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how do I work out if i have a 'single' or monthly PPI premium?
chrisbigmouth
Posts: 5 Forumite
as the title says really....
the FOS questionaire asks in B.5
'How did you pay for this insurance?'
with a one off single 'premium' paid up front
with a 'premium' paid each month
not sure
I did have a quick search for it, but couldn't find an obvious answer, so I though doing it this way would allow it to come up in any future searches.
many thanks, Chris.
the FOS questionaire asks in B.5
'How did you pay for this insurance?'
with a one off single 'premium' paid up front
with a 'premium' paid each month
not sure
I did have a quick search for it, but couldn't find an obvious answer, so I though doing it this way would allow it to come up in any future searches.
many thanks, Chris.
0
Comments
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do you have a direct debit going out of your account each month to it (if MPPI)? Or is the payment being deducted from the loan/credit card on a monthly basis on your statement?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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chrisbigmouth wrote: »as the title says really....
the FOS questionaire asks in B.5
'How did you pay for this insurance?'
with a one off single 'premium' paid up front
with a 'premium' paid each month
not sure
I did have a quick search for it, but couldn't find an obvious answer, so I though doing it this way would allow it to come up in any future searches.
many thanks, Chris.
Hi there
A single premium is like having 2 loans in one to think of really, but the ppi added to the loan is a single monthly payment.
What details do you have of your loan ppi?
Do you have the policy booklet details?The one and only "Dizzy Di"
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I only have one payment that goes out each month, which pays the loan & the PPI together.
so iguess that makes it a single payment then?0 -
chrisbigmouth wrote: »I only have one payment that goes out each month, which pays the loan & the PPI together.
so iguess that makes it a single payment then?
Not necessarily. It the payment is then split on receipt to cover the PPI and the loan payment then its monthly.
If you have had a statement on the loan, you can check that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
unless the reason that you are claiming the policy was miss-sold is due to it being a single sum premium, then just put down "not sure".
The FOS will understand that some people will not know the exact ins and outs of PPI (hence why they created this questionnaire)We've spent decades teaching people about their rights, but nothing about their responsibilities.0
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