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Take our 60 second
test to see if you can
claim |
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FAQ
Q. If I am retired, a contractor,
unemployed or self-employed should I still have PPI?
A.- In
the case of being retired or unemployed or only work 16
hours per week the answer is NO. PPI is designed to replace
income in the event you cannot earn it. If you do not
have income any claim on the policy would be rejected.
If you are self employed or contracted it becomes more
complex. Some policies provide some element of cover but
with restrictions. Often it will only cover not being
able to work due to illness, injury or critical illness
as opposed to lack of work opportunity. This information
should be acquired by the sales person before suggesting
a policy.
Q. When I took out my loan I was
told I had to take out PPI, is this true?
A.- Payment
Protection Insurance is in most instances optional, even
though it is generally sold as part of a loan or finance
agreement. PPI is extremely profitable to companies and
large incentives are offered to staff to 'sell' these
policies. If you have any doubts as to whether your PPI
is optional we are happy to take a look for you.
Although companies that do make it compulsory to take
out their PPI are not technically breaching any particular
rules, they may be contravening of the Financial Service
Authority (FSA) in 'treating customers fairly' or the
'acting in a fair and reasonable manner'. The UK banking
code states that banks should not make customers take
out their policies.
Q. I don't want my PPI anymore
but my lender says I have already paid for it PPI as part
of the loan and won't give me a refund?
A.- Single
premium PPI or front loaded PPI (where you pay the whole
amount of the PPI at the beginning of the agreement),
is a possible issue for mis-selling in itself if the seller
did not advised you that cheaper 'monthly paid' are available.
Q. Do I have to use Finance Reclaim to
make my claim or can I do it myself?
A.-
If you do not wish to appoint an agency, such as Finance
Reclaim, to process your claim it is possible to initiate
a claim yourself.
If you decide to undertake the work on yourself without
the help of Finance Reclaim make sure you keep the insurer
under pressure. If your claim is rejected you will need
to take your claim to the FOS or FSCS.
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Contact us now for a
free assessment as to whether you have a legitimate claim,
or use our 60 second test. |
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CALL OUR ACTION LINE NOW ON 0800
458 3414 |
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