FAQ’s
We have tried to answer the questions that you may have below but if you have any other questions please feel free to contact us. We will update this page with others questions so please come back and check if you cannot find the answer you are looking for at this time.
What is PPI?
PPI (Payment Protection Insurance) is an insurance product sold when taking out a loan, mortgage, credit card or other financial agreement.
PPI covers the policy holder for their monthly repayments should they suffer an illness, lose their job or any other situation which results in the policy holder not being able to earn money to meet their commitments.
How can I tell if I have PPI?
In most cases, your loan or bank statement will have a separate charge listed under ‘PPI’. However, if you had a single premium PPI this may not be apparent from your statement, but should be clearly shown on the original loan agreement.
Please ring one of the team on 01242 370 848 should you have any questions or would like us to ascertain whether PPI had been/is being paid on your account.
How can I reclaim my mis-sold PPI?
Whilst you are entitled to lodge a complaint on your own behalf, experience has shown that because the process can be so time-consuming and complex, many applicants become discouraged and give up, or the lender may try to make an offer in settlement which is far short of the true entitlement.
Our team has been helping clients to get the most back from lenders for nearly 4 years and has helped hundreds of clients to get the redress they are entitled to.
How were the banks and other lenders mis-selling PPI?
In many cases the banks and other lenders were selling the PPI to a consumers without fully explaining what the policy covered therefore mis-informing the consumer.
In worst case scenarios it was being sold as compulsory to enable the consumer to gain the loan, credit card or mortgage from them. In other cases it was just simply added on without the borrowers consent.
Not all PPI policies were mis-sold though, this means that even if you did have a policy you may not be entitled to a refund.
How much compensation could I be due?
There is no definitive figure and is always on an individual case by case basis. It is all dependant on how much you have paid towards the policy and the duration of the policy.
Not all PPI policies were mis-sold, this means that even if you did have a policy you may not be entitled to a refund.
What will the Financial Ombudsman Service do ?
The Financial Ombudsman Service (FOS) can look at your case if the claim is defended. They received on average 100,000 PPI complaints last year and upheld approximately 75% of these claims in favour of the consumer.
The FOS can take up to 18 months to 2 years to provided their final response due to the large amount of complaints being received by them on a weekly basis.
You have 6 months from the date of the Final Response from the lender to take this to the FOS.
Last Updated: 1st April 2019