Financial Guru Required. PPI v PPP

[brucemillar]

Folks

I believe that I am entitled to claim back on mis-sold Payment Protection Insurance. So I duly wrote off to the lender and included all my documents etc and clearly stated my claim.

I got a super fast response that stated that I had bought a Payment Protection Plan (PPP) and not Payment Protection Insurance (PPI) so I had no claim.

What is the difference. The plan (if that is what it is) was a condition of the deal. It was never made use off.

I am concerned that my lack of understanding could see me accept this response as fact when it could just be a brush off.


Any help please?

PS: Yes I get calls every day telling me that I am entitled to claim this back and that company XX will do this for a no win no fee. I have no desire to go down that route.

 

[grober]

ACCORDING TO THIS THEY ARE THE SAME ! PPI or PPP - MoneySavingExpert.com Forums FOLLOW THE LINK IN THAT THREAD FOR MORE BACKGROUND ADVICE.- ALTHO THE DEVIL MAY BE IN THE SMALL PRINT? Might help to say who the lender is if others have experienced similar responses or do a web search for other claimants experience with that particular company.

 

[brucemillar]

Grober

Many thanks. I think I now understand what is happening here. On my letter to the bank I referred to PPI. The bank have responded saying that they did not sell me PPI (that would be true) they did sell me PPP. So I will now write back (same letter) but state PPP.

 

[MOCAŠ]

ACCORDING TO THIS THEY ARE THE SAME ! PPI or PPP - MoneySavingExpert.com Forums

Seems "the one and only Dizzy Di" isn't too sure of her facts, though...

Difference between PPP & PPI - MoneySavingExpert.com Forums

 

[brucemillar]

I think that there is probably general confusion around these products. This confusion will no doubt be to the benefit of the banks who can exploit us in the same manner that they "sold" us the cover in the first instance. In my case I was told it was conditional on getting the funds. I am now told that was not legal and constitutes mis-selling.