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How Can Debt Stop Direct Help Me?
If you have a mortgage, a loan or a credit card then you may also have a PPI (a PPI policy).
Many companies sold these policies without informing the clients they were optional, without fully assessing the client's employment status or medical history and in many cases this has led to the client being sold a policy they could never claim on.
PPI is 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.
These policies are intended to pay the customer's credit-card or loan should the customer become unemployed or ill and become unable to pay the monthly amounts themselves.
Do I have a reason for Claiming?
Please check the following statements, if any of them apply to you then you probably have a claim:
- I have recently looked at the paperwork for my credit agreement I now realise that I have been paying for insurance I did not know I had so it could not have been explained to me.
- I was led to believe that the loan insurance policy was compulsory when I took out my loan.
- I was self employed or unemployed when I took out the loan insurance.
- My age meant that the policy would never cover me in the event of a claim.
- I was not informed of the policy exclusions that might affect me before I was sold the loan insurance.
- I was not told I could buy loan insurance elsewhere.
- I was not asked if I had other insurance that would cover my loan.
- I was told that I had to take out loan insurance to get the loan.
- I was not informed that as well as paying for the loan insurance up front I could also pay for cover on a monthly basis.
- I paid back my loan early and the loan insurance which I paid for up front was not refunded to me.
- I increased my loan and the loan insurance premium was increased without my consent.
- The terms & conditions of the loan insurance policy were not properly explained to me.
- I was put under pressure to take out the loan insurance.
- I was told that my credit rating would be improved by taking out the loan insurance and so it would be more likely that the loan would be approved.
PPI Questions:
(Q) Why can I claim?
(Q) What will I have to do?
(Q) Will I have to go to court?
(Q) Do you need all my credit-card or loan statements?
(Q) How much can I claim?
(Q) How long does it take?
PPI Answers:
(A) PPI insurance has been found to have been frequently mis-sold by the Financial Services Authority. If it was mis-sold to you then you can make a claim to get back the proportion of your monthly loan or credit-card payments that represented the PPI payments, plus interest. There are many reasons why PPI may have been mis-sold to you in the first place, most of these are included in the list above.
(A) Just complete the form on the left and submit it to us. We'll send you some paperwork. Just sign the paperwork and return it to us in the freepost envelope provided and we'll do the rest!
(A) No, you won't. We will deal with the entire claim on your behalf.
(A) No we don't, but it does help to speed things up. We can write to your lender and use the law provided by the Data Protection Act to force them to inform us of all the PPI charges they've made on your account. If you do have the statements it does speed up the process as companies are usually pretty slow in responding to our requests.
(A) You can usually claim back the premiums plus interest for the last six years. Of course, we figure this all out for you.
(A) This very much depends on how long the loan or credit-card companies take to respond to us. Eight to twelve weeks is typical but it can take longer.
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