There comes a time in people’s lives, when they are ill, or they lose their job, leading to stop of income. Sometimes disability can make them non-functional permanently. What can you do in such cases, when you have taken a loan, but have no income source to back your loan request?
Payment Protection Insurance policy plays a vital role in such situations. In case of disability, the insurance company will pay your monthly premiums. They are also sold alongside your credit cards or loan insurance. Besides its novel advantage, there are many situations, when this PPI policy can be quite misleading.
You might also have bought PPI without actually asking for one. For such cases, you will need to register a complaint on a template letter. It is the first step for reporting such grievances.
Let’s find out more about the claims and template letters.
The Cases Under Which You Can Make A Claim
- If you were above the age limit when you had bought the policy and were not asked or informed rightfully about it by the person who sold it.
- If you had retired already and were not questioned on this matter when the policy was sold to you.
- If you were self-employed or unemployed at the time when you bought the policy and were not briefed properly or asked about it.
- You had not been cultured about the fact that the policy is optional.
- You had not been enlightened about the aspect that the premium of this policy will be summed up in your loan as single premium and thus entice interest on it.
- You were also not briefed about the term that the policy period would become invalid before the loan was completely paid.
- If you had been forced to sign up for the policy.
- You had been informed that your credit application will be considerably improved if you take up this policy.
Payment Protection Insurance Template Letter – How To Use It
The PPI template letter is your key to reimburse your money, if you had been sold the policy with improper detailing, false instructions or guidelines or it had prospects of charging you more than it was needed. You must have a payment protection insurance policy in your possession in order to make such a complaint and claim your illicit acquisition of money by the company.
The letter must be properly constructed stating every detail about how the policy was obtained and the reason that made your mind to claim the policy. It must state clearly about any provisions for settlement and if the request is not made, what will be the further action to take. Design the letter in such a manner that whatever circumstances you state, it can be perfectly altered with slight modifications, for instance adding a clause.
In short, if you want to lodge a complaint legally, Payment protection insurance template letter can help you get through the situation. If you value your money and you have been planning to take some strict action then this is the way to implement it.