Payment protection Insurance is a policy sold by institutions, which offers to pay on your behalf to all your liabilities, when you are unable to pay them yourself. Now of course, there are certain rules and conditions that apply to the above statement. They will pay for you, only if you are unable to pay for yourself because of sudden unemployment, which can be due to various reasons, but mostly medical grounds are entertained, like illness or accidents.
What it covers
These policies are generally sold by banks or any other sort of financial institution. When you do claim for PPI, then the policy will cover are your loans and debts, car and house payments/mortgages, credit card bills, rent, electricity bills, water bills, gas, etc. These will cover your everyday life expenses required for you to carry on a normal life. The policy will have all the details in the list, which are supposed to be paid for in case of a PPI claim. This can come up to 75% of the actual income drawn by the individual in his/her previous employment.
This policy will take care of those individuals for short period of time, not indefinitely. This means the individual must start looking for employment as soon as you can.
Mis-sold PPI claim
Sometimes the company will sell you the PPI without checking for all the conditions just to get more money. This is fraudulent and they think that it will go unnoticed. Sometimes they are honest mistakes, but either ways, this allows you to claim PPI on the basis that it was mis-sold.
Claims management companies
There are a few ways you can try to claim the mis-sold PPI. Firstly, you can just try contacting the institution yourself and try to file for a claim, if you think that you have been mis-sold the PPI. In most cases, if not all, the company will try to brush off the incident and not give you your claims.
Here is where the lawyers step in. There are PPI Claims firms, which specialize in these kinds of cases. You can tell them all the details and they will let you know, if you actually have grounds to claim PPI.
These things will take time. They usually take 12+ weeks. During this time you can access all the details of how much you are supposed to get in return and how you will manage that returns.
While choosing the company –
- Make sure that you choose a respectable company to represent you with your claims.
- Try to go along with one that is connected to the official authorities.
- Always read the fine print on the contracts and all the terms and conditions.
- Find out about all the costs that you will be incurring during the claiming process including trial costs.
- If you are getting the right amount of compensation at the end of it all then is the compensation worth it.
With these things in mind, you now know what to do when you want to claim for your PPI.
Peter Oliver is an experienced blogger and he writes about how people can file mis-sold PPI claims and get their cash back. You could visit Lloyds PPI claims website to hire a solicitor without paying any fees in advance.