PPI ( Payment Protection Insurance ) is a form of insurance which covers loan repayments for a maximum of one year if a person is unable to work because of sickness or unemployment and therefore if sold ethically PPI is a sensible product to consider, when you are taking out a loan, as long as you are being made aware of all the facts as part of your decision making process
PPI can also be sold under white labels such as:-
- Payment Guard
- Cover Guard
- Loan Insurance
- Credit Protection
- Card Protect
All of these will essentially be a form of PPI Insurance and as with any financial service there are government regulations as to how financial products, including insurance policies, should be sold. The government regulatory watchdog is the FSA
Since the recent high court ruling that mis-sold PPI must be refunded, it has come to light that around a staggering 80% of PPI policies have been mis-sold, which amounts to billions of pounds that consumers, who were mis-sold to, can claim back with interest.
Examples of Mis-Sold PPI are as follows:-
- Your bank or other type of lender such as a credit card or building society built the cost of a PPI Policy into your loan repayments without your knowledge and therefore technically without your consent.
- The lender presented PPI Insurance as a mandatory requirement when completing you loan or credit application
- You were sold PPI but the full cost implication was never explained to you
- You were sold PPI when you had no income to protect such as you were self employed, retired or unemployed making you ineligible for the insurance cover in the first place
PPI Supportline now exists as a reclaim service because the majority of lenders did not follow FSA compliance when selling PPI Policies in conjunction with a loan and therefore by default Mis-Sold the policy.
If you have a PPI policy attached to a loan, it doesn't necessarily mean that it was mis-sold to you. But us knowing when you took out the loan and who you took the loan out with should immediately indicate whether you have a good case to start the claim process.
Why not complete the simple form now, on the right hand side of this page, or call us on 08432897259 to find out ?
Our expert panels average win is £2,700.00. This combined with their No Win, No Cost policy means that apart from a few minutes of your time, you have nothing to lose and potentially a significant amount of money to gain
Mis-Sold PPI Frequently Asked Questions - For other FAQs go to FAQ page >>
No. Unlike an IVA, a Debt Management Plan is not legally binding. A DMP is effectively an informal agreement between you and you r creditors that can be cancelled at any time usually by giving 28 days’ notice to your appointed DM company, so that your creditors can be informed in good time.