Payment Protection Insurance will cover the payments on a loan if the borrower is unable to work for a period of time. This sounds reasonable and prudent. The reality is that missold ppi adds an unnecessary cost to the loan and does not benefit the buyer. Too many loopholes are built into the plan.A much better option is for the consumer to purchase unemployment, accident and illness insurance. Since the insurance pay-outs do not attract income tax, covering 50% of the buyer’s income is adequate. This will keep up payments until the insured is able to return to work. This type of insurance covers mortgage, rent, and other monthly payments instead of just a single loan. In addition, income protection insurance pays out for decades instead of just a few months.PPI benefits the lender, not the consumer. Fully 85% of these payment protection insurance claims never pay out. The consumer must submit ppi claims within a certain time frame after the triggering event and then wait 3-6 months for the policy to become active. All the while the consumer must continue to make full and timely payments on the loan. Even if he or she finally qualifies for payments, the loan may have already defaulted.Despite the fact that PPI claims seldom pay out, the large banks have continued to sell payment protection cover since 1974. Either when the loan is purchased or sometime thereafter, the buyer is convinced to take out the insurance. Some missold PPI was not even disclosed to the buyer, but incorporated into the loan without being mentioned. At other times, the borrower was told the loan would not be approved without PPI insurance. Payment protection claims go unpaid due to exclusions that are hidden in the language of the policy. Sometimes the borrower was ineligible for pay-outs because he had reached retirement age, was unemployed or worked part time, was a full-time student, or had a pre-existing medical condition.Consumers who feel they are eligible to receive payment protection claims or PPI reclaims may visit http://www.guardianppiclaims.co.uk and http://www.ppiexpert.co.uk. These services have an enviable record of 94% success in regaining the customer’s money.The Financial Services Authority has ordered that HSBC PPI, RBS PPI, Lloyds PPI, and First Plus PPI customers must be notified of their right to a PPI reclaim. HSBC PPI has a relatively small liability of about 270m pounds, while Lloyds PPI carries 1bn pounds at Barclays and 850m pounds at RBS PPI.For payment protection insurance claims against one of the aforementioned banks or First Plus PPI, go to http://www.guardianppiclaims.co.uk or http://www.ppiexpert.co.uk without delay. Lodge a complaint and start action to obtain a PPI reclaim. This is the day to take action.

About the Author

For all your PPI reclaims, egg PPI Claims, Black Horse PPI Claims and all other PPI Claims contact PPI Expert or Guardian PPI Claims –

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ClearDebt Proportion of caims

(PRWEB) May 19, 2011

http://www.cleardebt.co.uk Analysis of the three-year claims history of ClearDebt’s IVA Protect product indicates that a PPI-type product is helping people with debt problems, who suffer unexpected changes to their income-earning potential, to keep on paying their creditors and becoming debt-free.

The figures, from 2008 to 2010, for ClearDebt’s IVA Protect product, show that 66% of those who claimed in the last three years had their claims settled and that 75% of those that had made claims since 2008 were still, in April 2011, making payments into their IVA and, thus, to their creditors.

Statistics from 2008 to 2010 for ClearDebts IVA protect product, indicate a 20 percent growth in unemployment claims with 58 percent of policy claims last year being attributed to this. In 2008 only 27 percent of people who had policies made claims on them this grew to 33 percent in 2009, with a total of 40 percent of policy holders claiming in 2010.- Amounting to a 13 percent increase in two years. Interestingly false claims in 2010 have dropped by 41 percent in comparison to 2008.

Payment protection insurance, PPI, is meant to cover loan or credit card repayments in the event you suddenly lose income due to sickness or unemployment. ClearDebt’s IVA Protect product works almost identically to a PPI, helping people continue to repay their IVA contribution when they become ill or unemployed.

Andrew Smith, director of marketing and external affairs for ClearDebt, commented: “The banks are about to repay billions because they miss-sold payment protection insurance (PPI), at high premiums, to millions of people who either did not understand what they had bought or could not make a claim when they lost their source of income.

ClearDebt’s product clearly works, is value for money and, as well as keeping people in IVAs, benefits the banks because they get their debts repaid. It’s odd, therefore, that creditors have sometimes tried to reject this plan even though it is clearly of real benefit to people.”

Ends -

Notes to editors:

Comment and Interview:

Andrew Smith, ClearDebt Director of Communications and External Affairs, will be available to comment.

Andrew is the spokesman for Debt Resolution Forum and has spent more than 25 years in professional services marketing – half of that specialising in insolvency and debt, and played a major role in raising the profile of the insolvency profession and it’s regulatory and representative bodies. Andrew is a member of the Chartered Institute of Public Relations and also has diplomas from the Chartered Institute of Marketing and the Communications, Advertising and Marketing Foundation. http://www.cleardebt.co.uk/blog/author/andrew-smith/

About IVA Protect product

ClearDebt’s IVA Protect product protects people’s IVA payments. It is provided as part of every ClearDebt IVA as ClearDebt, not the client, is the insured party, For legal reasons, it cannot be termed a payment protection insurance, to all intents and purposes it functions identically to one.

It makes IVA payments for up to 12 months, up to three times in any five year period – with not less than a month between each claim. If people can’t pay their monthly IVA contribution because they become unemployed, get ill or have an accident have their, hence function just like a PPI.

The business model for this is interesting, they created a captive insurance company to provide the IVA Protect product.- ClearDebt is the insured party so every client gets IVA gets the cover. -Where the creditors agree –they pay 3.25% of the IVA contribution value, where they don’t ClearDebt pays.

Website: http://www.cleardebt.co.uk

For more information, please contact

Lexi Mills lexi.mills(at)distilled(dot)co(dot)uk

London: 020 7183 0767 Mob: 079 2102 0345

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