Payment Protection Insurance is not for all. Statistical analysis says that only 2/10 people are aware about this truth. If all of us were clear about this fact then there would not be these much of complaints and confusions about Payment Protection Insurance. Well, so now it is well understood that people lack awareness about the exact objectives of PPI. So what’s next? Yes, giving the possibilities of mis-selling and explaining the eligibility criteria to file a claim are the objectives of this article. Mostly the Payment Protection Insurance plan enters through illegitimate ways that are followed by tricky companies to earn huge commissions. Let’s have a detailed look on the situations which assures and declines zero chances to claim.
• Were you unemployed or self employed at the time of enrolling yourselves with the Payment Protection Insurance plan? Then absolutely you are not eligible to file a reclaim.
• Suppose if the situation were in such a way that your health conditions at the time of buying the insurance were not so good and you were also off from your professional works at that particular time period, then you must have been instructed by the insurance agents. If not, you are most welcomed to file a claim.
• If the refund rate provided by the company is not satisfactory then with no doubts you can file your claim to get back the full amount.
• If you are allowed to cancel your Payment protection Insurance at lesser rates then you have complete rights to file a claim to get back the full amount.
• There are absolute chances to claim back your Payment Protection Insurance if it is sold with a compulsory label. Because buying Payment Protection Insurance is your own right and should not be forced by anyone on any grounds. Moreover, Payment Protection Insurance plans are often labeled as a compulsory supplement with your regular loans. So you should be careful in this case.
• Age limit is one of the important key factors for consideration. Most of the schemes have got particular age limits like 65-75. In such cases, the violations are very clear and hence you can justify your claim with solid reasons.
• If you have enrolled with PPI from an unauthenticated organization banned by FSA, then there are more possibilities for you to get refunded.
The terrible increase in the number of complaints has made many companies to withdraw the idea of selling such schemes. It is better to avoid PPI schemes if you are already engaged with other insurance plans and financially supporting relations to assist you in your financial crisis.