Payment protection insurance is a kind of insurance plan that is meant to cover your monthly payments for loans, credit card bills, or mortgages. That way, in the event that you find yourself unable to work and earn money to meet your payments, your insurance plan will be there to cover a percentage of your payments. The problem is that a lot of people were sold this plan without their knowledge, or under faulty pretenses. And seeing as the premiums for any insurance plan can get quite pricey, it is very unfair that these people have been forced to pay for something that they did not want in the first place. If you are one of these people, then you may be eligible to make a claim to try and get your money back. That means all of the money that you have ever paid for payment protection insurance monthly premiums will be returned to you.
The first thing you need to determine is your eligibility. There are many different ways that you can present yourself as eligible, and you can choose to take one, a few, or even all of these ways in order to make a case for yourself.
First off, you need to remember that payment protection insurance is not required. So if you were pressured in any way whatsoever to take the plan, then you are eligible. Pressure encompasses situations where you were told that it was required, you were told that it would affect your chances of getting approved for the plan, or if you were told that it would be a factor in the decision making process for the approval of your application. These are all lies. Under law, you are not required to have payment protection insurance whatsoever, and pressuring you to get it is not only unethical but illegal as well.
Secondly, you are eligible for a claim if you can prove that you were not privy to all of the details of the plan. That includes things like the exact price of the plan and the amount of money you would be paying each month, or that you can actually buy the payment protection insurance in some other place than from the people who are trying to sell it to you at that moment. You should have also been informed that you could also buy this plan for cheaper somewhere else. This kind of financial advice is a must when you are speaking with representatives who are trying to sell you an insurance plan, seeing as this will be an investment for you and a lot of financial gain for them. This is also the time when you should have been told that you cannot payment protection insurance from them if you already have a PPI plan from some other firm.
The third thing that you must think of is your own medical and employment history. If, at the time that you were sold the plan, you were suffering from an illness that you know would have stopped you from working, then you are eligible for a claim. As for your employment history, you should have been working as an employee within the age of 18-65 who was working for at least 16 hours a week for you to be eligible. Therefore, if you were a student, retired, self-employed, or unemployed at the time, then you are eligible to make a claim.
Do not hesitate to try and get your money back, because it is your right. You should not be paying for something you did not want, need, or ask for in the first place. This is merely you trying to get back what was taken from you under shady pretenses.