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Debt Solutions Southwest Ltd is regulated by the Ministry of Justice in respect of regulated claims management activities. Its registrations is recorded on the website www.claimsregulation.gov.uk
Debt Solutions Southwest Ltd is fully licensed by the Office of Fair Trading to provide debt management and credit broking advice.
Debt Solutions Southwest Ltd is a debt management business based in the South West of England, providing a full debt management and credit advisory service to individuals and businesses.
For what financial products is PPI sold?
Does PPI have any other names?
How do I know whether I have PPI on any of my loans?
Is the PPI on loans the same as PPI on credit or store cards?
How do I know whether I qualify for a PPI claim?
Why could I be able to claim my PPI payments back?
Does my loan or credit card still have to be in place, or be currently in use?
Am I able to make a PPI claim myself?
Does making a PPI claim effect my credit rating?
What happens to the refunded PPI money?
PPI stands for payment protection insurance, which is the insurance that is sold to you by lenders (or their insurers) to supposedly cover your interest payments on any loans or credit cards if you are unable to do so yourself because you have lost your job, or become ill or disabled.
2. For what financial products is PPI sold?
Besides personal loans and credit and store cards, PPI is also sold with mortgages, leases, home improvement loans, car loans, leases and other similar financial products.
3. Does PPI have any other names?
Yes, PPI has many other names, including payment protection cover, accident and sickness insurance, premium protection insurance, mortgage payment protection, loan protection insurance, and so on!
4. How do I know whether I have PPI on any of my loans?
If you don't remember whether you took out a PPI policy, you should look at your account documents. For loans, you can find out by looking at your original agreement; for cards by looking at the monthly statements, or the original application form. Card companies can be sneaky devils however, and sometimes the monthly statements might not clearly show the PPI payments, but show them under a code name. If you are not sure, just contact us and we will help you.
5. Is the PPI on loans the same as PPI on credit or store cards?
The purpose of the PPI is the same for all, namely to supposedly help you pay your interest where you cannot do so yourself. But, there is one fundamental difference between PPI on cards and PPI on loans.
a) PPI on loans: Loans are usually for a fixed amount that is set upfront. The PPI premiums are also calculated up front and added to the loan. Interest is then calculated on the total loan (that is the original loan plus the total PPI premium) and your monthly payments are then calculated. This is known as a single premium PPI.
b) PPI on credit cards: The amount you will actually borrow on a card is not known or set upfront, although your credit limit is. PPI premiums are calculated monthly, based on the amount outstanding in the month. Your monthly interest is then payable on the total amount outstanding (including the PPI premium. So, whereas with a loan you will know in advance how much you will be paying for your PPI, with a card it will depend on how much you owe on the card each month.
7. How do I know whether I qualify for a PPI claim?
Many PPI policies have been mis-sold, but not all of them. However, if you contact us with your details we will advise you whether you could qualify and your chances of success.
8. Why could I be able to claim my PPI payments back?
You could be able to reclaim PPI premiums that you have paid because the policy has bee mis-sold to you – see question 10 below. There are many reasons why a policy can be mis-sold and it is our job to endure your claim is well researched and well founded.
9. Does my loan or credit card still have to be in place, or be currently in use?
No, you can claim for PPI premium payments on loans that are paid off, or cards that you no longer use. The important thing is have you paid premiums and interest on these loans previously?
Mis-sold means the policy was not sold to you correctly or with your best interests in mind. Typically, a PPI policy is mis-sold if it was unsuitable for you at the time it was sold, or you were not told enough about the policy to make a reasoned decision, or you were given bad advice. Also, you could have been excluded from the benefits from the start because, for example, the redundancy cover does not include the self-employed and you were self employed a the time you bought the policy,
We would lodge a claim on your behalf to get back the premiums paid, the interest charged on the premiums and statutory interest. All this aims to put you back to where you would have been if you had not bought the mis-sold PPI.
12. Am I able to make a PPI claim myself?
Yes, anyone can make a personal PPI claim. The only drawback is that not
everyone knows what policies can be claimed on, how a claim is lodged, what to do if the claim is refused and, importantly, whether any refund is for the correct amount. This is where we come in.
13. Does making a PPI claim effect my credit rating?
No, definitely not! A PPI claim is not a default or a missed payment or anything that can be recorded adversely on your credit file.
14. Can I make a PPI claim where you also are challenging the enforceability of my loan or credit card agreements?
Yes, you can. Our view is that we are here to help you legally reduce your debts. If can do this through the unenforceability route, or the PPI route, really makes no difference. Of course, you will only pay one success fee on whatever we save you.
15. What happens to the refunded PPI money?
The PPI refund will either come to us (as your authorised agents), or direct to you. Where the refund is for an account that is finished or has been paid off, the lender will refund the full amount in cash as a lump sum.
Where the refund is less than the amount outstanding on the account, the refund will usually be credited to the account, thus reducing the outstanding balance, although some lenders give you the option of receiving a credit to your account or getting the cash.