Article by Gracy
Read on the following article to understand the meaning of payment protection insurance (ppi) and what are the circumstances under which you can make ppi claims.First of all, the concept of PPI must be made clear to all those reading this write up. It is important to have a proper understanding of this product. Payment Protection Insurance is refereed to that branch of insurance that will assist you to pay out a sum of money in order to cover your monthly repayments in case you are unable to work for a period of time. These payments include om to be paid on mortgages, loans, credit cards etc. The main reason behind such circumstances may be an accident or sickness. Any such incident which forces you to stay out of work on temporary basis without any fault on your part is covered under such an insurance product. Here, the insurance company pays out your monthly installments on your behalf for that particular period of time. While opting for such schemes, you need to be extra careful, it is so because, this product does carry a set of limitations along with it. When can you make ppi claims? In case you come across any of such unfortunate events like a serious illness, accident or any such incident which is said to be covered under your insurance policy, then it leads you to in a bad financial position. You must know the situations where you can claim your payments. It is important that you identify the mis-sold ppi. Such situation occurs where you are sold this insurance product along with some other financial product without your knowledge. As it happens in some cases when the cost of the monthly installment on the insurance keeps on adding to your dues each month. Another basis on which you can make ppi claims when you are forced to purchase the insurance product. Making a ppi claim means getting back the insurance money from the firm which has sold you the insurance. When you are subscribed to PPI without any information. In case where you were not explained the terms an conditions of the policy clearly at the time of selling it to you, then a claim can be made very easily. Make sure that you were the victim of mis-selling of ppi, then few steps taken with the help of financial authorities monitoring the working of such companies, your complaint will be heard ad your claim shall be received by you without any further tussles.