09:49 14 April 2013
If you are considering a PPI plan — Payment Protection Insurance — there are a few things you’ll want to know before you sign up. Most of the time, PPI is beneficial for individuals and offers additional financial security in the event of unforeseen circumstances.
There are times, however, when certain individuals may not qualify to receive the benefits from a PPI and therefore, would not need that type of cover. Here are a few scenarios which may prevent you from obtaining a PPI settlement:
If any of these categories apply to you, check with your PPI company and make sure that you either receive information showing that you qualify for benefits in writing, or print with headers off a website.
If you don’t qualify because of your working status, you would be better off placing your money in savings so that you’ll have a bit of a financial cushion for any difficult times. If none of these categories apply to you, then you will most likely be able to receive PPI settlement benefits, but it is always a good idea to check with your company for any exceptions.
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