PPI Claims for Unemployed

By | April 6, 2017

With economic times being as uncertain as ever, it is important for people to take as many precautions as possible to ensure that times do not get any harder. One of the great things that people can do these days is take out PPI (Payment Protection Insurance). Essentially, this is an insurance policy that will cover loan repayments not just if an individual is unable to work, but also if they are out of work. Having PPI in place means that not just assets are protected and the loan is consistently paid, but also a credit rating for the individual will remain intact, which is possibly just as important.

Here is the thing though; PPI claims for the unemployed can be extremely complex. Although the idea of PPI companies is to payout when people become unemployed after losing their jobs, the reality is that will do everything in their power to try not to pay. This is only natural, but if a claim is legitimate then they certainly payout, which relieve the pressure on the individual immensely, to a point where they will not longer need to worry about their financial commitment to the loan which is always a big stress.

People who were already unemployed at the time they took out the PPI insurance probably have grounds to claim a refund as, effectively due to their unemployed status, they were unable to claim under the insurance.