How to reclaim Payment Protection Insurance
Payment Protection Insurance, otherwise known as PPI, is offered to borrowers with many different types of loans as well as with credit cards. It is designed to benefit you by repaying your borrowed funds if you are unable to financially do so. With PPI, if you become unemployed, sick or injured and are unable to make your loan or credit card payments, the PPI coverage will provide benefits that equate to the monthly payments on your debt. If you are in the position today where you need to claim your PPI benefits, you may be wondering which way to go in order to do that.
Ensure You Qualify
Firstly. contact your lender or credit card company so you can learn more about the factors that need to be in place to qualify for benefits. Some companies have sold PPI to borrowers who would not qualify for it. For example, some specified long-term illnesses are not covered by PPI. Further, if you are unemployed at the time you apply for coverage and later file a claim without being gainfully employed for a certain period of time, you may not qualify for a claim. Each PPI policy may have different claims requirements, so it is best to contact your creditor directly to learn about the requirements that affect you.
Filing Your Claim
To file a claim against your Payment Protection Insurance, you first need to contact your lender or Credit Card Company. The company will generally provide you with the number of the department that handles these claims. Many claims can be filed over the phone by calling this department, but some companies may require a written claim to be filed. Information specifying why you are no longer able to make payments on your account will be required, and this information generally must also be verified. The verification process will vary depending on the factors regarding your claim and the company you are working with. Keep in mind that an estimated two-thirds of all PPI claims are not approved initially. If your PPI claim is not initially approved, you can consider writing a letter to the bank, seeking recourse through the courts or other such means. In some cases, borrowers have been sold a PPI policy through unscrupulous efforts, and they have been able to obtain a full refund on their PPI premiums or have been awarded financial benefits through a court of law.
Payment Protection Insurance can be a financial lifesaver when you are experiencing hardship due to unemployment, accident or injury. To benefit from your PPI, you will need to file a claim with the company and take steps to ensure your claim is approved as requested. This generally involves providing the insurance company with the proof they need to ensure your claim qualifies for benefits.
Ensure You Qualify
Firstly. contact your lender or credit card company so you can learn more about the factors that need to be in place to qualify for benefits. Some companies have sold PPI to borrowers who would not qualify for it. For example, some specified long-term illnesses are not covered by PPI. Further, if you are unemployed at the time you apply for coverage and later file a claim without being gainfully employed for a certain period of time, you may not qualify for a claim. Each PPI policy may have different claims requirements, so it is best to contact your creditor directly to learn about the requirements that affect you.
Filing Your Claim
To file a claim against your Payment Protection Insurance, you first need to contact your lender or Credit Card Company. The company will generally provide you with the number of the department that handles these claims. Many claims can be filed over the phone by calling this department, but some companies may require a written claim to be filed. Information specifying why you are no longer able to make payments on your account will be required, and this information generally must also be verified. The verification process will vary depending on the factors regarding your claim and the company you are working with. Keep in mind that an estimated two-thirds of all PPI claims are not approved initially. If your PPI claim is not initially approved, you can consider writing a letter to the bank, seeking recourse through the courts or other such means. In some cases, borrowers have been sold a PPI policy through unscrupulous efforts, and they have been able to obtain a full refund on their PPI premiums or have been awarded financial benefits through a court of law.
Payment Protection Insurance can be a financial lifesaver when you are experiencing hardship due to unemployment, accident or injury. To benefit from your PPI, you will need to file a claim with the company and take steps to ensure your claim is approved as requested. This generally involves providing the insurance company with the proof they need to ensure your claim qualifies for benefits.