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New PPI Claim
pxmartin
Posts: 4 Newbie
I am filling out a form to reclaim PPI and one question asks the reason for borrowing the money. Why does this matter ?
Thanks
Thanks
0
Comments
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It could impact the suitability of cover.0
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Thanks for the reply, but can you explain a bit further please.
Thanks0 -
Some reasons for borrowing may mean cover wouuld be suitable, some not.
Eg borrowing for investments, means you could potentially liquidise the asset quickly if you lost your job.
Borrowing to buy One Direction tickets wouldn't offer the same opportunity.0 -
You may also be borrowing the money to pay off another loan which had PPI on it. This can create a chain of loans which need looking at.
These questions exist for a reason. They are not on there for fun.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 -
If you want to maximise your chances of success, then simply fill in the form fully and completely. If there are questions for which you can provide no answer (or can't remember) then it's acceptable to write that you don't know. Remember that the form questions are not trying to somehow catch you out. Providing as much information as possible will help the Bank to fully investigate your complaint properly.Why does this matter ?0
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