We happenned to have the radio on in the office today and Jeremy Vines’ guest was money expert Martyn Lewis getting very excited about as he put it PPI Misselling.
PPI or payment protection insurance is offered to customers taking out personal loans, finance and mortgages. Should you unfortuantely be made redundant, have an accident or become to sick to work the insurance is there to make your payments for you.
Whilst the FSA quite rightly have rules in place that clearly state that such policies must be optional, surely they’re not a bad thing? However anyone listening to the rant on the subject from Mr Lewis today would probably decline the option to take it out assuming it was a rip off.
It can only have been missold if you didn’t agree to take it out, then found it had been added anyway. And that’s it simple! Martyn Lewis has produced template letters that can then be sent to the companies concerned demanding the money be refunded. Here’s a link to his website taking you to the appropriate page:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Now Mr Lewis may have a valid point about all of this but what concerns us is that this kind of negative publicity may result in people taking out loans, mortgages and finance without any cover. Fine, but it’s doubtfull Martyn Lewis, Jeremy Vine or the BBC would be offering to make your repayments for you should you be unable to do so.
What are your experiences of PPI? Have you ever had to claim? and did it cover you as promised?
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