Monday, 11 September 2017

Consumer Advice




This evening we were joined by Elizabeth Crampton from St Albans Citizens Advice Bureau for our monthly update on consumer issues.

PPI
If you took out any kind of consumer loan, store card, credit card or mortgage in the 1990s or 2000s, you may have been mis-sold PPI.
PPI mis-selling checklist

If your answer is ‘no’ to one or more of the following questions, then you may have been mis-sold PPI.
If the insurance was optional, was that made clear to you?
Did the adviser tell you about any significant exclusions under the policy – for example, the exclusion that says you won’t be covered for any pre-existing medical condition?
If you took out a loan or finance agreement, did the adviser make it clear that you would have to pay for the insurance upfront in one single payment?
If you had to pay for the PPI as a single payment, did the adviser make it clear that the insurance cost would be added to the loan and that you would be paying interest on it?
Single premium PPI insurance normally only lasts for five years. If your loan or finance agreement was for longer than this, did the adviser make it clear that the insurance would run out before you had finished paying for your loan or finance agreement? The adviser should also have told you that you would continue to pay interest on the insurance premium, even after the insurance expired.
If you bought PPI after 14 January 2005, did the adviser try to persuade you to take it out by saying something like: ‘We strongly recommend that you consider taking out PPI?’ If so, the sale counts as an ‘advised’ sale and they should have issued a ‘demands and needs statement’ to show why a particular policy has been recommended, and why it’s suitable for you. If they didn’t, this is grounds for complaint.
You can complain if you think your provider earned a high level of commission from your PPI and this was not made clear to you when you bought it.

Personal Budgets
As Christmas looms on the horizon it is worthwhile planning a budget.
Try to find your most recent:
bank statements
payslips
debit and credit card statements or bills
receipts for things you usually pay for in cash

Make sure you include all your expenses, for example money you spend on your partner or family.

For more information on on these items and more go to the web site https://www.citizensadvice.org.uk/

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