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PPI Claim

PPI Explained

Payment Protection Insurance, or commonly referred as PPI, is a written accord between the lender and borrower in the form of an insurance, which promises to shed an agreed amount of money on lender's part to help cover the borrower's monthly repayments on credit/store cards, loans, mortgages or catalogue payments in case the borrower is unable to work due to accident, sickness, or joblessness. It applies in case of his/her sudden demise as well.

To put it simply, the insurance company is legally bound to take the responsibility of the monthly repayments on borrower's behalf for a fixed period of time in some extreme cases. It is also known as ASU (Accident, Sickness and Unemployment) insurance, Account Cover or Payment Cover.

Do you know?

Only one in five claims on PPI are successful
Firms force customers to buy PPI even if it's not mandatory
PPI being added without the permission of the customer
PPI is very often sold to people that can never claim on it
Expensive PPI deliberately merged with the loan amount
Customers even don't know that they have PPI

All this has made PPI compensation claims a controversial preposition. Although, initiated for protecting the people during hard times, PPI claims are nowadays associated with making it even harder.

While we take loans there arises a doubt, whether we will be able to repay it fully. What if not? PPI (Payment Protection Insurance) is meant to make you handle the situation effectively. It is specially designed to provide cover in case you fall ill, meet with an accident, or find yourself without job. It is especially aimed at providing the protection during tough financial phases of your life.

What's the problem then?

The problem arises due to its being exorbitant, filled with exclusions and often mis-sold.

How to know that you carry a mis-sold PPI?

Just read the following open ended questions:

Did your adviser clarified that the insurance was optional?
You won't be covered for any pre-existing medical condition?
You are not entitled for it if you are above 65 year of age or self employed?
Or working on a fixed term contract?
You would have to pay for your insurance up front?
In case you had to pay for the insurance as a single premium, insurance cost would be added to the loan amount and you will have to pay the interest on it?
You will be bearing the interest on insurance, which does not stay in force, in case your PPI policy expires before your loan agreement does?

If you have come up with 'no' to any one of them or more there is a possibility where you have been mis-sold.

How Can We Help You?

We address your concerns by keenly analyzing your exact deal with the lender at the time of signing
We judge the level of damage you have been through & act in accordance falling within the purview of existing laws
We take you to the apt agency capable of dealing your case successfully
As we are dealing with mis sold payment protection insurance claims issues since long, it make us serve you better

For those who have not fallen in trap

As an old adage says "prevention is better than cure", you could avoid falling into the trap PPI mis-selling. Simply consider the following points before embarking on your loan journey.

Golden Rules

Do remember that pricing factor plays a vital role
Always ask for detailed explanation & seek an expert's view
Clear each point especially related to PPI in detail with your lender
Don't be afraid of claiming unfair payment protection refunds in case things go wrong