Know Your Rights About The PPI Claims – The Things That Can Get Your Money Back

07 Aug 2015 in Finance

PPI or payment protection insurance is a protection cover that ensures that the beneficiary never skips an EMI. The EMI might be deducted from a credit card, a personal loan, a car loan, home loan or a business loan. For a large number of individuals, the PPI policies are worthless, as they never claim for it.

However, there are some cases where the consumer is not eligible for a claim and they are insured by the insurance companies. In such cases when the consumer makes the claim, they are mostly rejected, as applicant does not meet the eligibility criteria.

This happens when the coverage is missold to individuals who either have a loan or credit card with banks. To process these claims is a very tricky thing. If you do it the right way, along with all the required documentary proofs, you will get the claim processed in a single mail. However, if you do not submit supporting documents, your claim might get rejected.

In order to make a sure that you case will definitely be rewarded you should have one of the following conditions.

Self-employed or Unemployed

A large number of people are given a remark that they are self-employed or unemployed so their claim cannot be processed. In such cases, there is a great chance of getting the claim processed if you have documents supporting that you were in the same occupation when you purchased the policy. A documented proof of the same will suffice and the insurance company will process your claim.

You have Another PPI Policy

If you already have PPI policy, and were billed for two, then you can claim for a refund. With an existing policy you do not need to buy another policy, there are a large number of financers who give a PPI along with the loan. In such cases, all you need to do is to make sure that you pick up the documentary proof of all the policies.

You have a Disability that Disqualifies you

In case of disabilities there are PPI’s that cancel your claim. In all such cases, all you need to do is to prove that the disability occurred way before you signed up for the PPI. In such cases, the company is forced to process the claim as their own mistake. They have to take the responsibility of insuring an ineligible person.

Forceful Sale of Policy

Some banks when disbursing a loan make it mandatory to buy a policy to protect their monthly repayments. In such conditions, a large number of people who already have another policy or are not eligible for the claim buy a policy without their will as they do not want to lose the loan.

In all such cases the insurance company is liable to settle the claim. The consumer has to present documentary proof of the claim in order to get a refund.

These are the conditions, which ensure that you will definitely get a claim. To know more about these conditions and the right way to proceed, you could visit the website of a reputed PPI claim company or meet the professionals personally.