What is payment protection insurance (PPI)?

PPI (Payment Protection Insurance) was intended to cover credit repayments, such as loans, credit cards and even mortgages, if you were unable to work due to illness or redundancy. The promise was that if you lost your job, fell ill, or unexpectedly ended up in a situation which meant you were not earning money any more, the insurance would cover your repayments.

PPI was also called Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover (Life & ASU), Mortgage Payment Protection Insurance (MPPI), Personal Loan Protection (PLP) or Credit Card Repayment Protection (CCRP). These policies were often sold alongside credit cards, loans and mortgages.

If you have a credit card, loan or mortgage then there is a good chance you were also sold a Payment Protection Insurance policy. In many cases lenders mis-sold these PPI policies and this entitles you to reclaim the PPI cost. If you have been mis-sold we may be able to reclaim £1,000s on your behalf.

There is nothing wrong with correctly sold PPI policies for those who need it. However it has recently come to light that millions of Payment Protection Insurance policies have been mis-sold by companies in order to boost their profit margins and improve the commission of the advisers, which is why many people are now entitled to a PPI reclaim.

A good sales process should fully inform you of the costs, advise you the policy was optional and can be bought from companies other than the original lender if they are cheaper. Give you full details and policy documents, ask about any pre existing medical conditions you may have had, ask about your employment status as you should be in employment at the time of taking out a loan or credit card and much more.

If you feel that you that you were mis-sold PPI check your credit card statement or loan agreement to see if it includes PPI as in some cases you may not know that you had taken on a form of PPI.

Our specialist PPI team can find out  if you have paid PPI on any of your loans, credit cards and mortgages, both past and present, and in most cases without any need for documentation or account numbers. This is useful if you think you may have PPI but have lost the paperwork and cannot remember your account numbers.

How do I start a claim?

You can print the claim forms from our website. Alternatively, you can send a request through our contact page and we shall post a claims pack to you. You can also call us on 0800 040 7778 or 0208 866 4543.

How long will my claim take?


It all depends on the complexity of the Claim. Based on our experience, the average claim takes between 2 to 4 months. 

Will I have any updates during my claim?


Yes, you will receive regular email updates at every important stage of your claim. You are also welcome to contact us at any time. 

What are the costs?


We have a fee of 12% Total Charge (10% Fee + VAT) on the gross compensation.There are no upfront fees.

How safe is my personal information?


Your information is safe with us; we do not pass on or sell data to any 3rd parties and our procedures fully comply to the Data Protection Act 1998. Your information will only be communicated to the companies involved in the particular claim.

How far back can you claim?


PPI has been mis-sold since the 1990’s and despite coming under Financial Services Regulation in January 2005 it continued to be mis-sold until around 2010. There is no limit on how far back you can claim.

How do I know if I’ve had PPI?


PPI on your statements or credit agreements may have been called Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover (Life & ASU), Mortgage Payment Protection Insurance (MPPI), Personal Loan Protection (PLP) or Credit Card Repayment Protection (CCRP).

What if I have no paperwork?


That’s OK. All we need are the names of the banks / lenders. We will write to them requesting details of your account and whether it has any associated PPI. Financial companies must keep records of all their customer’s transactions and dealings for 6 years from closing date of a policy. However, most of the high street lenders do have their own policies on keeping records and we often get accounts traced back to the eighties.

What if I can’t remember who my lenders were?


There are a number of free, trusted credit reference agencies that can provide a credit report which will reveal past lenders. 

What sort of accounts can I claim for?


We can help you get back PPI on Personal Loans, Secured Loans, Store Cards, Mortgages and Credit Cards.

I’m not sure if I had PPI with my loan?


The majority of loans taken out in the last 10 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.) 

Can I make more than one claim?


Yes….most people make several claims as they have had several Loans, Credit Cards and Mortgages that included PPI cover. 

Can I still make a claim even if the policy has expired?


Yes, even if you cancelled the policy or simply finished paying back the credit, you can still claim if the policy was mis-sold to you.

Can I complain even if I’ve actually claimed on the policy?


Even if your PPI policy has paid out in the past because you were unable to work due to sickness, accident, etc. it may still have been mis-sold and so potentially you can still make a claim. You should be aware, however, that any compensation may be reduced by the value of any claims already paid, and that this may mean nothing further is payable to you.

What if the company no longer exists?


If your PPI policy was taken out after 14th January 2005 we will take your claim to the Financial Services Compensation Scheme (FSCS). The FSCS is the UK’s compensation fund of last resort for customers of authorised financial services firms. They may pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This is usually because it has stopped trading or has been declared in default.