The purpose of Ppi is to make the policyholder’s payments in case the person is made redundant or is suffering some kind of illness that leaves one in order to make the payments on a loan or mortgage. Many incidents on which PPI has been mis-sold men and women without disclosing the information that should have been disclosed before actually selling the PPI.
Considering the incidents of the mis-sale of PPI, it is essential that one should how do i know if i have PPI the things, which are necessary be known about PPI before going ahead and acquiring the insurance. There are various conditions regarding possible buyer of a PPI policy, which have to met so that a good individual can be eligible to find the policy. Hence, it is vital that these conditions always be clarified to the buyer of the PPI.
The first important thing that you ought to ask before signing up to borrow money is whether the PPI is part of program or not. This is important because there may be some insurance providers who’d include the PPI inside the quote of the insurance without telling you that PPI is optional.
It is important always to read the terms and conditions while signing up for PPI or a loan for that matter. Your current factors related to your employment situation and age that you should learn about in order to avoid having the PPI mis-sold to you. When you’re getting a PPI, the provider has to disclose to you the simple fact that it is not necessary that you get the PPI along with the loan in the same set.
It is possible that an individual can also get a PPI from a third party. This is something that should be told before PPI. However, if truthful told about it, you receive the right to claim.
People who are unemployed or self-employed are not eligible for the Payment protection insurance. Hence it is important that the provider should ask you about your real age and employment status. As much as a certain age limit the actual first is eligible to get Payment protection insurance. It is important that you should be told about these details. However, if the provider isn’t giving you this necessary information, you should guidance related to these before you take PPI.
In PPI, are usually conditions related for the medical condition for the policyholder and these conditions should be conveyed to the person who is applying for that PPI. This info is important because it is related to involving future illness, which is a significant factor in PPI.