The Value Catalogue PPI Check

What is Value Catalogue PPI?

There are many ways of referring to Value Catalogue payment protection insurance (PPI), these include credit insurance, credit protection or loan repayment insurance. The purpose of PPI was to help a borrower make their repayments to Value Catalogue if they couldn’t due to an unforeseen event, such as sickness, injury or redundancy.

PPI is often confused with income protection insurance. They are two completely different products. PPI provides short-term cover and is provided alongside loan and credit products. Any pay-outs under PPI go straight to the loan provider instead of the policyholder.

Income protection insurance is designed to cover 70% of the policyholder’s income if they can’t work due to accident or sickness. This is long-term protection and can cover a person until they retire if they are too ill or injured to work.

Many PPI policies sold by Value Catalogue were added on to a loan, credit/store card, mortgage or an overdraft.

The duration of Value Catalogue PPI usually covers a period of 12 months allowing the borrower to time to seek employment or return to work, if appropriate.

How was Value Catalogue PPI mis-sold?

Some customers were sold Value Catalogue PPI without knowing it had been added to their loan. Consumers say that Value Catalogue advised them their loan, mortgage or credit card application would not be approved if they didn’t buy Value Catalogue PPI. This meant borrowers took out the Value Catalogue PPI, even though they may not need it because they didn’t want to risk losing the deal.

Were you mis-sold PPI by Value Catalogue?

It is possible PPI may have been mis-sold by Value Catalogue if any of the following facts occurred at the point of sale:

• • Were you unemployed, self-employed or retired at the time Value Catalogue sold you the PPI policy?
    • Had you been unemployed, self-employed or retired when you were sold your PPI policy by Value Catalogue, you would not have received any benefit from it as you would not have been covered.
  • Did you know that PPI had been added to your agreement by Value Catalogue?
    • If you had no idea that Value Catalogue had added PPI to your agreement, it could have been done without your consent. Alternatively it could have been an opt-out box that wasn’t clearly visible.
  • Had the Value Catalogue explained the total cost of Value Catalogue PPI to you at the time of sale?
    • All costings relating to the PPI should have been explained to you by Value Catalogue. This will be a major mis-selling factor if it wasn’t done.
  • Did Value Catalogue make it known that that some of the PPI premium may have been paid as commission?
    • If more than 50% of your PPI premium was paid as commission to Value Catalogue, this is classed as high commission under the Plevin rule. You were mis-sold and due a PPI refund.
  • Were you made aware by Value Catalogue that you could cancel the PPI policy?
    • Value Catalogue should have explained that you had a cooling off period and could exercise your right to cancel the PPI policy within that time.
  • Were you made aware by Value Catalogue of any circumstances or exclusions where you would not be successful in making a claim?
    • If Value Catalogue had not made clear any exclusions or circumstances that would prevent you from claiming, you may have been mis-sold Value Catalogue PPI policy.
  • Were any enquiries made by Value Catalogue if you had other PPI cover that would cover repayments?
    • Value Catalogue has a responsibility to find out if you had sufficient PPI cover elsewhere.
  • Were you pressured into purchasing the Value Catalogue PPI policy?
    • Value Catalogue should have looked at your personal situation to assess if you would benefit from having PPI without any pressure or hard-sell.
  • At the time of taking out the PPI policy with Value Catalogue, did you have any pre-existing medical conditions?
    • If you had any pre-existing medical conditions that meant you could not have worked for the duration of the Value Catalogue PPI term, you would not be covered by the Value Catalogue PPI policy.
  • Was it implied to you that Value Catalogue PPI was necessary to get the finance?
    • If the finance sought was such that required a PPI policy, Value Catalogue should have let you know that you could shop around to find and compare PPI cover or if you already had PPI in place, Value Catalogue should not have sold you their PPI policy.
  • Did Value Catalogue PPI have an upper age limit, if so, were you older than it?
    • If Value Catalogue PPI specified an age limit for cover and you were older than this, you would not be covered by the policy.
  • How long was the term of Value Catalogue PPI, was it was shorter than the term of finance agreement? Did Value Catalogue explain that there would also be a period of no cover towards the end of the finance agreement?
    • If Value Catalogue didn’t explain that you would have a period of no protection during the term of the finance agreement, you Value Catalogue PPI policy was mis-sold to you.

What could you claim from Value Catalogue?

If your claim against Value Catalogue is upheld, you may receive a full refund of PPI paid to Value Catalogue, including any interest charged on the PPI. Statutory interest of 8% per year would also be payable on the premiums and any interest charged.

How to Make a PPI Complaint to Value Catalogue?

The Financial Conduct Authority (FCA) has set a deadline of 29 August 2019, by which time all PPI complaints will need to have been submitted. After this date, customers will lose the right to have their complaint assessed by us, or the Financial Ombudsman Service.

If you have previously received a letter from Value Catalogue outlining potential concerns about the way PPI may have been sold to you, then you may have less time, so it is important to act as soon as possible.

Please be assured that by checking or complaining about PPI to Value Catalogue, neither your relationship with, nor your credit score will be adversely affected in any way.

If you have a concern about how your PPI Policy was sold, it’s easy for you to contact us directly to discuss and start your check PPI for FREE.

We understand consumers may require different levels of assistance and are committed to making your check PPI** and claim process as simple as possible. Our process has been designed to make it as easy as possible for everyone wishing to make a complaint.

We’d like to discuss the details of your case with you so your complaint can be lodged as quickly as possible with Value Catalogue to find out if you had any PPI charges on your loan or finance agreement.