An exclusive form of insurance known as Payment protection insurance, or PPI in short, is the one wherein consumers are protected against the repayment of loans in the event of the death of the borrower, disability, illness, loss of job or any such inevitable circumstances that deters them from having a regular source of income required to honour the debt.
However, mis-selling of such policies has been a rampant menace in the UK. A considerable number of policyholders were unaware of being covered by this kind of policy and were denied access to PPI claims.
In 2011, the Financial Services Authority, or FSA in short, ruled that banks or other insurance companies which sold such claims without sound clarifications have to send letters to the concerned customers and explain them the procedure of getting back their PPI claims.
Nevertheless, as a wronged customer, one should also take steps to verify his eligibility as a claimant. The first criterion one needs to determine is possession of the PPI policy. Any payment made under the head ‘ASU’ (accident, sickness and unemployment), ‘loan care’ or PPI, appearing in the credit card statements, can be identified as the one.
It is only in proven cases of mis-selling, that is, policies sold under marketing tactics not conforming to FSA standards, that one is entitled for PPI claims. The instances that qualify as mis-selling are:
• When taking the policy, one was a student, self-employed, unemployed or a retired individual.
• If one had a pre-existing ailment that could have dissuaded him from taking up employment and if one was not warned about it.
• In the event of the non-disclosure of the entire cost of PPI and only the loan cost has been mentioned.
• If the bank or the insurance company selling the policy already has a history of FSA action against it.
• If key features of the policy like cover’s cancellation or other exclusions were not clarified.
Can YOU claim back PPI ! Have you been missold PPI step one make a claim at PPI Claim Line
If you are looking to increase your household saving so that you can pay off debts or build up some savings it can feel like you have a mountain to climb. Following some of these tips could help you to get a grip on your finances in as painless a way as possible!
Before you start cutting out things for your household saving you should check that you are not paying over the odds for your bills. Switching to the cheapest suppliers for your utilities, TV, phone and internet providers and insurance providers could give you an instant pay rise! Dig out your bills and use comparison sites to make sure that you are getting the most for your money. Be sure to use recent meter readings with the utility companies so that you get accurate quotes.
For some people making this household saving alone can be enough to get them back on the straight and narrow with their money. For those that need to make further savings the next step will be to cancel anything they don’t use or really need. Look at your entertainment packages and consider if you really need them. If you can’t bear to get rid of your TV package give the company a call, explaining your situation and see if you can downgrade to a cheaper option.
Another simple tip is to ensure you don’t waste anything. Encourage the whole family to switch off lights and electrical appliances when not in use and keep an eye on your water usage to reduce your bills further.
You can then apply the idea of reducing wastage to your grocery shopping. Make a list of everything you have in the cupboards, fridge and freezer and plan your meals based upon what you already have in stock. Write a list and stick to it rigidly. This way you will reduce your shopping bills and you will not need to throw away excess food.
The chore of creating a balanced household budget is never easy. This has not been eased by the recent increment in energy prices. In the event a person becomes overwhelmed by the escalating costs pressures, modifying daily spending habits is important. There are various household savings tricks that a person can employ to ensure that his income covers all household expenses.
Ask Service Providers for Discounts
Service providers are always willing to offer discounts to their constant customers. This is in a bid to cultivate loyalty from customers. A person can call the service companies and explain that times are hard. He can justify his reasons for seeking the discounts. Sometimes, a person can be prompted to sign another service renewal agreement with the company. However, if the discounts are offered, it will be a worthwhile household savings trick.
Cancel Unused Services
Unused subscriptions can increase a household budget without necessarily bring any returns. For example, landline phones subscriptions should be unsubscribed if a person mostly uses his mobile phone for communication. A person can also get rid of daily newspapers and magazines subscriptions if the copies can be accessed online.
Cut Energy Costs
The costs of energy have increased tremendously over the past few years. Poor energy usage can result to increased energy bills and in turn an elevated household budget. Some of the excellent strategies that can be used to save energy may entail usage of energy saving bulbs in the house. This can help in saving hundreds of dollars every year used in paying energy bills.
Compare Prices on All Purchases
Before making a purchase decision, it is important to compare the prices of products in different outlets. This is because substitute products may have different prices in different outlets. Purchasing cheaper products at the outlets can go a long way in saving household finances. Comparing prices will enable a person to achieve the best deal possible when making a purchase decision.