Tuesday, 28 July 2009

FREQUENTLY ASKED QUESTIONS ABOUT PPI and MIS SOLD PPI

posted by debts.org at 01:12

What is PPI?

PPI (Payment Protection Insurance) covers your payments on a loan if you become sick, redundant, unemployed or if you suffer an accident (depending on the terms of the contract).
What loans are covered by PPI?

Typically, car loans, mortgages, bank and building society loans and credit cards are products that frequently have PPI conditions attached.

How can I make a claim for mis-sold PPI?

PPI Insurance has been found to have been mis-sold by the Financial Services Authority in many cases. If you feel PPI was mis-sold to you, you may be able to claim back some of the monthly loan or credit-card payments that made up the PPI payments, plus interest. You can claim for mis-sold PPI if you were unemployed at the time you took out the loan, if you were told that the PPI cover was compulsory or if you were not even made aware that you had cover, but were charged anyway.Can I make a complaint for mis-sold PPIs if the policy has expired?

You can make a complaint if you still have the policy or the loan details, and as long as you didn´t claim anything from the policy when it was in force.

If I complain about a mis-sold PPI how will it affect my policy?

If your complaint is successful, you will be compensated with a full refund of all premiums paid for the PPI, plus any interest. Once this has been done, your cover will cease, and your policy stopped.

How long will it take for my PPI reclaim to go through?

It depends how long the loan or credit-card companies take to respond to debts.org. We are unique because we are both a debt counselling service and a claims management company. In other words, you can receive debt help and reclaim cash at the same time.

How much does it cost to claim PPI back?

There will be no fee if you don´t receive a refund or settlement from your bank. If you do receive a refund, the fee will be 25% of that refund.How do I start my claim for mis sold PPI?Either submit your information via our online application form or call a claims advisor free on 0800 520 0923.

Can I claim for mis sold PPI myself?

It is possible to claim for mis sold PPI yourself, but highly advisable to use a professional debt counselling company who can manage your affairs and help get you the maximum payout possible.

Do I have to pay up-front fees before you can claim my PPI back?

Absolutely not. You only pay us a fee when we successfully manage to claim back your PPI payments with interest.Can I stop repaying my loan until PPI claim has been settled?
No. Keep up the repayments until a settlement has been reached as there are no guarantees of success.

How many PPIs have been mis sold?

It is estimated that between 7 and 10 loans sold with PPI have been mis-sold for many reasons. If you think you have been mis-sold PPI, call us free on 0800 520 0923 or fill in the online form and we will get back to you.

Labels: loans sold, ppi claim, up-front fees