge a
fee if you don't win your PPI claims. Good luck.
If you are not quite sure how PPI claims work, it is recommend to ask for the experts' help.
They can greatly help you on how you can claim PPI without breaking any rule. For more
details, you can visit our site.