PPI – Glossary Of Terms

Not everyone is financially astute, and some of you out there may be put off from making a PPI claim as you can’t get to grips with the jargon. Thankfully, by allowing missoldppiclaims.info to handle your submission there’s no need for you to know your IFA from your IVA, however here’s a handy guide to ‘what means what’, should you ever need to know:

APR: The amount of interest a company charges (stands for Annual Percentage Rate)
Arrears: Amount relating to missed payments to your creditors
ASRI: A type of PPI (stands for Accident, Sickness, and Redundancy Insurance/cover)
ASU: A type of PPI (stands for Accident, Sickness, and Unemployment Insurance/cover)
Balance Transfer: Movement of entire balance from one credit/store card to another (usually in pursuit of a 0% interest rate)
Bankrupt: A formal insolvency procedure to cancel debt
Broker: A 3rd party that arranges finance or insurance
CCJ: Country Court Judgement
CCI: A type of PPI (stands for Credit Care Insurance)
Claim: An action to sue for money
Claims Pack: PPI Reclaim pack which requires completing before a claim can proceed
Credit Card Number: The 16 digit number in the centre of your credit card
Debt Management: A programme to help consumers control their credit
Default: To make a late payment (normally 30 days late after the pay due date)
Direct Debit: Monthly payment facility that provides protection to the customer from any company directly accessing their personal bank accounts
Employment Status: Self-employed or employed, retired, disabled, unemployed or a student, for example
FOS: Financial Ombudsman Service
FSA: Financial Service Authority
GISC: General Insurance Standards Council
IFA: Independent Financial Advisor
IPI: A type of PPI (stands for Income Protection Insurance)
IVA: Individual Voluntary Arrangement
LASRI: A type of PPI (stands for Life, Accident, Sickness, and Redundancy Insurance)
LASU: A type of PPI (stands for Life, Accident, Sickness, and Unemployment Insurance)
Letter of Authority: Letter granting a party right of access to personal information, such as bank account details
Letter of Engagement: Letter granting a party the right to represent you in a legal capacity
Loan Agreement Number: Unique reference that identifies yourself with the financial institution/lender/issuer of the loan
LPI: A type of PPI (stands for Loan Protection Insurance)
Mortgage Broker: A company acting on behalf of a mortgage lender
MPI: A type of PPI (stands for Mortgage Payment Insurance)
Premiums: The amount you pay each month or year, to service a debt
PPI Calculator: An online tool to calculate how much PPI compensation you may be owed
SAR: Subject Access Request
Single Premium: A PPI policy that is charged upfront as a large payment
Store Card Finance Account Number: Relates to a retail operator credit facility which may be a loan or credit account card

Hope that clears things up. If you’d still rather get an expert on the case, contact our 24/7 PPI claims hotline on 0800 043 2027.