PPI – Frequently Asked Questions Part 4

Here’s the continuation from part three. We’re going to dive straight into the next post and carry on from where we left off with part three.

Let’s start this section with the following question…

I’ve already claimed on my PPI, can I still make a mis-selling complaint

It is still possible to make a complaint regarding the sale of the policy, as it is the point of the sale that is the issue and not the fact you may have made a claim against the policy. However, if the claim is successful then your award will be reduced by the amount the policy paid out.

I want to make a claim, but I want to remain protected if I fall out of work etc.

We would recommend searching the market via one of the many comparison websites out there. There are some good, and affordable polices available across the market, ranging from Payment Protection Insurance policies which cover the cost of your credit repayments, to Income Protection policies which cover your salary. If you got credit that was taken out some years ago and you have PPI on it, it’s more than likely that you’re paying way over the odds for it. You should check if you can get a better deal elsewhere:

• Standalone cover can save you up to 70%. This is due to the fact that some bank policies are so pricey that the maximum pay out for a year maybe less than the policy actually costs. It is possible for you to get similar cover separately at about a third of the cost.
• Cancel and also switch your expensive insurance. If you already have a bank loan with PPI, you’ll be allowed to cancel the policy but it’s always best to check first. You should also ask if you really need it or not. If you do then getting a standalone policy and cancelling your existing one should save you money as there’s less going out on commissions.

Will my lender cancel my PPI if I make a claim?

If you start a PPI claim, the lender generally cancels the policy upon receipt of the complaint as it’s assumed if you’re complaining about it you don’t wish to have it.

I cannot remember who I had loans / credit cards / mortgages with. How can I find out?

If you find yourself in this position, you can check your credit report. On there you will find any debts that have been alive within the last 6 years, even if they’re closed now. You have a right to see any credit files for a small payment of £2 from Equifax, Experian and Callcredit.

This just about brings part four to a close. We hope you’ve found things out that will eventually prove useful if you have a PPI claim to make. Keep your eyes peeled for the next part in this series of blog posts.

PPI – Frequently Asked Questions Part 4