PPI – Payment Protection Insurance
A self-employed male from London was cautious to tick the appropriate boxes, understand a PPI compensation guide and illustrate due diligence in putting in his best to make certain he met the standards for cover. When fresh employment dried up for him he tried to make a claim, simply to be advised he would have to announce himself bankrupt before he would be eligible.Mr S from Eastbourne along with his better half had mortgage insurance plan on a £200,000 personal loan. Mr S lost his job but was unable to meet the criteria for Job seekers allowance because his assets were way too high. Having paid £60 per month for safety which didn’t materialise, Mr S said he felt conned.A customer survey by the Citizens Advice Bureaux (CAB), issued in September 2005 found that 85 per cent of those that had attempted to make use of their PPI policy had been unsuccessful and had their request terminated. Though possibly not really common or representative of the larger view the CAB results make salutary reading.PPI Claims, Real Examples And The Outcomes Of PPI CompensationThose people hoping to make PPI claims may well find the following examples valuable in guidance with assessing the suitability of cover and the potential issues of either deliberate or unintended non-compliance with the small print!Mrs T from London said that she was encouraged to take out insurance policy when she took out a personal loan. When she hesitated over this the ‘helpful’ advisor indicated it would certainly be a beneficial concept ‘just in case’. Now she is pregnant and unsurprisingly, is not necessarily covered for maternity leave.Mrs V from Essex made her loan cover claim right after being made redundant from her nicely paid employment having made repayments for three years. She duly signed on with the Job centre as a condition of her insurance policies although she thought it unrealistic that she would come across a job as well paid as her past position. This turned out to be the situation and following three months her Job centre consultant insisted she take a placement as a Filing Clerk. Mrs V deemed this type of job intolerable and unsurprisingly ceased visiting the job centre and was consequently powerless to pursue her claim.Mr T took out a mortgage in 1989 and his broker set up PPI with the lender for him as a self-employed companion in business. Mr T specially asked if he would be protected as a self-employed person and was told without a doubt. The business failed, he tried using to make a claim but was told the small print said it only insured individuals who were declaring joblessness benefit.
