Payment Protection Insurance (or PPI as it is commonly known) is a type of insurance that is usually sold in connection with loans, credit cards, mortgages or other finance agreements. Your bank or lender may refer to PPI as Loan Protection Insurance (LPI), Accident, Sickness and Unemployment (ASU) insurance or Payment Cover, but it’s exactly the the same thing.

It’s a short term insurance and is designed to pay out a sum of money to help cover the cost of your monthly repayments on your finance agreement if you become unable to work. This could be due to an accident or sickness, or if you are made unemployed through no fault of your own. Some PPI policies also include life cover and critical illness cover.

PPI is big business for the financial businesses selling it; each year the industry generates gross premiums in excess of £5 billion. Statistics reveal that only 15% of PPI policyholders ever make a claim. When they do claim, nearly 85% are rejected.

However, PPI is not the problem. Rather, it is the way in which PPI has been sold to consumers that is the problem. The Financial Services Authority has already handed out total fines in excess of £10 million to several financial businesses for mis-selling PPI to their credit card, personal loan and mortgage customers.

Many of the financial businesses selling PPI failed to highlight the key eligibility criteria to their customers at the point of sale. They also failed to draw attention to the significant exclusions and restrictions under the PPI policy. For instance, many PPI policies were sold to consumers who were not even eligible to claim under the policy, such as the self-employed and retired. These people were, in effect, paying for an insurance they could never claim on.

If you have a valid claim, you can reclaim all your PPI premiums actually paid, with interest. In addition any further PPI premiums due will be written off. The average claim value for mis-sold PPI is £2,500.

You can still claim even if you have repaid your loan, credit card or mortgage.

No. The regulator of the financial services industry does not allow any bank or lender to treat a customer differently or unfairly if they make a claim.

However, you should be aware that if your claim is successful your PPI will be cancelled.

Yes. We will need you to complete a Claim Pack that will enable us to determine on what grounds, if any, your PPI policy was mis-sold. Use the form above to request a Claim Pack to be posted to you. We also need you to provide documentary proof of PPI.

Proof of PPI

We can only act on your behalf if you have proof you purchased Payment Protection Insurance (PPI) – this will usually be on a credit agreement, monthly statements or other paperwork linked to your loan, credit card or other finance agreement.

Why do you need proof of PPI?

Without proof of PPI your bank or lender will not be obliged to investigate your claim(s) for compensation. Therefore, unless you can provide us with evidence that you purchased PPI, we will be unable to act on your behalf.

In view of this, please do not request a Claim Pack unless you are able to provide us with documentary proof of PPI.

What if I don’t have proof of PPI?

As you would expect, banks and lenders are often reluctant to help us, as they are aware that once they provide proof of PPI it is likely we will present a claim for compensation on your behalf.

If you do not have proof of PPI for all or some of the claims you wish to make, it is much quicker for you to obtain proof yourself.

Check your paperwork, bank accounts, online banking facility and statements to prove you purchased PPI. If you are unsuccessful, contact your bank or lender and ask them for details. Don’t be fobbed off – you are entitled to this information in accordance with the Data Protection Act 1986.

Once you have obtained proof of PPI we will be pleased to act on your behalf. Upon completion of our Claim Pack we will submit a robust claim for compensation to your bank or lender if we believe you have strong grounds to claim the PPI policy was mis-sold.

Once we receive a completed Claim Pack and proof of PPI we will determine if you have valid grounds to make a claim. If we think you do, we’ll start your claim immediately. From that point it normally takes between 8 to 12 weeks until your claim is settled and compensation paid.

You should beware of other companies offering a similar service that promise a result in a matter of weeks, since such a time scale is highly unlikely. Under financial services regulations, banks and lenders have up to eight weeks in which to respond to the initial claim. In our experience, banks and lenders usually take at least eight weeks to respond, as they are entitled. Depending on the response we receive, there could be a further delay after that eight week period if we have to argue your case and/or enter negotiations about the level of compensation due to you.

Our claims management services are provided on a ‘No Win, No Fee’ basis. Unless we win you compensation, you don’t pay us a fee. It’s that simple. There are no hidden charges or up-front fees for you to pay.

Our success fee for PPI claims is a very competitive 20% of the total compensation payment or monetary benefit we win on your behalf (inclusive of VAT). There’s nothing for you to pay until your claim is won and compensation settled.

Using a professional claims management company to handle your claim for compensation makes sense. The rules covering the financial services industry mean you only have one chance to make a claim. If it’s rejected you become ineligible to make the same claim again.

As financial claims experts, we work closely with banks and lenders, and understand the processes involved in reaching the best outcome for our clients.

• We’ll handle the whole claims process for you including all the paperwork
• We’ll deal with your bank or lender for you and won’t be fobbed off
• Using our knowledge and expertise we’ll fight hard to win you maximum compensation
• We’ll let you know in writing how much compensation we have won on your behalf
• Our success fee for PPI claims is a very competitive 20% of the total compensation payment we win on your behalf
• There’s nothing for you to pay until your claim is won and compensation settled
• If your claim is unsuccessful there is no charge whatsoever