Think before you claim.

[Paule]

Before you start a claim for PPI repayments, Think, "Will I actually need it.."

I know quite are lot are mis-sold and wouldnt pay out if you tried to claim, BUT some people see it as a way to get some cash back, especially in the current climate.

I myself started a PPI claim against Black Horse on this very basis a year or so ago and it was mis sold to me, but due to other circumstances I didn't follow it through.

How lucky was that, because now that PPI cover is keeping the roof over my head.

I was made redundant form a specialist job, and I thought I was safe from this type of thing. But companies have to cut back and I was out of the door.
I have a secured loan and this is now being paid in full every month, If I didnt have this cover in place god knows what mess my family would be in, beacuse there is no way I would be able to make the payments

So, just a word of warning, make sure that if you are claiming its for the right reasons.

Paule

[Amethyst]

Re: Think before you claim.

Excellent post Paul. I think lots of people who ARE actually covered by their PPI (however few and far between they may be) should be very careful of jumping on the reclaim bandwagon. If the PPI IS fit for purpose and you don't have other cover for the same circumstances, then before reclaiming check your policy documents and if in any doubt, ask. If the PPI doesnt actually cover you or you have other cover which would pay out in the same way then consider whether it may have been missold to you.

[pompeyfaith]

Re: Think before you claim.

Paule,

I totally agree, But it is also worth a mention.

Is the PPI you are paying cost effective particularly single upfront policies bearing in mind many only cover you for a 12 mth period.

If you took it out with a Loan from the same lender the chances are that it is over priced and you can get it cheaper elsewhere.

Also a monthly policy in many instances a is cheaper way of paying for it and also that an income protection policy is a safer bet as it will cover all your monthly outgoings instead of the one loan.

So check now if it is good value.

PF

[Turboman]

Re: Think before you claim.

Pf--I think Paule is referring to the sutuation where you have already got PPI now from the lender--as opposed to considering the merits of alternatives

[pompeyfaith]

Re: Think before you claim.

TM

Indeed but there are many people out that want and/or need the policy but due to having the lenders policy trust on them are unaware that they could of and still can get a better policy elsewhere

Was worth mentioning i think

To add further with a monthly policy there will be no interest to pay like there is on a single upfront policy.

[ODC]

Re: Think before you claim.

I have to admit to being another who never pursued a claim about missold PPI. Am I glad I didnt. Due to a very serious illness I was unable to work for 18 months and claimed on my PPI. They paid out every month without fail and with the minimum of fuss. It kept a roof over my head