The Eligibilities for PPI in an Elaborate Way

if we go through the items that are often mis-sold to the consumers with a pseudo label of safety, then obviously PPI would be one of the prominent ones. So what are the eligible conditions actually? If everyone is aware about these eligibility criteria then certainly there would not be this much confusion and complaint about Payment Protection Insurance. And here we are to provide a checklist of questions that you need to ask yourself before enrolling your name for PPI. Of course, nothing can be done in a situation when it is mis-sold but for sure you can educate yourself to some extent to face the after effects of mis-sold Payment Protection Covers. Educating in the sense, you need to have a clear idea about the eligibility factors of PPI which may prevent you from falling into the trap and being aware about the available remedies and steps to be taken in case it is mis-sold.

However, the main motto of PPI was to clear up the debts in the event of any unexpected accidents, short and long term illness and unemployment. There are many instances where borrowers are pushed to buy a payment protection cover because of the pressure given by the insurance officials. If you are also one among them holding a Payment protection insurance and feel like you have been mis-sold then check it out whether you are able to find satisfactory answers for the questions given below:

You are not eligible to enroll for Payment Protection Insurance if you are,

• Unemployed
• Self-employed
• Employed part-time
• A student

There are certain circumstances where you need to be very careful about. One of the common reasons why large numbers of people become the victims of PPI scandals is due to their acceptance towards the compulsion of insurance professionals. So you should be able to refuse strongly if you don't need it really. Below given are the most common techniques employed in mis-selling of PPI.

• Adding PPI as a compulsory additive along with bank loans without the knowledge of the consumers.
• Creating an impression in minds of people that taking PPI is unavoidable.
• Forcing them to register without enquiring about the client's medical records.

Statistical reports say that up to 95% of all PPI policies have been mis-sold. It is estimated that the potential compensation could exceed £30 Billion to customers. Nearly all UK Loan and Credit Card Companies have been fined for this issue.