Sometimes, you find yourself with a Payment Protection Insurance (PPI) that you’re unaware of. An unplanned PPI can make your finances suffer. If you made an agreement with a lender under the following terms, think about making a claim. If you want to know the basics of a PPI, we’ve got the perfect blog for you here. Browsing for other loans? If you’re going through small financial difficulty, you’re able to apply for a short term loan from PMLoans. They also have unique budgeting advice on their blog.
Your lender sold you a PPI when your age was not right
Only people over 18 years old and under 65 years old are eligible for a PPI agreement. People who aren’t between this age range when they signed for a PPI are eligible for a PPI claim. The maximum range for a PPI is not constant for all lenders. Some PPI policies have an age limit that’s higher than 65. If this is the policy, you can only claim for a PPI on the date you exceeded the age stated in the agreement.
Your employment status when signing up for a PPI
Your PPI claim is likely to be very successful. This is in the cases that you were unemployed, self-employed, on a temporary job, working on a contract & working for a maximum of i6 hours a week. The PPI claims on these terms have grounds that have no real meaning. If you’re already unemployed or have a low paying job at the time of application, you shouldn’t have been eligible for a PPI. If your job isn’t permanent, you and the lender already knew you were going to be unemployed in a short while so there was no reason for a PPI.
Some people with pre-existing medical conditions have successfully made the claim
Most insurance policies don’t approve converges for people with a pre-existing medical condition. Let’s say you took a PPI policy knowing you have a pre-existing medical condition. As a result, making the claim will all depend on the lender’s knowledge of the illness. People who informed the creditor of their medical condition beforehand have had success reclaiming their PPI. If you didn’t inform the service provider, they have reason to argue that they had no information on the incident.
People with absolutely no information of the PPI policy have had some clams approved
Some service providers will make you think you have to apply for the PPI in order to qualify for a loan. Taking a PPI is independent and should not be a condition for taking any kind of loan. It should not be anyway related to the loan you are applying for. There are some successful PPI claims for people who were made to feel that the PPI application was mandatory.
If the creditor did not provide you with the details of the PPI policy you should be eligible for a PPI claim. They’re supposed to give you a documentation of all the charges and payments you’re supposed to make.
Lenders shouldn’t make you apply for a PPI if you have alternative insurance covers. A PPI has terms close to life insurance & income insurance. If the PPI doesn’t provide any additional benefit then you’ll be eligible for a claim.
Final word
If you’ve had a loan such as a short term loan in the past (from a lender such as PMLoans), it can be worth checking your agreements to see if you were paying for PPI without knowing. Ensure you seek help from a professional to get information on the process involved.