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X Catalogue PPI

What is X Catalogue Store PPI?

There are many ways of referring to X Catalogue Store 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 X Catalogue Store 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 X Catalogue Store were added on to a loan, credit/store card, mortgage or an overdraft.

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

How was X Catalogue Store PPI mis-sold?

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

Were you mis-sold PPI by X Catalogue Store?

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

- Were you unemployed, self-employed or retired at the time X Catalogue Store sold you the PPI policy?
  - Had you been unemployed, self-employed or retired when you were sold your PPI policy by X Catalogue Store, 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 X Catalogue Store?
  - If you had no idea that X Catalogue Store 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 X Catalogue Store explained the total cost of X Catalogue Store PPI to you at the time of sale?
  - All costings relating to the PPI should have been explained to you by X Catalogue Store. This will be a major mis-selling factor if it wasn’t done.
- Did X Catalogue Store 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 X Catalogue Store, this is classed as high commission under the Plevin rule. You were mis-sold and due a PPI refund.
- Were you made aware by X Catalogue Store that you could cancel the PPI policy?
  - X Catalogue Store 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 X Catalogue Store of any circumstances or exclusions where you would not be successful in making a claim?
  - If X Catalogue Store had not made clear any exclusions or circumstances that would prevent you from claiming, you may have been mis-sold X Catalogue Store PPI policy.
- Were any enquiries made by X Catalogue Store if you had other PPI cover that would cover repayments?
  - X Catalogue Store has a responsibility to find out if you had sufficient PPI cover elsewhere.
- Were you pressured into purchasing the X Catalogue Store PPI policy?
  - X Catalogue Store 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 X Catalogue Store, 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 X Catalogue Store PPI term, you would not be covered by the X Catalogue Store PPI policy.
- Was it implied to you that X Catalogue Store PPI was necessary to get the finance?
  - If the finance sought was such that required a PPI policy, X Catalogue Store should have let you know that you could shop around to find and compare PPI cover or if you already had PPI in place, X Catalogue Store should not have sold you their PPI policy.
- Did X Catalogue Store PPI have an upper age limit, if so, were you older than it?
  - If X Catalogue Store 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 X Catalogue Store PPI, was it was shorter than the term of finance agreement? Did X Catalogue Store explain that there would also be a period of no cover towards the end of the finance agreement?
  - If X Catalogue Store didn’t explain that you would have a period of no protection during the term of the finance agreement, you X Catalogue Store PPI policy was mis-sold to you.

What could you claim from X Catalogue Store?

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