Credit card refund refused after unfulfilled contract.

[Deleted User]

Income protection is NOT PPI. As already noted, PPI is not retailed these days.

KeithP

Moneyineptitude wrote: »

Income protection is NOT PPI.

Can you please take a moment to explain to us what the difference is?

[Deleted User]

KeithP wrote: »

Can you please take a moment to explain to us what the difference is?

There is a whole section of this forum devoted to PPI reclaiming. PPI is no longer available (apart from mortgages ) precisely because it was so widely mis-sold.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Income protection is an entirely different type of insurance policy which covers different eventualities.

PPI covered a particular debt (usually a loan or credit card) and any payouts went to to the lender.

Income protection provides the holder of the insurance with a tax-free proportion of income if they are unable to work because of illness or injury.

Completely different insurances.

Only mortgage PPI (MPPI) is still retailed today.

unholyangel wrote: »

the financial ombudsman are not limited to where PPI was mis-sold - PPI is just another type of insurance/financial product which is regulated the same as the rest.

The Financial Ombudsman is unable to consider a "complaint" about an insurance firm becoming insolvent.

This thread is not about the purchase of PPI,though, I guarantee it.
It's about a Claims Management Company (CMC) and an upfront fee.

unholyangel

Moneyineptitude wrote: »

There is a whole section of this forum devoted to PPI reclaiming. PPI is no longer available (apart from mortgages ) precisely because it was so widely mis-sold.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Income protection is an entirely different type of insurance policy which covers different eventualities.

The Financial Ombudsman is unable to consider a "complaint" about an insurance firm becoming insolvent.

This thread is not about the purchase of PPI.

Actually, the FCA list PPI as one of the types of income protection available (with the other two being STIP & debt waivers).

Nowhere in that link you provided does it say PPI is no longer available. What you might be getting confused with is that the rules changed (from march/april 2012 I believe) so that a company can no longer sell you PPI at the same time that you take out a credit/loan agreement.

[Deleted User]

I'm not confused. Around 90% of my posts here are on the PPI reclaiming board.

This thread is not about PPI.

PPI is not what is now regarded as Income Protection.

I wonder if the OP will ever return?

wealdroam

Moneyineptitude wrote: »

The Financial Ombudsman is unable to consider a "complaint" about an insurance firm becoming insolvent.

Is The Financial Ombudsman Service able to consider a "complaint" about a credit card company refusing to provide a refund because the "service provider" has become insolvent?

Surely it doesn't matter who that service provider is, does it?

[Deleted User]

wealdroam wrote: »

Is The Financial Ombudsman Service able to consider a "complaint" about a credit card company refusing to provide a refund because the "service provider" has become insolvent?

Read back. That's not what was being discussed, I was responding to post #9

No real point carrying on with this discussion until the OP clarifies exactly what was purchased.

unholyangel

Moneyineptitude wrote: »

I'm not confused. Around 90% of my posts here are on the PPI reclaiming board.

This thread is not about PPI.

PPI is not what is now regarded as Income Protection.

I wonder if the OP will ever return?

PPI is one form of income protection. All PPI is a form of income protection, but not all income protection is PPI.

https://www.fca.org.uk/consumers/payment-protection-insurance-ppi-explained
https://www.fca.org.uk/consumers/income-payment-protection

PPI is still available for purchase. If you think the PPI being offered now isn't the same product that used to be offered then I'd really appreciate seeing something which explains the differences because as far as I can see it, the only difference is in how companies are selling it rather than a difference in the actual product being offered.

naedanger

KeithP wrote: »

Can you please take a moment to explain to us what the difference is?

The difference is explained here:

http://www.which.co.uk/money/insurance/income-protection-and-ppi/guides/income-protection/income-protection-explained

"Let's be clear - income protection isn't the same as the widely mis-sold payment protection insurance (PPI)."

[Deleted User]

This thread is NOT about a recent purchase of PPI.

No real point carrying on with this discussion until the OP clarifies exactly what was purchased.