PPI – Payment Protection Insurance
Got a mortgage, a loan or a credit card? Then the chances are you’ve got a Payment Protection Insurance policy (a PPI policy).
Also known as Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover (Life & ASU), Mortgage Payment Protection Insurance (MPPI), Personal Loan Protection (PLP) or Credit Card Repayment Protection (CCRP), these policies can be sold alongside your credit card, loan or mortgage, or are ‘stand alone’ policies which are not linked directly to a specific product or credit arrangement.
Many companies sold these policies without informing the clients they were optional, and some even included the premiums within the loan repayment figures.
A PPI policy sounds like a great idea, doesn’t it? Your repayments paid while you are off work or the whole loan repaid if you die during the term of the policy. But do you know about the exclusions? Do you really understand the cover provided? Importantly, does the policy cover you for not being able to work at your own profession or ANY profession?
When you take out a PPI policy there are certain circumstances under which you cannot make a claim, and if you were therefore unemployed, retired or even self-employed when you took out the policy you are ineligible to make a claim under any circumstances.
Were you forced to take out the policy because you were told it was a compulsory part of the loan? Were you told the interest rate would dramatically increase if you did not take out the policy? If so, you may well have been mis-sold the policy. PPI is an optional extra and cannot be included as a requirement of taking out a loan or credit card. Although a PPI policy is a very good idea and an excellent form of insurance, under the correct circumstances and at the correct cost, it is optional and you do have the right to say ‘no I don’t want it’.
Less than 20% of all Payment protection insurance policies sold are ever claimed against and, even then, not all of these claims are successful. With our help, you can reclaim these premiums. Simply take our PPI Quick Claim Test to see if you are eligible to claim a refund of the premiums of a policy that just wasn’t suitable for you.
Without paying any upfront fees we will investigate what information was given to you at the point of sale, what options were explained to you and whether the policy is appropriate.