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Claiming Back Payment Protection Cover

Most of us do not think twice about the things we are asked to do when taking out a loan. This includes being asked to take out specific insurance policies that are intended for our benefit. We do not question lenders when they tell us what it is they need of us. The reason for this is that we need the money. Whether the money is going to be used to buy a home or an automobile or even for an in store line of credit we are applying for. For this reason it is very easy to be talked into purchasing PPI which simply stands for payment protection insurance.

This cover is sold to us on the premise that should we ever become ill or injured and unable to make our loan payments that our cover will kick in and make those payments for us until we are well again. The trouble is that the lenders usually fail to tell us that only a very small percentage of people are able to qualify for this type of cover. As a result we buy the PPI thinking we are protecting ourselves when in the long run we are not.

If you have a medical condition that has already been diagnosed in the past then your PPI would not cover a relapse of this same condition. If you do not work full time then PPI will not kick in and pay your loan payments should you become unemployed. If you are over the age of 65 then PPI is not going to cover you. If you should hurt your back on the job then PPI will also not cover you. These are only a few of the reasons that insurance companies deny this type of cover.

The clincher is that lenders are selling this cover to people who meet all of the above criteria without batting an eye. In fact, there is such a lengthy list of reasons that PPI will not cover a person that is stands to reason why there are so many people claiming back payment protection in the UK. A payment protection claim is usually the thing that tips someone off as to their status when it comes to being ineligible. This is almost always the start of the process of claiming back payment protection. Most of the time people are successful when claiming back payment protection as long as they follow certain steps.

The first thing a person must do when considering claiming back payment protection cover is to contact a company that deals solely with this type of issue. These companies usually operate on the no win no fee premise. This means that if they are not able to help you in claiming back payment protection cover then they do not take any money at all. However, if they are abler to assist you in claiming back payment protection cover then they will take their fee at the very end of the process and not before.

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