Many have taken various loans depending upon their needs and emergencies. It could be for a vehicle, education, mortgage, personal, travel and so on. Amidst all the payments, bills and interests, have you ever realised that you also pay for an additional insurance cover i.e., payment protection insurance. Yes! Several banks are selling PPI without the client’s knowledge. This insurance is taken to secure your credit like mortgage, credit card or personal loan payments only when you meet the specified criteria as per your insurance cover; this is useful when you face job loss, illness or disabled due to uncertainties and are unable to repay the borrowed amount. . Several might wonder about numerous questions related to PPI claims and here are a few basic questions that come to mind when filing for a claim:
What Exactly Is PPI?
Payment protection insurance also known as PPI, is sold alongside with your financial products and services. This comes along with your loans, credit cards, insurance policies and so on. The main criteria of this is to provide a cover when the loaner faces situations like loss of job or is disabled or during death. This ensures the payment of the loan until the person is able to recover.
Am I Eligible To Make The Claim?
If you have taken a loan in the past 6 years then you are perfectly eligible to make the claim. For the past years many banks and financial institutions have sold PPI claims along with the financial products.
Is It Possible To Claim Even After Clearing Loan?
Absolutely Yes! You can make claims even on closed accounts if and when you have the original documents. All the accounts within the past 6 years can be claimed without any problem.
Is It Likely To Make More Than One Claim
If you have several credit cards and banks loans then you can make more than one claim provided you have the documents related to them.
Will This Affect My Credit Rating?
No! Making a PPI claim will not affect your credit scorings as you are claiming a miss sold payment protection insurance.
How To Make A Claim?
There are numerous agencies and organisations that are present only to help you make a claim. Search the web and choose the one that is convenient to you. By going through such agencies all you need to do is just fill an online application and the rest is handled by the firm on your behalf. This is easy and hassle free.
The above-mentioned are few basic questions concerning the PPI Claims. You must be careful when approaching a bank for a loan or when taking a credit card. Make sure that you discuss everything beforehand and try to avoid payment protection insurance. Take if only necessary and after knowing all the details. You can approach claiming companies as they give you proper advice and guidance.
Making a PPI claim does not affect your relationship with the lender or the bank as many financial institutions have realised their mistake about the miss sold claims. The best part is this does not affect your credit scores. The questions mentioned above might have helped you.