Causes for Filing PPI Claims


Originally, Payment Protection Insurance or PPI was designed to protect an individual from burning off his property and/or a good credit rating should he become ill or made unemployed through redundancy. In a matter of a couple of years however, many banks and other banking institutions saw sales of PPI guidelines as another approach to earn money.

There are 4 major causes why you may be able to record PPI claims. You weren't made aware you were purchasing PPI. Credit approval was PPI purchase dependent. You were not told you had purchase choices. You as a customer did not meet the criteria for a PPI policy.

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Being unacquainted with purchasing a PPI policy was, unfortunately, common. Until recently, PPI was sold together with a regular package when buying devices, taking out mortgages or other loans and trying to get a credit card. The policy was buried within other parts of the acquisition agreement and not explained at all. Since many customers did not know it was there and couldn't easily detect it, they did not know to ask to have it removed.

Contingent PPI was lies used by lots of credit officers and sales people. Basically, consumers informed that they would be unable to purchase a car or a big kitchen appliance without PPI. This same tactic was implemented when someone tried to apply for a new credit card or a mortgage. If you were informed this, you may make PPI claims for such payments.

Several clients were not notified they had options when purchasing PPI; to add buying it later and to go to another financial institution to search for a good monthly rate. If they did ask about it, several clients were told that their insurance plan needed to be bought at the same location as their product or at the same time when applying for credit card. Banks particularly employed this misinformation to sell PPI at a higher compared to market rate.

Customers had to reach specific requirements to be qualified for PPI. If you're over 65 or under 18 at the time you purchased an insurance policy, you may file PPI claims for payments created. This is especially true if during the time of purchase you were retired, self-employed or unemployed. Pre-existing health conditions that restrict your ability to work are also disqualifiers for purchasing PPI. When you can affirm the seller had comprehension of your situation, you may file PPI claims.

If any of these scenarios occurred while acquiring PPI, therefore submitting a claim is your next phase. Now if you examine your purchase agreements, sales receipts or credit card applications and don't see Purchase Protection Insurance or PPI, look again. To disguise the transaction from customers, lending organizations and sales offices came up with numerous "aliases" for their product.

Premium Protection Insurance Loan Protection Insurance
Credit Care Credit Care Insurance
Income Protection Insurance Mortgage Protection Insurance
Accident Sickness and Redundancy (or Unemployment) Insurance

If you see these titles or any variance of them, then you may be able to file a claim. The process is not easy, so remember to talk to an attorney. A number of firms will not charge a fee if you don't win your PPI claims. Good luck.


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