Payment Protection Insurance

If you aren't able to work a Payment Protection Insurance policy is put in place to cover the monthly repayments of the finance it is taken out alongside.

What is Payment Protection Insurance?

Payment Protection Insurance policies can be taken out alongside mortgages, credit cards, store cards or when obtaining credit on high value items such as vehicles and furniture.
With a Payment Protection Insurance policy, an agreed sum of money is paid out each month to fully cover (or with some policies cover a percentage of) the payment due on your finance.
A Payment Protection Insurance policy will cover you, if you:

• become unemployed, through no fault of your own
• are involved in an accident
• suffer an illness

Typically a Payment Protection Insurance policy will cover your monthly finance repayments for 12- 24 months. After the period that is defined in your particular policy is over, you will have to cover the monthly payments yourself.
Not all Payment Protection Insurance policies are the same; each individual policy will have different levels of coverage and different exclusions. However the majority of Payment Protection Insurance policies will not cover you if you were self-employed, unemployed or retired at the time of taking out the policy. You will also not be covered under the terms of most policies, if you already had a medical condition or illness that could prevent you from working, prior to taking out the Payment Protection Insurance cover.
Payment Protection Insurance is also sometimes known as Loan Protection Insurance or Accident, Sickness and Unemployment (ASU) cover.
Payment Protection Insurance may sound like an ideal product, a product worth having and a product that will ensure you are covered in times of financial strain, however the problem with Payment Protection Insurance was that it was vastly mis-sold. Very few people are able to make Payment Protection claims due to the insurance being unsuitable for their needs. Customers were  sold the insurance despite never actually being able to make a claim, they could have been retired, self-employed, unemployed or could have had an illness or injury that could have stopped them working, either way, they were mis-sold Payment Protection Insurance.
If you believe you have been mis-sold Payment Protection Insurance, we can help you with Payment Protection claims, think smarter, simply apply online or call us on 08000 439 243 and we will start the process to reclaim your Payment Protection Insurance.

Payment Protection Insurance claims

We are iSmart Consumer Solutions, specialists in payment protection claims. We think smarter when dealing with payment protection claims to get you the refund you deserve. We are specialists in PPI claims management, mis-sold Payment Protection Insurance claims and claims for unfair bank charges. We have already provided assistance with claims to 120,000 customers. For these customers we have recovered more than £54 million in PPI Compensation and unfair bank charges.

Can you make a Payment Protection Insurance claim?

Research by the Financial Services Authority (FSA) has found millions of cases where Payment Protection Insurance has been mis-sold. The FSA found several reasons for Payment Protection Insurance being mis-sold.
You may be able to reclaim payment protection and could be owed thousands. Think smarter and start your mis-sold PPI claim today. If you have a mortgage, loan, credit card, store card or have obtained any other finance in the last 10 years, there is already a good chance you can reclaim payment protection. Payment protection claims are more common in the UK than many people realise. Around 90% of the UK public have a credit card or a loan and there is a chance all of these people could reclaim payment protection.

If any of the following statements apply to you, you could be eligible to reclaim payment protection:

• You didn't ask for a Payment Protection Insurance but it was added anyway
• You were informed Payment Protection Insurance was compulsory or that by taking it, you would have a better chance of obtaining finance
• You weren't made aware payment protection was optional or that you could purchase cheaper cover elsewhere
• The policy exclusions were not pointed out to you for example, the terms for cancelling the cover or significant exclusions such as stress and back problems
• You were unemployed, retired or self-employed when you took out the cover if so, you would be unable to make a valid insurance claim
• You had a medical problem or illness at the time of taking out the cover that could have kept you from working, Payment Protection Insurance is unsuitable insurance cover in this case
• You were older than the upper age limit, usually 65 years old or 70 years old when you took out the cover

Do I have Payment Protection Insurance?

If you have taken out any kind of finance in the last ten years, you could have Payment Protection Insurance. Payment Protection Insurance is usually taken out as an insurance policy to cover the repayments of a personal loan, mortgage, store card or finance for high value purchases including vehicles and furniture.
Unlike other insurance policies, you may not even realise you have Payment Protection Insurance. This is because it was forcibly sold to customers and sold using unscrupulous methods which could confuse many people to whether they have the insurance or not. To determine whether you have Payment Protection Insurance, you can look at the original loan agreement or in the case of a credit card, your monthly statement to see if it is listed as a charge. If you cannot see Payment Protection Insurance listed as a charge but still believe you have been charged for the insurance, one of our expert advisors will be able to do some research to see if you have ever been sold the insurance.
If you believe you have been a victim of PPI mis-selling, we can think smarter and reclaim the payment protection for you.

To make a payment protection claim, simply apply online or call us 08000 439 243