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    • NHS worker
    • By NHS worker 11th Apr 18, 6:53 PM
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    NHS worker
    NHS worker
    • #1
    • 11th Apr 18, 6:53 PM
    NHS worker 11th Apr 18 at 6:53 PM
    I have been informed that I am due just over 1700 PPI compensation but need to pay 1000 in fees unless I take out life insurance then I can keep the entire compensation of 1700 is this legitimate? I have signed up to life assurance for 10 a month which was the minimum amount I could pay with the intention of cancelling the policy when the money is in the bank. Has anyone else been asked to do this to avoid paying fees? Thank you.
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    • dunstonh
    • By dunstonh 11th Apr 18, 8:53 PM
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    dunstonh
    • #2
    • 11th Apr 18, 8:53 PM
    • #2
    • 11th Apr 18, 8:53 PM
    I have been informed that I am due just over 1700 PPI compensation but need to pay 1000 in fees unless I take out life insurance then I can keep the entire compensation of 1700 is this legitimate?
    We need context.

    Life assurance is put in place by FCA regulated firms. Claims management companies have nothing to do with FCA regulation and operate under the ministry of justice. So, the two things should not be linked.

    I have signed up to life assurance for 10 a month which was the minimum amount I could pay with the intention of cancelling the policy when the money is in the bank.
    That may be a bad idea depending on the contract you have signed. It still leaves you liable for the money if you agreed this in your contract.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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