What is Payment Protection Insurance Payment Protection Insurance (PPI) is an insurance policy often sold alongside a loan, mortgage, credit card or hire purchase. Payment Protection Insurance is designed to cover your repayments if you are off work due to accident, sickness or if you have been made redundant. Most PPI policies will cover your loan/credit card/mortgage repayments for up to 12 months The cover will usually start to pay out after the first 30 days off work and after 60 days following redundancy Payment Protection Insurance will usually cover the customer for 5 years however some last for 10 years You can purchase monthly or single premium policies; Monthly Premium Policies Single Premium Policies Premiums are paid on a monthly basis by the customer The policy can be cancelled at any time, usually providing one months notice to the insurance company/lender They are more competitively priced than single premium policies A one off premium which is added onto the loan/mortgage over the full term of the agreement Interest is charged over the life of the loan/mortgage, this could be thousands of pounds extra to pay! The customer can usually cancel within the first 30 days of the policy start date and receive a full refund To cancel after 30 days the customer will only receive a small percentage rebate of the unused premium This means that the customer could face a payment of £5000 for the policy and only receive £3000 upon cancellation. They will continue to pay for the extra £2000 plus interest over the life of the loan Single premium policies have been banned by the Financial Services Authority (FSA). There are many exclusions to PPI policies which are detailed in the insurer’s policy booklet. A copy of this booklet must be issued to the client however some typical exclusions that not all customers were made aware of are: 1.       Pre-existing conditions 2.       Self inflicted injuries of suicide 3.       Back related conditions 4.       Normal pregnancy 5.       Stress or anxiety 6.       Impending unemployment 7.       Drugs or alcohol related conditions Credit Agreement Ltd is regulated by the Ministry of Justice in respect of regulated claims management activities (CRM13151) Mrs Shave Basildon Essex - £22,101.48 Ms Robinson Clitheroe Lancashire - £3,998.37 Mr & Mrs Russell Northampton Northants - £11,706.21 Mr & Mrs Dalgity Livingston West Lothian - £16,107.23 Ms Hughes Stockport Cheshire - £2,712.89 Home | About Credit Agreement Ltd | What is PPI | Why Claim PPI | Can I make a Claim | Loans PPI | Credit Card PPI Claim Now | Personal Injury | Care Home Claims | Testimonials | Contact Us | Introducers Credit Agreement Ltd - Company number is 6583669 Registered in England & Wales. Credit Agreement Ltd is regulated by the Ministry of Justice in respect of regulated claims management activities (CRM13151) . The registration is recorded on the website www.claimsregualtion gov.uk. Credit Agreement Ltd, Ribble House, Ribble Business Park, Philips Road, Blackburn, Lancashire, BB1 5RB  TEL : 0845 371 0703  FAX : 0845 371 0705. info@creditagreement.co.uk | Privacy | Complaints | Terms and Conditions | Site Map