When you take a loan then you will be expected to take a payment protection insurance this also occurs when you take a credit card. But so many people don’t know that when you get the protection payment insurance, it’s only for a while, and you can claim it back. So if you a have no idea of the best tips that you can use that will guide you through the process then you might not get the best. So if you have applied for a loan and wished to claim the protection payment insurance, you can, but you have to do it how it’s supposed to be done. The best tips when claiming the protection payment insurance includes.
Check account paperwork
We all know that you are supposed to keep every document safe because one day it might be needed. Go through all the documents that you got when you were getting the loan or the credit card and check if you have any references to any payment you made that was supposed to be protection payment insurance. The payment will be in documents like the statements, agreement forms and the receipts they will make sure that they have included the terms of the insurance and how much you paid for it. If you misplaced some of the documents then ask the bank to help you out because it’s most likely they will have them.
The turnaround time
Even though you need the protection payment insurance fast you have to know that there is a duration that you are supposed to wait so that you can claim the payment. For so many banks through it differs you have to wait for like six years after you have paid back the credit that’s when you can claim. You have to check with the bank so that they can check in their database if you are eligible to apply for the insurance.
Write the claim
You may not know that the company that gave you the credit card will be the same as the one that gave you the loan so when claiming the protection payment insurance it will be an issue. They will check, and if you have not cleared the loan, then it will be difficult for them to give you the insurance. So write to them about the claim that you have and see if they will have an issue with that just make sure that you follow up with them so that they don’t take the time to give back the PPI. Click on the highlighted link on the best way to reclaim ppi.