THE PROS & CONS OF THE PROTECTED PAYMENT PLAN,

(better known as the payment protection insurance PPI)

If you take out a loan it may be worthwhile to protect yourself with a payment plan.

I have compiled a list of the various issues to be considered.

1) Is it expensive to take out a payment plan?

The simple answer is no. a plan should be available for

a small increase in the monthly premium, of the loan.

You can have either single cover which covers the

prime earn only, or a joint policy which covers both the

main earner and his or her partner.

2) Who can get a payment insurance plan?

Any employed person under the

age of 60-65 at the time the policy is applied for/

taken is acceptable.

3) What is the PPI?

The PPP is quite simply an optional insurance plan

tailored to cover the/ keep up the repayments on a loan,

should you be unfortunate enough to loose your job

or become ill & unable to continue working.

(housewives & self-employed no included).

4) Will I need to have a medical examination to?

apply for PPI insurance?

The simple answer is, no.

5) If I loose my job do I have to produce evidence

to make a claim on a PPI policy?

Yes you will need to produce evidence you

were made redundant and evidence of

Claiming/receiving state benefit.

6) Are their any restrictions on the types

Of redundancies?

Yes, if you work as a volunteer or seasonally you are

not eligible.

Any redundancy you knew about before taking out

Your PPP.

Redundancy as a result of pregnancy, abortion

or birth of a child.

Redundancy caused by the ending of a fixed term contract.

Redundancy within a six month period of your policy.

7) How soon is payment made on a claim?

Payments are made immediately once proof

Is received and approved.

8) How soon does a plan become active?

Once your application is accepted it

will become live.

9) Is a doctors certificate needed to make a claim?

Yes you will need a signed doctors certificate.

10) Are there any limits on the level of PPI cover available?

There are two limits, the maximum period a policy

can be for is five years renewable. the current

limit on the amount of monthly cover is £750.

11) Is the number of redundancy or illness?

      PPI claims limited?

No, if your claim meets all the required criteria

you can claim.

12) What does a PPI insurance give me if

I am made redundant?

Should you loose your job & be unable to obtain work

for 30 days then your usual monthly premium

and any other payment, is made to you up the maximum

of twelve months,

13) Do I have to be bedridden before I can place a claim?

No you do not need to be bedridden, you only need to be

able to prove you are unable to work.

14) How long will I receive payments for on a PPI claim?

you will receive payments on the claim for the length of time

You took cover for, if you have taken out o policy for the term

18 months you will receive payments for those months

15)What does redundancy mean?

Redundancy simply means loosing your job,

either your company has ceased trading or, or

you are being asked to leave you employment

For some other reason.

16) What if I repay my loan early are there any

fees/ penalties. If you repay early, your cover

will be continued to the end of the term you

are insured for.

17)  Types of disability not covered by the PPI.

Existing or previous mental illnesses.

Disability caused by child birth, abortion, pregnancy.

war, alcohol, drug taking & self inflicted injuries.

18) What if I have an accident & cannot work?

If you are not capable of working due to an illness

Or accident for 30 continuous days you will receive

Your normal monthly income plus, an additional

Payment for every full month you cannot work.

If you are self-employed/housewife & your injuries

Requires hospitalisation you will continue to receive

payments equivalent to your normal payments. These

payments will continue for up to a year should you

remain in hospital.

# Due to changed regulations, lenders are no longer able

to sell clients PPI at the same time as providing them

with a loan.#

CRIMESTOPPERS

                            0800 555 111         0800 555 111       

why call crime stoppers?

crime stoppers is acharity which provides a unique service to help you. tell them what you know, not who you are,. they record no personal details about you. they simply pass on the information you have about cime whilst protecting your identiy.

to give information anonymously to crimestoppers now, call                             0800 555 111         0800 555 111.

crimestoppers-uk.org

Working tax credits

singel persons 25 - 30 earning between £8.612 & £12.000 a year can claim tax credits.

married couples with one aged at least 25+ working 30 hours a week earning £8.612-£16.000 with no children can claim tax credits.

                            0845 302 1415         0845 302 1415       

textphone

                            0845 300 3909         0845 300 3909       

direct.gov.uk/doesitworkforyou

Tips;

Self employed.

low income earners can receive exemption from paying class 2 selfemployed contributions. if your income falls below £5.075. to apply.

tel;               0845 915 4655         0845 915 4655                              

HP car owners.

if you are struggling to make repayments, your car cannot be repossed if you have made more than 1/3 of the repayments.

Discounted online shopping.

the stores available on this link provide discounts and cash back of varying degrees from usually from 10% to as much as 70% plus. you will need to set up an email account.(apply here)

 Links