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Reclaiming Personal Protection Insurance

Individuals that apply for a personal loan may be mis-sold a payment protection insurance (PPI) policy when dealing with lenders that enrol ineligible applicants for PPI policies in an attempt to earn commissions and raise interest earnings. Some lenders may try to convince you that payment protection insurance is mandatory or even highly beneficial, despite the fact that nearly 90% of PPI policyholders will never have their claims honoured. In fact, you're more likely to have a payment protection claim filed successfully against the lender that mis-sold the policy than to have a claim honoured by the PPI company themselves.

Requirements for Reclaiming Personal Protection Insurance

Part of the reason why so many people are deemed ineligible for PPI coverage is the fact that there are so many scenarios that are not covered by PPI policies. For example, individuals over the age of 65 are automatically ineligible for PPI coverage, regardless of whether they've already paid for a PPI policy. Sadly, most people don't realise they're paying for PPI until they attempt to make a claim and then wind up reclaiming personal protection insurance payments from the lender instead of benefits from the insurance company. You'll also need to provide a PPI specialist with the name of the lender, some basic details about the loan amount and PPI policy, and why you believe the policy was mis-sold. Luckily, by simply participating in a free consultation you should be able to obtain all of the information needed to proceed in reclaiming PPI payments.

The Cost of Reclaiming Personal Protection Insurance Payments

A professional PPI claim company will not charge you unless your claim is honoured and you are successful in reclaiming personal protection insurance payments from the lender that mis-sold you the policy. Only after the funds have been reclaimed are you charged a small percentage fee for the assistance of the PPI claims company. There are no upfront costs associated with reclaiming personal protection insurance, so a good PPI claim company will not even pursue the case if they're not confident in their ability to obtain a refund for their client. Even the overall costs after the payment protection claim has been won are nominal in comparison to the costs of ongoing debt caused by loan defaults.

Personal Protection Insurance Refunds for Students

While individuals over the age of 65 are ineligible for PPI coverage, students that are enrolled in full-time education are also ineligible for PPI coverage, as are people that missed work due to pre-existing medical editions, back problems, or stress and depression. Self-employed entrepreneurs are also ineligible for PPI coverage, and should request a full PPI refund if they've been sold a PPI policy with a personal, business, or home loan. Given the astonishingly low rates of successful claims for PPI policies (less than 15% of policyholders honoured), reclaiming personal protection insurance should be the first step taken after discovering that you pay for a PPI policy.


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