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Payment Protection Insurance (PPI) or Credit Protection Insurance (CPI) refers to the same policy. If you don't know this, chances are you have not purchased a PPI policy, but this does not mean you don't have one. You may already be entitled to a refund without even knowing how to claim PPI. Some agents proceed to sell a PPI policy solely for the large profit margin. This is because an insurance company can greatly benefit from PPI. Which is why packaging Payment Protection Insurance with a loan is common practice. About three million people are said to have purchased PPI without their knowledge. It is likely that you need to start reviewing you loan and credit offers. Don't let them take advantage of you, be informed about making a claim. Confirm that you have PPI by checking your financial contracts. Instead of directly stating that it is an insurance product, companies would often label it as "special protection". Other terms used could be "repayment insurance" and "special instances cover". Read carefully and determine if you are covered by this insurance plan. Mortgage, credit installments and loan agreements typically come with a PPI. A monthly debit you are paying for may be from a PPI plan. Once you have discovered that you are indeed sold a policy without your knowledge, the second step is to recall how you were offered (or not offered) the policy. Your bank may have kept some facts from you regarding the fact that this insurance plan does not benefit unemployed students and self-employed individuals. Such actions make you eligible to certain compensations. An expired policy that is at most six years old qualifies you to a claim. It also works if you still have a policy running. Companies often toss records that are older than six years so you need to present all the paperwork you have for a policy purchased outside the six year timeframe. If you are not holding a steady job or if you are self-employed then this automatically disqualifies you from a PPI. The company is obliged to give a refund and added interest if they sold a policy to someone who was not employed. The time is right to seek legal help. They will clarify the terms of your PPI and outline the actions you need to start making. The service of professional solicitors is also available if you need to get the job done as quickly as possible. They could save you time and effort. If you feel you know how to claim PPI enough and you decide not to hire a professional solicitor, make sure you complain to the bank, broker or credit provider. The insurance company won't help. In the event that your bank or credit company turns you away then reconsider hiring a solicitor or go to a government agency for further action. Your inquiries regarding how to claim PPI can be answered by clicking this.
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