In recent years millions of Payment Protection Insurance were sold in theU.K.For many the fear of being unable to work due to injury, illness or redundancy was enough to purchase a PPI policy. However many consumers have found out, to their cost, that Payment Protection Insurance rarely offers suitable protection. While insurance policies such as Payment Protection Insurance are designed to offer consumers protection the product has been hit with criticism surrounding the mis-selling of policies.
PPI was designed to help cover monthly repayments of items such as mortgages, credit card or other loans if you were ever injured or are not able to work due to illness or redundancy. The PPI covers a percentage of loans for up to twelve months and at most up to twenty-four months.
Prior to deciding on purchasing PPI, ensure that it is compatible with your financial situation. You will not want to fall victim to a high pressured sales person or lender. Additionally it is important that you aware of the strict criteria which must be met if you need to make an insurance claim on your policy.
Are you aware of the terms and conditions in your PPI agreement?
- It is important to list any pre-existing medical conditions. Some companies will likely not even sell you PPI if they are aware of them.
- Your age needs to be between 18 and 65.
- You have to work at least sixteen hours weekly.
- In the event you are going to claim unemployment you will have needed to be employed with the same employer for a minimum of 12 months prior to making the PPI claim.
You should also be aware that some medical conditions including back issues or even stress related issues may not be covered under your PPI policy. Be sure to ask this, some consumers only find out about these limitations when seeking a payout from their vendor.
Sally Bowyer, Managing Director of Brunel Franklin, stressed that vendors had a responsibility to ensure their products were appropriate for individual customers before completing the transaction. “Unfortunately, the mis-sale of PPI policies is by no means unusual. Customers may well wish to protect their loan repayments, but all too often they have been sold products that were completely unsuitable for their needs.”
Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.