What Is PPI?

PPI stands for payment protection insurance. It is designed to cover your debt payments if you cannot work. For example, if you were unable to work due to an illness, then your debt payments would be covered by payment protection insurance. That is why it is often sold along with credit repayments. PPI insurance not only protects you, but it also protects the lender. PPI in itself is a good policy, but the way the policies are being sold are creating the problems.

How Do You Find Out If I Have PPI?

You will need to look over all of your loan, credit card and mortgage paperwork. You will know whether you have PPI because it will be listed somewhere on the paperwork. In some cases, PPI is listed as loan protection coverage or card protection coverage. If you do not have the necessary paperwork, then you will need to give your finance provider or lender a call. You should also get a copy of your credit report. All of the loans, credit cards and mortgages that you have taken out will be listed on your credit report.

How To Know If You Were Mis-sold?

PPI is only for people who were between the ages of 18 and 65. If your age is outside of that bracket, then you should have never been sold a PPI. PPI does not apply to people who are under the ages of 18 or over the age of 65. If you have an existing illness at the time, then you were also mis-sold. The policy is invalid if you have an existing illness.

PPI does not apply to part-time workers. You were mis-sold if you work fewer than 16 hours per week. If you were aware that you could become unemployed, then your policy is invalid also. Additionally, PPI insurance does not cover temporary employees.

PPI insurance is not always applicable to people who are self-employed. If you are self-employed and sold a PPI, then the lender should have told you about the employment stipulations.

You could have possibly signed up for a similar policy that was cheaper. If you were not told that when you signed up for PPI insurance, then you were mis-sold. You may have also been covered by an existing insurance policy. Furthermore, many lenders have told borrowers that they had to sign up for a PPI. That is not true because you can get a loan without PPI.

How Do I Claim PPI?

If you have had an active account within the last six years, then you can claim PPI. You should write a letter to your lender stating that you think that you have been mis-sold PPI. In the letter, you will also need to ask them to take a look at your file. You can contact the Financial Ombudsman Service if your claim is denied.

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.