The payment protection plan was processed and initiated with an eye to protect the borrowers during any unfortunate event happenings that might stop them from making payments. However, there have been many instances where banks and financial institutions have made it a kind of money making technique from their customers in varied ways. However, if you find an unknown charge on your credit card or loan statement mentioning PPI, then it is quite evident that you have been mis sold a policy without your consent. In any such cases you may claim PPI and obtain a refund for the amount that you have been paying till date in the form of premiums.
Are you Eligible for PPI Claim?
If you are someone who has suffered with an unknown charge of the payment protection insurance plan and wish to claim a refund, then you must first understand your eligibility terms for the PPI Claim. Only then you would be able to file the claim accurately and also receive a compensation for the mis-selling. There are many situations where consumers or rather customers are unable to take the benefit of these claims in lieu to the selling process that went through a series of lenders.
The payment protection insurance plan was designed to protect the consumers to face the payment hassles in times of despair. This was formulated with an eye to help the customers but in due course of time, turned out to be a source of additional income for many banks and financial institutions. The idea was to protect the insurer’s monthly payments in times when he or she is unable to make the payment due to varied reasons like an accident, illness, death, disability or loss of earning source and income. However and whatever be the situation, it is always essential for you to know the ways to go for PPI claim and most importantly, understand the eligibility criteria to apply for the compensation.
- If you were retired or unemployed or maybe self-employed during the time the loan was sold to you, then you are eligible for the claim. However, this needs to be proved at the time of application.
- If you were denied to be offered a loan or credit card without the additional purchase of the policy, which means that you were forced to make the insurance purchase in order to buy the product
- If you do not possess any knowledge about the policy that was sold to you, that is, if the policy seller did not inform you about selling the policy along with the purchase.
There are many ways by which a customer is made to purchase a PPI policy, and in many cases it is sold without their knowledge. However, one can go through a process in order to claim PPI. Have I got ppi? Check on ppirefund today. Though at times, it is known to be a daunting task, but with a little leg work and patience, you are sure to reap the fruits of benefit along with interest.