Over the last ten years people who asked for a loan were required to get PPI and most people discovered that if they sold the PPI they could actually earn more money but that was illegal and those who bought one had to claim PPI compensation. This means that not only those who bought the PPI but also those who sold them had the chance to file a PPI compensation with added interests.
If you have recently asked for a loan, or if you have asked for a credit card, you need to know that chances are you have a payment protection policy. It is believed that more than twenty million people have got PPI when they really didn’t need it. and the worst thing is that the majority of them have no idea that didn’t need that kind of insurance, that’s why they can claim PPI compensation. Let’s have a look at some things that will help you understand how PPI compensation works.
1. You need to keep in mind that this kind of insurance generally goes along with credit deals in order to keep the borrower safe when he or she can’t comply with a payment for reasons including disease, lack of job and accidents.
2. It is important for you to know that getting a PPU can be quite costly. Most policies cost about 15 to 55% of the credit deal or loan you get. if you have the idea that the policy you got is not right for you, then you have the possibility of claiming PPI compensation.
3. If are evaluating if your claim for PPI compensation will be successful you will have to demonstrate medical expenses, unemployment policy and if you have secured the loan. All these things have to be cross-referenced with your situation at the moment of getting the insurance.
4. There are several cases to show that PPI was not needed. For example, if you have got a policy that includes unemployment insurance and you are not out of work, then you have the chance to claim PPI compensation. Another case is if you have a medical condition and you didn’t know the PPI was not useful in that case.
5. If you got a special additional loan insurance, which means that the price would have to be paid at the start of the deal and you replaced it you have the right to claim PPI compensation.
6. There are times when people buy a PPI without really knowing what they were doing, which means they were not properly informed, they can ask for compensation.
7. Finally, if you secured your loan, the bank might have probably added an insurance policy without telling you, which means you also have the right to claim PPI compensation.