Payment Protection Insurance (PPI)
Payment Protection Insurance (often referred to as PPI) is an optional payment designed to provide cover in case you were unable to keep up your loan repayments due to illness or unemployment.
For further PPI information please follow the links below:
What is PPI?
PPIs are sold by banks and other financial institutions, usually added to the cost of a loan, credit card, hire purchase or overdraft. The cost of PPIs varies, typically being 10% to 50% of the loan value. In some cases the customer may not be aware that they have paid PPI charges.
Recently PPIs have been in the UK news because in 2011 the courts ruled that many PPI policies have been mis-sold. This means that these PPI schemes did not legally provide the insurance cover that they claimed. Therefore, providers have been instructed to pay back the money that was charged for mis-sold PPIs.
For further PPI information, please follow the links below:
Reclaiming PPI and TAX, including:
– Do I need to pay tax on my PPI refund?
– Why do I have to pay tax on a PPI Refund?
– I have already reclaimed a PPI Refund how do I know if I have paid tax?
– What should I do if I owe tax on my PPI Refund?
– What if I don’t pay tax and I have paid tax on my PPI Refund?
Payment Protection Insurance (PPI) Facts, including:
– Are all PPI policies bad?
– Why were PPIs mis-sold?
– I had PPI on a loan 20 years ago. Can I still get a refund?
– Is there a deadline for claiming a PPI refund?
– How much will I get back?
– What if I have already claimed on my PPI?