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What did Payment Protection Insurance Cover?


PPI cover – Different benefit levels

Usually PPI was sold alongside personal loans or other kinds of finance, typically store or credit cards. The amount of money payable under polices tended to be based on the current balance of the account, with the cover expressed as a percentage of the outstanding amount. This sum would then be paid during the benefit period.

As an example, for every £100 of debt on a credit card, insurance would be charged at 79 pence per month until the amount was repaid.

There were vastly different levels for benefit payments on policies, with some common examples listed below. These figures represent the percentage of outstanding debt paid to the cardholder each month.

  • Some PPI policies paid ten percent of the outstanding credit card debt
  • Others were limited to five percent
  • The lowest level was a mere three percent

12-month benefit period

Typically, payments to PPI policyholders had been limited to covering a 12-month period and, should the condition that makes you unable to work last longer than this, no further benefits are able to be claimed.

Reduction in working hours

We are yet to discover any PPI policies that covered the holder if they were forced to reduce the number of hours they worked. This lack of policies found is backed up by a report from the Citizens Advice Bureau in September 2005 that found the same issue.

Breakdown of a relationship

The same Citizens Advice Bureau report found that relationship breakdown was often a factor in accruing unplanned debt, in both married and cohabiting couples. The report found that, while there were a small number of policies that covered this scenario, protection was rarely included in PPI cover.

In hindsight, maybe this type of protection should have been given to more applicants, particularly those that included joint borrowing.

Becoming a carer

Not every PPI policy covered customers in the event of them giving up work to become a full-time carer to elderly relatives or sick children.

A YouGov poll on behalf of Carers UK found that 2.3 million adults have given up their jobs in order to become a full-time carer for a disabled or seriously ill family member, so this limitation affects a large amount of the population.

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PPI Claims for Deceased Persons

Deceased Persons

If a PPI policyholder is deceased, any money owed to them becomes part of their estate, so whoever inherits the estate is entitled to make a PPI reclaim. This can be done by an executor or the person appointed to carry out their wishes after death. We automatically assume that reclaiming mis-sold Payment Protection Insurance (PPI) for deceased parents and grandparents may not be possible due to the passage of time.

However, the truth of the matter is it is quite straight forward to make a successful claim for mis-sold PPI for someone who is deceased.

To reclaim mis-sold PPI start with a FREE PPI check** with us today.

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Have you had any Catalogue Accounts between 1988 - 2014?

PPI was sold with many Catalogue Accounts

If you have ever had a catalogue account you may have been Mis Sold PPI and you could be due back thousands of £££'s.

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Armed Forces Personnel & PPI

Armed Forces PPI

Armed forces personnel have cover for sickness, accident & unemployment built into their salaries. This protection means that if a member of the armed forces was unable to work due to one of these reasons, they would still be able to meet any mortgage, loan or credit card repayments they had. So any PPI insurance policies would NOT have been appropriate. To find out if you can reclaim for mis-sold PPI, start a FREE PPI check** with us today.

UK Expats & Non-British Nationals

Expat PPI Claim

Did you have a loan, credit card or mortgage in the UK between 1988 and 2014? As a British Expat or Non-UK National who has lived in the UK for a long period, it is likely that finances were arranged while you were a resident in Britain. This may include loans, mortgages or credit cards and, even though you are no longer living in the country you can still claim mis-sold PPI. You could be eligible to claim for mis-sold PPI!

Public Sector Workers PPI Claim

Public Sector PPI

For many public sector workers, the Payment Protection Insurance (PPI) they were sold was useless. However, for some of these workers it would not have been useless, depending on the policy type and cover it provided them with.

If you had PPI and it provided you with extra cover that hadn’t been included in your employment contract, then it may have been useful for you.

Business PPI Check and Claims

Business PPI Claims - Mis-sold Payment Protection Insurance

Business PPI - Like most consumer PPI policies, business PPI also know as commercial PPI was sold alongside secured and unsecured loans, overdrafts, credit cards and mortgages. Business Loan Repayment Insurance is a type of insurance policy sold alongside commercial loans, including Fixed Rate Loans, Variable Rate Loans and Treasury Loans. If you had a commercial or business loan between 1988 and 2014 you may be eligible for a PPI refund. Start a Free Business PPI Check and find out if you have mis-sold PPI to reclaim.