What is PPI?
Payment Protection Insurance (PPI) is a type of insurance added to loans, credit cards and many other finance agreements which should cover your repayments if you are unable to work due to an accident, sickness or unemployment.
How do I know If I have PPI?
PPI should show up on your loan or credit card statements. Alternatively, Ingram Toft can check this for you if you apply to claim your PPI with us.
Check if any of the following situations apply to you:
- PPI was added to your account without your knowledge.
- You were told that PPI was needed in your loan.
- PPI was automatically added after increasing your loan.
- You were pressured into buying PPI.
- You own alternative insurance which already gives you adequate coverage.
Other PPI names:
- Accident, sickness and unemployment insurance (ASU)
- Account cover
- Card protection, card protector, credit card repayment protection, credit insurance or credit protection
- Income protection
- Loan care, loan insurance, loan protection or loan repayment insurance
- Mortgage payment protection insurance (MPPI)
- Payment cover
- Protection plan
- Redundancy cover
PPI Deadline
The Financial Conduct Authority (FCA) has announced that the PPI deadline will be 29th August 2019.
This means you need to get your complaint to your provider or the Financial Ombudsman Service on or before this date. Otherwise, it may not be considered.