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Scotland Wide PPI Specialists

Is PPI Any good?

08 August 2017

There are many different insurance products that we can buy to that cover all kinds of eventualities. Some insurances are legal requirements, such as car insurance but others are down to our own judgment and budget.

Clearly, protecting the things we love and own is important. but there are some insurances that are more important than others; some are also compulsory.

  • Car insurance - is compulsory. Driving in an uninsured vehicle can lead to prosecution.
  • Buildings and contents insurance - important too, should anything structural happen to your property or should there be issues with the contents of a property and so on. Most mortgage companies insist on buildings insurance although it is down to your judgement as to whether you want to protect your contents.
  • Critical illness cover and other similar insurances - protecting ourselves is important too, especially if one person is responsible for paying the mortgage. This type of insurance can give us peace of mind.

Income protection insurance

This is similar to critical illness cover but covers the level of income that we bring home. Clearly, with any kind of insurance policy it best to seek independent financial advice because insurance products vary from one to another. You need to be confident you have the right level of cover at the right price.

Payment protection insurance does not enjoy a great reputation as a result of the mis-selling scandal that has rocked the banking industry to the core.

What is wrong with PPI?

There may be some instances where PPI could be the right policy to have but, there are many factors that affect this decision;

  • Benefits from work - you may have a generous benefits package from work and this needs to be taken in to account. For example, if you enjoy 3 months full salary as sick pay, you won't need a PPI type or income protection policy to kick in until after 12 weeks.
  • Policies already in place - PPI duplicated cover that many people already had in place. Some banks forced PPI people, telling them that their current level of insurance cover was not good enough or that they needed to take out the bank's own PPI product to make sure the debt was covered.
  • Value for money offered - PPI was expensive and poor value for money.

Can you claim PPI compensation?

It may be that you can claim back all your PPI premiums, along with any other costs and fees as well as interest but you need to do so before August 2019.

PPI was added to loans, credit cards, store cards, catalogues and more. Find out more by contacting Scottish PPI Claims today for a no obligation chat.