PPI Cover

PPI Cover: A Basic Overview

PPI is the abbreviation for Payment Protection Insurance. PPI cover is a voluntary, optional policy purchase by consumers to protect loan or credit payments if unable to work due to illness, injury or accident.

Extensive research and investigation by the Financial Services Authority discovered millions of cases of mis-sold PPI cover.

You may qualify for a claim back against mis-sold PPI cover.

Do You Require PPI Cover?

If you already have suitable insurance through alternate sources, no, you don't need PPI cover. Sample covers that already protect you include illness insurance or a redundancy package offered by an employer. Even independent Income Protection Insurance qualifies as adequate cover, disqualifying need for PPI cover too.

If you do not have adequate protective cover in place, you might want to consider the voluntary policy in case you are unable to work. If properly explained, outlined and qualified, you might find PPI cover will grant peace of mind against unexpected changes in your ability to produce income - to protect your ability to pay bills and maintain a good credit rating.

Do You Have a Mis-Sold PPI Claim?

If you have or had a mortgage, loan, credit card, store card or any other financing opened during the last decade, you could well qualify for a claim back from mis-sold PPI cover, even if the financing has expired or the card is no longer used.

If unsure if you purchased PPI cover, first read the instalment bill. If you see no PPI entry there, you might have inadvertently purchased Single Premium PPI that was included in the loan or credit amount. Those entries would be in the user agreement or the loan paperwork. If you are still unsure, contact the lender or the credit issuer.

You may qualify for a mis-sold PPI claim if any of the following apply - not all of them, but if any of them apply:

You did not request PPI cover but paid for it anyway.

You were under the impression that PPI was required as a condition of loan consideration

You were not informed that PPI was optional or that you might find cheaper PPI cover from another source.

You were not informed of disqualifying conditions of PPI cover - back injury or stress-related illness or injury, for example.

You were self-employed, unemployed, a student or retired at the time of PPI cover purchase, or it wasn't taken into consideration.

At the time of purchase, you weren't screened for disqualifying medical conditions or injuries that kept you or might keep you from working.

You purchased a Single Premium PPI cover, and you were told that you couldn't cancel it, or you were not told that you could cancel it at any time.

You were of or exceeded the PPI cover's age limit at the time of purchase. Most policies list 65 or 70 years of age as the maximum age limit, for you cannot lose your job if you are retired.

You were not told that a PPI cover did not extend to the life of the loan but purchased the cover with expectation that it would.

You signed a dual-liability claim, but the PPI cover was for only one person.

Do You Have a Claim for Mis-Sold PPI?

If you have a claim, or you think you might have a claim, PPIClaims.org.uk is here to help. Our highly-trained, experienced specialists are ready to assess your claim or answer your questions.

Although claims can extend to financing or credit obtained as far back as 10 years, the claiming filing expiration doesn't extend that far into the future. Don't wait: Apply online today or call us at 0800 542 5646. You are the reason we are here, and we are here to help you.