PPI Payment Protection Plan

Loan Payment Protection Plan – PPI Plan

In the UK, borrowers take out payment protection plan to secure their liabilities and to avoid missing payments on debts due to an unforeseen event leaving the consumer unable to pay.

What is a Loan Payment Protection plan?

A loan protection plan will meet loan repayments if you are unable to work because of accident, sickness or unemployment or if you leave work to become a carer. If you die, a payment protection plan will repay outstanding loan balance and may provide benefit if you go into hospital.

To be eligible for a payment protection plan you must at the start date:

• Be aged 18 or over and under 65 at the start of your loan agreement
• Be under age 70 when your loan agreement is due to be repaid,
• Be in paid work of at least 16 hours per week,
• Live in the United Kingdom, and be the first named person on you bank loan agreement.
• If your circumstances change during the course of your loan agreement, your employment status and age at the time of any claim for benefit determines which cover you are eligible for.

Have you been missold a payment protection plan – PPI Plan

A payment protection plan is also known as PPI. In the UK, in recent, years, there have been many cases where PPI payment protection plans have been missold to people who would never be eligible to claim their policies.

Payment protection plan unemployment claims will not be covered:

• If you know about the unemployment at the start of the policy
• You are notified of, or which happens, within the first 90 days of the policy
• If you have resigned, retired, taken voluntary redundancy or been dismissed for misconduct
• After the end of a fixed-term contract unless you have either been employed by the same firm for at least 2 years or are on a contract of at least 12 months which has been renewed at least once with the same employer

If you’re not sure what do to next – get in touch with us. We should be able to sort out which company is involved and pursue then for compensation.

• 'No Win - No Fee' Service and No Upfront Fees
• Expert friendly advice
• We will handle your case from start to finish.

Click here to complete your PPI Claim Form