FabSwingers.com forum: Payment protection insurance

By (user no longer on site) OP
over a year ago

Anyone ever made a claim from the bank or their credit cards for these. I've received a pack about it but don't know enough about it and if I've been mis sold it.

Would appreciate any advice.

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By (user no longer on site)
over a year ago

Martin Lewis's site - Moneysaving Expert has some great advice on this subject - so his site is worth checking out.

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By (user no longer on site)
over a year ago

I did once try to make a claim on a joint policy when the ex was ill, but in the small print it stated that only the 1st named could claim, so my advice is read it carefully and good luck

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By (user no longer on site) OP
over a year ago

Thanks for that, very helpful will try that martin lewis x

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By (user no longer on site)
over a year ago

These protection plans can be very rigid payment wise, for example.

The plan usually makes payment directly into your account on one day of the month and not when your payments are due.

This can lead to late payments being made with charges being incurred for late payments plus any letters sent by banks etc.

Things may have changed now but be careful, creditors will tell you that 'you' are responsible for payments being made on time, even the banks that sold you their own policy.

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By *arambarMan
over a year ago

swindon

If you do decide to take out PPI, then I'd strongly suggest shopping around before you sign-up for it.

The PPI that your mortgage provider offers, for example, could very well not be the best deal because they know that a percentage of people will just take it through them without researching the alternatives.

The small print on the policy varies a lot between providers too. Some deals are shockingly bad. Things to watch out for are a) the number of months you have to go before they'll make a payment, b) the maximum number of payments they'll make, c) the minimum duration you have to have been paying into the scheme before they'll pay out, d) what they will and won't pay out for.

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By (user no longer on site)
over a year ago

When I was still with my ex, we re-mortgaged and was encouraged to take out the PPI, it was £40 per month, the bank knew that hubby was a self employed plasterer, a couple of years later he injured he's knee at work and so he couldn't work, when we claimed on the PPI, we were told we were not covered because hubby was self employed and that they did not have him down as such, because of this he had to sign on, they did not pay anything towards our mortgage because we had a secured loan on our property and the house ended up getting repoed, so £960 wasted and we were not able to claim any back as it was our word against theirs

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By *he Happy ManMan
over a year ago

Merseyside

"Anyone ever made a claim from the bank or their credit cards for these. I've received a pack about it but don't know enough about it and if I've been mis sold it.

Would appreciate any advice."

Yes. It is very easy. I wasn't sure if I had been ripped off by the bank. I got one company to look at it and they came back and said I had no claim. Then I saw an advert on Google for a company called my claims expert who claim a 100% sucess rate. So I thought give them a go. They got me £2,400. I have no idea why the first company said I had no claim but the second was able to get me money.

There are so many things the banks have to follow with credit cards and loans and it is up to them to prove they followed them all.

I would givce it a go. You have nothing to lose.

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By (user no longer on site)
over a year ago

"Anyone ever made a claim from the bank or their credit cards for these. I've received a pack about it but don't know enough about it and if I've been mis sold it.

Would appreciate any advice."

An interesting concept. You are essentially suing a company who gave you bad advice in persuading you to take out insurance and your asking advice on it? I think i will decline but the irony does amuse a little.

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By *he Happy ManMan
over a year ago

Merseyside

"When I was still with my ex, we re-mortgaged and was encouraged to take out the PPI, it was £40 per month, the bank knew that hubby was a self employed plasterer, a couple of years later he injured he's knee at work and so he couldn't work, when we claimed on the PPI, we were told we were not covered because hubby was self employed and that they did not have him down as such, because of this he had to sign on, they did not pay anything towards our mortgage because we had a secured loan on our property and the house ended up getting repoed, so £960 wasted and we were not able to claim any back as it was our word against theirs"

That sort of happened to me. I took out a loan. When I took out the loan I told the advisor I was in full time work but via a work agency. He sold me some insurance on the loan. The insurance should have paid my loan for 1 year in the event of a claim. 8 months later I was made redundant. I tried to make a claim on the loan but it was refused with the reason I worked for an agency and they consider that self employed. I made a complaint but got nowhere. They advised I could make a complaint to the banking ombudsman so I did. The banking ombudsman agreed with the bank. They said I should have read the small print. Again I stressed I told the advisor who gave me the loan that I worked via an agency. 7 months later I get a letter for the bank saying we have reviewed your case again. You are right you did tell the advisor you worked via an agency and the advisor should not have given you the loan. They then said in the letter please tell us how long you were unemployed for and we will make you an offer. I wrote back and informed them I was still unemployed. I bet they were not expecting that. I then got an offer of nearly £8,000. The basically paid me for the full 12 months of the insurance.

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By *-and-KCouple
over a year ago

Back of Beyond

We made a claim using the template on moneysaving expert.

We got back £750. Basically we were told we had to take the insurance or we couldn't have the loan. Grounds for miss selling so we recovered the £750, not bad for just asking for it via the template!

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By (user no longer on site)
over a year ago

Having tried to do this with my endowment and failed, i havent bothered with payment protection plan even though i have had a call from some company wanting to know where the paperwork is that they sent me. As it stands i rarely pay it, plus with some companies, it costs several hundred pounds to organise it, not something i have

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By (user no longer on site) OP
over a year ago

Mines with MBNA and a loan with Black horse.

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