PPI Frequently Asked Questions
What is PPI?
PPI (or Payment Protection Insurance) is a product sold alongside loans, mortgages, credit cards and other financial agreements. It worked as a form of cover in cases of Accident, Sickness and Unemployment – where you can no longer afford to repay your lender.
These policies are also known as Accident, Sickness and Unemployment policies or Loan Protection Insurance. You may find them referred on your statements as Payment Break Plans, Payment Shield, Cover Safe, ASU or ASUR.
How do I know
if I have PPI?
Your Bank or Loan statements should list ‘PPI’ as a separate charge and so this is the quickest way to find out if you have a PPI policy. This may not apply to cases such as single premium PPI, so if you are unsure or cannot locate or understand your statement please contact us and we will help clarify for you.
Will my claim affect my relationship with the Bank?
No. If you have been mis-sold a product then you are fully entitled to claim back your money. Banks now accept that many of these policies were not the correct product for their customers, and so reclaiming your PPI will not affect your relationship with your Lender.
How long does the
Many cases are dealt with within 8-16 weeks of the Bank receiving your complaint. The Financial Conduct Authority (FCA) insist that all cases are investigated within this time frame, but if your Bank fail to meet this deadline then we will liaise with the relevant authorities (Financial
Ombudsman Service) to ensure your claim is resolved as quickly as possible.
Can I make a claim myself?
Yes you can. You can contact your Lender directly and then the Financial Ombudsman, if required, regarding a mis-sold PPI policy.
Can I claim if I am in a debt management plan?
Yes, we can still investigate your case if you are in a DMP. If your award is offset against any arrears or debts by the Lender, our fee can be added to your DMP. If you receive the funds you can pay our fee and spend the remaining money how you choose.
What can I recover?
My Money Claims can recover all the premiums you have paid together with any additional associated interest.
What if my loan is already paid off?
You can still claim in these circumstances. Please telephone us for specific advice.
Why should I opt to process my Claim with a Solicitors rather than a Claims Company?
A number of Claims Management Companies have a reputation for badgering Clients with unwanted Texts and Telephone Calls. We are regulated by the SRA (Solicitors Regulatory Authority) and such practises are not permitted. We also do not charge any upfront Fees and have streamlined our overall Fees to 20% plus VAT for successful Claims. Our Claims are processed on a ‘No Win, No Fee’ basis.
I don’t have any paperwork, can you still help?
Yes - the paperwork relating to your Claim is important but not always essential. If you don’t have it we can usually get it from the bank directly, so you can still make a Claim
Why should I submit my Claim now?
The Financial Conduct Authority has announced proposals to set a time limit for outstanding PPI Claims. After Spring 2018 anyone with an outstanding claim would not be able to claim, so it is best to act now.