More time for PPI debt problems
01/06/2010People who are seeking debt advice after being mis-sold payment protection insurance (PPI) are being given more time to register their complaints.
The Financial Services Authority (FSA) has acted due to its own plans to revamp the way firms need to deal with new PPI complaints.
PPI is meant to help people who are suddenly unable to pay back previous personal debt due to unforeseen circumstances, such as unemployment or long-term illness.
In the most recent figures from the Financial Ombudsman Service (FOS), PPI complaints made up nearly a third of the total for 2009-10. This is largely due to the FSA ordering firms to reopen previously dismissed cases in September of last year.
The temporary rule only applies to people whose complaints were rejected between the end of November 2009 and the end of April 2010.
For those who saw their complaints rejected before then, seeking professional debt advice may be the best option to solve their financial problems.
Kevin Still, director of Atlantic Financial Management says: "There are a couple of aspects to consider when someone starts a debt solution like a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA) in respect of PPI cover on credit agreements.
"Firstly, did they attempt to make a claim and were rejected because they were ineligible and were at the time the policy was sold. And secondly, should the PPI premium and any interest associated with this be included in the opening debt balance the debt manager is acting upon."
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