When to Make a PPI Claim

Are you making your purchases using your credit card? Or are you currently paying your existing loan? Chances are, you have been offered or sold a Payment Protection Insurance (PPI). This type of policy serves as a loan protection for policyholders. It offers financial coverage for one to two years, on average, depending on the terms and conditions stated in the policy. It usually covers debt repayments whenever you are not able to go to work due to illness, accident, redundancy or unemployment.

So now, how do you know when to make a PPI claim?

There are many conditions or instances that make you illegible for filing such a claim. Many lenders, banks, and insurance providers have been misleading buyers to get this policy. Oftentimes, people are told that purchasing PPI is mandatory; otherwise, their loan applications will be disapproved. Many financial institutions nowadays fail to inform their borrowers that this type of insurance is merely optional, too. These lenders force their customers to get the policy and would even inform them that they would not be qualified for funding if they will not get one. Some banks also charge huge amount of premiums, which were never agreed upon in the original contract. If ever you have been into any of these scenarios, then you should take some legal measures to reclaim your money.

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Another case that qualifies you is that if in the original agreement, you were informed by your lender that PPI was merely an add-on and, yet you were indirectly sold or forced to get the policy. Now, upon realising that you have the right to make a claim, you need to notify them regarding this matter. If they fail to give appropriate action on your request, then by all means, you have the legal standing and cause of action to file a PPI claim.

It is important to note that choosing the right management company that can assist you in resolving your legal concerns is very essential. With the help of the financial consultants in Assured Money Solutions NI, your financial issues will be resolved in no time. So, get in touch with the experts now and get a refund for your money.