Payment Protection Insurance
What is PPI?
PPI (Payment Protection Insurance) is insurance to cover your payments on a loan, credit card, mortgage or other product should you become sick, unemployed or suffer an accident.
What types of loans are covered by PPI?
Car finance, mortgages, bank and building society loans and credit cards are all products that frequently come with PPI attached.
Why Can I make a claim?
Generally PPI insurance has been found to have been mis-sold by the Financial Services Authority in a number of cases. If it was mis-sold to you then you can make a claim to get back the proportion of your monthly loan or credit-card payments that represented the PPI payments, plus interest. There are many reasons why PPI may have been mis-sold to you in the first place but the main reasons behind making a claim are if you were not in full-time employment at the time you took out the loan, if you were told that the cover was compulsory or if you were not even made aware that you had the cover, or if the true over all cost of the PPI was not clearly stated to you. Our claim pack has a full check list of reasons.
Can I still complain if I no longer have the policy?
You can as long as you still have the policy or loan details and you did not get any payout of benefits under the policy while it was in force. You can request this information from your bank or lender.
If I complain will it affect my policy?
Yes. In the majority of cases, what we are complaining about is the fact that you should not have been sold the policy in the first place because it was not right for you. If we are successful with your complaint, your compensation will be a full refund of all your premiums plus interest and your cover will cease.
How long does it take?
This will all depend on how long the loan or credit-card companies take to respond to us. We work closely with a panel of solicitors who will act on your behalf if the bank or lender fails to comply with FSA guidelines for dealing with complaints – usually 8 weeks.
How much will it cost me?
Our service is results based. You will only be asked to pay our 15% fee if you receive a refund or settlement from your bank. If you are refunded £1000.00, our fee will be £150.00 leaving you with a refund of £850.00
How do I start my claim? You can either print your form from our downloads page or call a claims advisor on 08700 421 24 7. We will send you our standard agreement form to sign and return.
Can I claim myself?
The simple answer is Yes. If you have the time and confidence to manage your own claim and you are confident that you will be able to maximise your settlement, yes, you can do this yourself. Our claims handlers and expertise in these claims mean we know how the banks react and we also know if your refund is full and correct and includes interest. And if the banks do say no, our solicitors will take on the claim at no cost to you. They claim their legal fees from the bank or lender.
Download your claim pack now! CLICK HERE
Claim Checklist - Are any of the following applicable.
SUITABILITY CHECKLIST
When you were sold the policy your advisor should have made sure that the payment protection insurance was appropriate for your circumstances at the time the advice was given. Please select() if any of the follow- I was not in work or self employed at the time of sale. Please click here to download the required documents.
- I was told that you had to take the PPI out at the same time as the loan. Please click here to download the required documents.
- I was not asked whether I had any other insurance which would cover the loan. Please click here to download the required documents.
- I was not told I could buy PPI elsewhere to cover the loan. Please click here to download the required documents.
- I was sold a policy which had age restrictions which I fell outside of. Please click here to download the required documents.
- I was led to believe that Payment Protection Insurance was compulsory. Please click here to download the required documents.
- I was told that I would stand more chance of getting the loan if I took the PPI. Please click here to download the required documents.
- It was not explained to me that there were certain exclusions within the policy. Please click here to download the required documents.
- I was pressured into buying the PPI. Please click here to download the required documents.
- I paid upfront for the PPI but it was not explained, that I could pay monthly. Please click here to download the required documents.
- My PPI was an upfront premium and I paid the loan early and received no refund. Please click here to download the required documents.
- You increased your loan and the PPI was increased automatically. Please click here to download the required documents.
- The Terms & Conditions of the small print were not fully explained to you.
Please click here to download the required documents.
''We are taking the matter very seriously and would like to apologise to any customers who have been affected''
Egg spokesman