This is a great question. How do you prove that you have a PPI Case to your Bank?

I came across this article in the Guardian.co.uk, it was related to Lloyds Bank

I was self-employed and took business loans from Lloyds TSB with payment protection insurance (PPI). In 2006, the lease of my workshop ran out and the landlord increased the rent to a level I couldn’t afford.

I ceased trading. I was under enormous stress and completely forgot that I had been paying for PPI for many years. Last May I complained to Lloyds that I had been missold but the bank said it had no record of any loans, even though I am still repaying £100 every month.

Answer:

This is confusing but Lloyds has checked your loans and confirms that you have valid PPI policies. They were not missold, and you could have claimed for certain events. But your experience was not one of these. The bank says it looks at every request for refunding PPI premiums individually and has, in your case, agreed to refund all the premiums you paid because it cannot find evidence that it sent you the insurance documents in the first place.

You will also receive interest on the premiums at 8%, which is standard. For your two business loans and business overdraft insurance policy, this amounts to £4,053. As your loan is in arrears, the bank will offset this against your debt. This is the best use of the money and you can renegotiate with the recoveries department the monthly amount you repay.

So this problem was resolved with the help of the Guardian, but you may want to consult an independant advisor if you find yourself in a similar problem.

Keeping your Finances Safe
Many people these days use loans and credit cards to pay for everything. They then spend the future paying back what they owe. This is the bet way to make many large purchases; you could not quickly save up the amount of money that is needed for a new house, for instance, so you need to do this in order to give yourself somewhere to live while you are paying it off. There is one huge danger, however, that could come about if you have a lot of debt for all of the things that you own.

The problem is that you could lose your job. If you do, you will not be able to make your monthly payments. All loans are different, but most of them are set up so that you have to pay quite a lot of interest. If you start falling behind, you could end up paying so much for the interest that you cannot actually start paying the loan off. This is how people will sometimes fall into an endless cycle of debt from which they cannot escape. You need to take every step that you can to keep this from happening to you.

The best thing to do is to buy payment protection insurance. This type of a policy will pay you a certain amount of money each month, an amount that reflects a percentage of the wages that you are no longer getting. If you lose your job, you will have to cut some of the frills out of your life. However, you will be able to use the insurance money to pay the bills while you are out looking for a way to make money. You will not lose your car or your home, and you will not have to watch the amount that you owe go up as the interest multiplies and builds on top of itself.

When filing payment protection insurance claims, you simply have to show how much money you were making and you have to show why you are no longer able to do so. You also need to make sure that you send in all of your monthly payments on time so that the policy is valid. If you have done this, you can claim all of the money that you need to get by.

Do not think that you are immune to this sort of thing. You can never be sure when something unexpected will happen to make you lose your job. Maybe you will get some sort of sickness that will keep you out of the office for months even though you only have a week’s worth of sick days left. Maybe you will be injured in a car accident and have to take the time off to recover. You can never really be sure what will happen since the actions of others can take your job away from you.

If you have been taking the chance and living without insurance, you need to get a policy right away. This can help you to relax and live with a feeling of security. You will know that your finances are safe even if your job is not. Protect yourself from the unexpected by having a policy created that will cover you in any sort of situation.


PPI Claims News

Money Saving Expert with tips on PPI mis selling : Martin Lewis

We came across a wonderful interview from Martin Lewis aka the Money Saving Expert on tips about PPI mis selling. We are bombarded with TV ads for PPI mis selling and telephone calls for PPI claims, but what does it all mean? Martin Lewis, the Money Saving Expert helps to explain the facts.

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Claiming PPI in IVA, Getting the Facts Right

Whether you have completed your IVA or you are still in your IVA, making a mis-sold PPI claim is still possible. However, there are differences between the two situations. In one situation, you will be able to keep the compensation you receive from a successful claim. In the other situation, this simply is not possible.

Other concerns also arise when filing a PPI claim. For example, your bank may attempt to use the unrealised asset rule or the offset rule in an effort to keep your compensation once your IVA is finished. Therefore, it is crucial that you understand all of the facts and your chances of success before making a claim.

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Payment protection insurance (PPI) factsheet – FOS

The Financial Ombudsman Service factsheet provides information regarding payment protection insurance and information regarding ppi claims.

If you are fed up with those TV adverts and annoying texts- so are we. See below if we do things differently than other companies that you might have come across. Remember that you can do some of these claims yourself.

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Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim


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Tim Capper

Bringing you financial news and information in plain english for Maple Leaf Financial. My aim is to help readers understand these often complex financial instruments.