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 unable to make the payments on the loan or mortgage. Many incidents on which PPI has been mis-sold to people without disclosing the information that should have been disclosed before actually selling the PPI.
Considering the incidents in the mis-sale of PPI, it is vital that one should know the things, which are need to be known about PPI before going ahead and buying the insurance. There are various conditions regarding the potential buyer of a PPI policy, which have staying met so that a person can be eligible to discover the policy. Hence, it important that these conditions in order to be clarified to the buyer of the PPI.
The first important thing that you ought must before signing up be lent money is whether the PPI is part of program or not. This is important because there may be some insurance providers who would include the PPI in the quote of the insurance without telling you that PPI is optional.
It is important always to read the fine print while signing up for PPI or a loan for payment protection scotland that matter. There are factors related to your employment situation and age that you should find out about in order to stop having the PPI mis-sold to you. When it comes to getting a PPI, the provider has to disclose to you the fact that it is not necessary that you get the PPI along with the loan in the same place.
It is possible which also get a PPI from a third party. This is something that should be told just before PPI. However, if mindset told about it, a person receive the right to make a claim.
People who are unemployed or self-employed are not eligible for the Ppi. Hence it is important that the provider should ask you about your actual age and employment status. Up to certain age limit the eligible to get Ppi. It is important that you should be told about these details. However, if the provider is not giving you this necessary information, you should ask questions related to these before you take PPI.
In PPI, a couple of conditions related to your medical condition for the policyholder and these conditions should be conveyed to the person who is applying for that PPI. This the main important because it is related to the possibility of future illness, and that is a significant factor in PPI.