Frequently Asked Questions
PPI is Payment Protection Insurance but it is also known by lots of other names such as:
- ASU (Accident Sickness Unemployment)
- MPPI (Mortgage Payment Protection Insurance)
- Loan Protection Cover
- Redundancy Cover
- Card protector
It’s a form of insurance that can be purchased alongside a loan, credit card, card finance or mortgage. The idea is that the policy covers the repayments on the credit in the event that you are unable to do so due to illness or unemployment.
In principle there is nothing wrong with this type of insurance, indeed it’s been around for decades. The problem however is that it’s very often mis-sold because it is unnecessary, overpriced or unsuitable.
Take a look at our checklist. Can you answer YES to any of the questions? If so you may have grounds to make a claim for redress:
- Were you told or sold the wrong thing?
- Did you even know you had been sold PPI?
- Where you unemployed or retired when you took out the loan or credit card?
- Were you self-employed when you took out the borrowing?
- Did you have any medical conditions when you bought the PPI? Most policies don’t allow you to claim for help due to pre-existing medical conditions. Were you even asked whether you had any pre-existing medical conditions? Did you know about the exclusions?
- Were you told that your loan/credit application would only be accepted if PPI was included?
These are just a few examples of situations that indicate mis-selling. If you are unsure then please contact us for no obligation advice.
That’s not surprising with so many people being sold PPI without their knowledge. If you suspect that you may have been sold PPI then contact us, let us know you’re unsure and we can find out for you.
Quite simply there is a good chance that you do have PPI because the majority of loans taken out in the last 15 years included some form of Payment Protection Insurance. Payment Protection Insurance is also known as Personal Loan Protection (P.L.P.), Mortgage Payment Protection Insurance (M.P.P.I.), Accident Sickness and Unemployment Cover (A.S.U.), Life & Accident, Sickness and Unemployment Cover (Life and A.S.U.), or Credit Card Repayment Protection (C.C.R.P.).
Absolutely not! We work on a “no win – no fee” basis so provided you help us with any information we need we only get paid if we are successful in your claim.
As specialists in recovering redress for the mis-selling of financial products, we are happy to manage claims on all types of products.
We have settled claims within just a few weeks but they can take up to 8 months or longer sometimes depending on their complexity. As you may expect every case is different and as such, payout times will vary.
Yes, as long as you have not taken your case to the Financial Ombudsman Service, we usually can help. We will tailor our service to each individual claim, whatever stage of the claims handling process it has reached. Even if your complaint has been rejected, we can often still pursue compensation but please remember you will need to get the claim to us within 6 months of the lender rejecting your complaint.
We generally deal with policies sold within the last 12 years. Banks and lenders must keep records of all their customer’s transactions and dealings for the past 6 years.
This varies depending on how many policies you have, how much you borrowed, how the policy was mis sold and how much the insurance provider charged you for the worthless cover. The Financial Services Authority believe the total compensation needed to refund mis sold PPI borrowers is close to £4billion.
YES, most people make several claims as they have had several Loans & Credit Cards over the years.
YES, whether you cancelled a policy or finished paying back the loan, you can still make a PPI refund claim.
YES, even if you’ve made a successful insurance claim through the policy, you can still make a PPI refund claim although the lender may be able to deduct any benefits you have already received. Don’t worry we can advise you on the correct compensation figure in those circumstances.
Details of our payment terms are fully explained within our agreement with you. If you have any questions regarding payment, then do not hesitate to contact us.
Probably not. Your IVA sets the minimum that the banks are prepared to settle for and not the total. Therefore you are obliged to notify the IVA Supervisor of money you receive. Generally we handle the administration of funds to your I.P.
Your Insolvency Practitioner will introduce these funds into the IVA as a windfall. The settlement will therefore be divided proportionally amongst your creditors.
It will depend on the instruction received from your Insolvency Practitioner. We are happy to continue taking instructions after the completion of your IVA.
Our involvement will not affect your current agreement with your banks. You are protected by your IVA and the banks cannot start pursuing you for the full amount again.
You should forward any letters that the bank sends to you to our offices.
Typically we will cover the whole process and all that the insolvency practitioner will have to do is administer the settlements we accumulate into the IVA fund.
When we have a successful PPI claim we instruct the creditor to make payment direct to the Insolvency Practitioner either by cheque or by electronic transfer. We will then send an invoice to your Insolvency Practitioner detailing the payment recovered.