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Most successful reasons for making PPI claim

Payment Protection Insurance (PPI) Claim Form
 
 
Payment protection insurance or PPI is a type of insurance cover that undertakes to repay your loan, mortgage, credit card or catalogue payments if you are unable to work for certain reasons. While PPI will be very handy in repaying your loan, it is also worth mentioning that it is very costly. Because of this, you should only apply for it when necessary. It should however not be used as a pre-condition for a loan or mortgage. In case you are duped by bank to buy PPI when you actually do not need it, you can always make PPI claim for your money to be refunded. Below are some valid reasons for making PPI claim. First, PPI is only sold to people between the ages of 18 and 65 years. So, if you were sold outside that range, you have a valid reason to file for claim. Some policies also have upper age limit beyond which you cannot make a claim. You should be aware of such limits and adhere to them. If you were unemployed, working on temporary basis or had retired when PPI was sold to you, then you have a valid reason for claim. PPI which usually has a clause about becoming unemployed is meritoriously meaningless if you are not employed at the time you are buying it. Likewise, if you are working on contract basis or if you know you are likely to lose your job in the near future then you do not qualify for PPI. It is also very important that you are told full cost of PPI in advance. Your lender has the sole responsibility to inform you on the cost implication of PPI in advance. If he/she did not do this, then you may have grounds for claim. PPI is also not for people with alternative insurance cover because it doesn’t provide any additional benefits. For instance, if you have personal cover or scheme from your employer, there is no need for you to pay for payment protection insurance. Your existing cover should provide some form of income continuation and allow you to repay your loan in the event that you lose your job
 
 
 
 

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