iSmart Solutions

iSmart Solutions

July 24, 2012 08:30 ET

How Much Do We Know About PPI?

LONDON, UNITED KINGDOM--(Marketwire - July 24, 2012) - Payment Protection Insurance (PPI) has been in the news for a long time now, and everyone assumes that those who should know about it, do know about it.

But is that the case? Research carried out by iSmart Consumer Solutions, one of the country's leading claims management companies, shows that there are still many people who are unsure about what PPI is - or are not sure how to identify whether it may have been mis-sold to them.

The research, conducted online during March, shows that although people are aware of PPI, they are unsure of which products it could have been applied to, and what it actually covers. The issue of PPI has been in the news for over 5 years now, and although it has received a lot of attention, it has not always been to give people the information they need to make an informed decision.

What is PPI?

Payment Protection Insurance - sometimes also called mortgage protection insurance or even accident and illness cover - is an insurance which can protect people when they take out a credit agreement - be it a credit card, loan, car loan, mortgage or a credit agreement. When sold correctly, PPI can cover the repayments, should the consumer be unable to pay through sickness or redundancy.

The PPI scandal has emerged because some people were mis-sold the insurance. Some were told that it was compulsory whilst others had it added without their knowledge. The problem is further complicated by the fact that the insurance was sold to people who, had they made a claim, would have been turned down because they were self-employed or not working at the time they bought it.

The recent news that the FSA (Financial Services Authority) is making the banks write to all of their customers advising them of the mis-selling of PPI effectively puts a timeline on future claims. People can make a claim within three years of learning that they may have been mis-sold. Therefore, this letter will prove to be a point in time from which future claims will be measured.

If you are uncertain of whether you have been mis-sold PPI, you can check the paperwork from your financial company or contact iSmart Consumer Solutions who have experienced people who can guide you through the process.

If you are sure you have been mis-sold PPI, try iSmart's unique online application form. Ryan Horne, Managing Director of iSmart, said, "We have been working towards this for some time. We believe that we should make the application process as simple as possible for our customers and this unique, online application certainly does that."

With the new system, customers will be taken through a series of questions - each one responding specifically to their answer to the last. As such, the process will be streamlined, enabling the customer to complete at their convenience.

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