What Does Payment Protection Cover
Attempting to dispute any type of unfair charge can be a stressful and intimidating process, especially when you have to file a claim against a major financial institution or a credit card company that could potentially damage your credit by filing a negative item on your credit report. However, being that the majority of PPI claims filed against lenders are honoured, there is no reason to be hesitant to reclaim PPI payments that are rightfully yours. After being denied repayment assistance by a payment protection insurance company, and discovering that more than 85% of policyholders have also been denied coverage, you may be wondering "What does payment protection cover?"
Understanding the Process of a PPI Reclaim
Rather than pondering the question "What does payment protection cover?" you may find it most beneficial to simply file a PPI claim against the lender, broker, credit card issuer, or bank that sold you the PPI policy. The fastest, easiest, and most efficient way to file a PPI claim is to utilise the professional services of Belmont Thornton, Belmont Thornton. Once you have filled out the quick claim form on this page you'll receive a claims pack in the post within a couple of days, which will provide valuable guidance on how to proceed with the PPI claims process. Although it is not possible to guarantee a specific timeframe for reclaiming PPI, the majority of our clients are able to receive full compensation in about 4 to 8 weeks, and according to guidelines set forth by the Financial Services Authority (FSA) lenders are required to provide a refund within eight weeks of having a judgment rendered against them.
Reasons Why PPI Policyholders Are Denied Assistance
Most policyholders are denied repayment assistance because they are ineligible for coverage. While coverage eligibility requirements vary depending on the policy and insurance company, most PPI policies will not cover an individual if they are under the age of 18, over 65, self-employed, enrolled full-time in college, or work less than 16 hours per week. In addition, PPI policies will not provide coverage for individuals with pre-existing health conditions, especially if the unemployment that caused them to default on payments was related to their chronic health problem. With so many coverage exclusions it is not surprising that many policyholders are left wondering, "What does payment protection cover?"
So What Does Payment Protection Cover?
Payment protection insurance provides coverage for a very small minority of policyholders that missed work due to unforeseen circumstances and are able to meet all of the eligibility requirements and criteria. Sadly, less than 15% of PPI policyholders live up to these expectations, and the rest are left to file a PPI reclaim against the lender in order to receive any form of repayment assistance. Since there are varying levels of coverage provided by PPI policies, it is important for lenders to only recommend policies that are suitable for their clients budgetary needs and financial attributes.
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