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FAQs

About PPI

  • What is 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.

  • Why should I claim?

    The Financial Services Authority (now the Financial Conduct Authority) found that PPI was frequently mis-sold by lenders throughout the UK. By the middle of 2008, 20 million PPI policies existed in the UK and an estimated 7 million were being added to credit agreements every year. This suggests that over 70% of the UK could have been mis-sold a PPI policy at some point in time. It has been reported that as much as 40% of policyholders did not know that the insurance had been attached to their loan, credit card or mortgage. In fact, our own figures indicate an even higher figure.

    Figures from the Financial Ombudsman Service (FOS) for April to June 2013, show that in almost 8 out of 10 cases that had been referred to them the lender had wrongfully rejected a PPI claim.

    If you were one of the millions of UK consumers who took out some form of credit in the last 20 years or so (the earliest recorded case was 1992), you may well have been mis-sold a PPI policy – and in some cases you may not even be aware of it!

    At Financial Claims Made Simple we’re experts at finding out if you were.

  • Why was PPI mis-sold?

    In the 1990’s sales staff at high street banks and financial companies started to be strongly incentivised to sell the hugely profitable PPI whenever possible. Many were under so much pressure to attain ‘points’ and hit daily targets that they lost sight of the regulations governing the way these products should be sold. By January 2005, after significant press coverage, the Financial Services Authority (FSA) stepped in to start regulating the sale of PPI.

    There were many ways PPI was routinely mis-sold to customers, but the four most common reasons we have found are:

    1) The bank said you had to have it.

    Sometimes banks/lenders told customers that the policy was necessary or they wouldn’t get the loan. Sometimes they just didn’t tell customers it was optional, and sometimes they said something like, ‘Head office won’t like it, you’re more likely to get the loan with it’. All of this was nonsense, and if this was your experience then your policy was undoubtedly mis-sold.

    2) It just appeared on loan documents without customers asking for it. Often it was added sneakily without being properly discussed. You might even have it without knowing! Luckily we are experts at finding so called ‘hidden PPI’.

    3) It was unsuitable in some way. It might have been unsuitable in one of three ways:

    i) Unsuitable for you. These policies rarely adequately cover the self-employed, part-time or contract worker. If you were not in employment at all or if you had a prior medical condition you thought you were covered for, or if you would have reached retirement age whilst the policy was active, it is likely to have been unsuitable and was mis-sold.

    ii) Unsuitable for the duration or holders. Most policies cover you for five years, yet sometimes the credit agreement is for longer. If that was the case, the policy was unsuitable and was mis-sold. Sometimes the policy only covered one person even though the credit agreement was in joint names.

    iii) Unsuitable for the credit purpose. If you borrowed the money as a consolidation loan, (one taken out to pay off other loans or credit-cards) and you were sold a single-premium policy (a single payment added to the loan amount) then it is highly likely to have been mis-sold. These policies are so inflexible that you end up seriously out-of-pocket if you extend or re-consolidate the loan later on – so they’re not suitable.

    4) It was really, really expensive. Some policies on credit agreements are so expensive that you would barely get your money back if you were to claim on it, even if you were ill or unemployed for the maximum amount of time possible. Some policies on credit-cards are so poor that they only pay enough off each month to cover the PPI itself! In either case the policy could never truly benefit you, so it was mis-sold.

  • How can I spot PPI payments?

    If you had PPI on a credit card it should be clear from your statements. It was typically charged monthly and should be itemised.

    If you had PPI on a loan or mortgage it is likely to be on your original agreement.

    PPI 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).

    If you are unsure, give a quick call to one of our experts on 0333 212 2029 and they can tell you what your lender might have called it and which paperwork to find it on.

    If you don’t have any of your original paperwork or statements, don’t worry, we are often able to obtain them by submitting a ‘Subject Access Request’ to your lender on your behalf. Just give us a call on  and we’ll explain everything in plain English.

  • Are there alternatives to PPI?

    Yes there are a number of alternatives available to you depending on your personal circumstances and the purpose for which its required. We would strongly suggest you take advice from an Independent Financial Adviser who is regulated by the Financial Conduct Authority (FCA).

About Financial Claims Made Simple

  • Why choose Financial Claims Made Simple?

    • No forms to fill-in. We take care of everything from start to finish.
    • 94% Customer Satisfaction rating through independent sampling by Feefo
    • 24/7 progress tracking with our online claims tracker
    • No Win, No Fee, No exceptions
    • No paperwork, No problem
    • Proven expertise with over £45m reclaimed for more than 10,000 customers since 2007

    People chose us because we’ve made financial claims so simple!

    We simply make your life easier by doing all the work for you. When you phone us you’ll get through to someone who fights financial claims all day long, and not a call-centre employee reading a script from a computer screen.

    We’re one of the most experienced companies around. We started recovering mis-sold PPI back in 2007 and so far we have recovered over £45 million pounds for our customers.

    We never hide any charges in our small print and never ever take any money up-front. When we make a promise, we keep it – like our ‘No Win, No Fee, No Exceptions’ promise and our ‘Never out of pocket with us’ guarantee.

    We know that customers need to trust the company that’s helping them to make a claim and that they don’t want any nasty surprises at the end of the process. We are proud of our 94% customer satisfaction rate and what it represents – the value of putting our customers first.

    Financial Claims Made Simple uses Feefo – the Global Feedback Engine, to generate our customer feedback. Feefo is a closed invitation only platform, thus guaranteeing every single review we have received is matched to a genuine customer who has transacted with us. We remain committed to providing the best customer experience to every customer and it is through a transparent feedback process that we truly understand what we really do right and, sometimes, wrong. You can be sure that our reviews, because of our relationship with Feefo, are the opinions of genuine customers.

  • What are your opening times?

    New Enquiries and On-going Claims: 9am – 6pm Monday to Thursday and 9am – 5.30pm on a Friday.

  • What is your fee?

    We charge 20%+vat of any money we get back for you. No win, no fee, no exceptions. We never, ever, charge a penny if we don’t get your money back.

    We don’t charge for ‘disbursements’. Disbursements are additional fees companies might incur along the claims process, and can cover legal fees and requests for loan documentation under the data-protection act. It means you get charged more on-top-of the percentage fee. We don’t charge for anything else; just the percentage on the total money reclaimed.

About Your Claim

  • How long will it take?

    Once we have sent our letter of complaint it will typically take your lender around 8-12 weeks to investigate your claim and reach a decision. However if we need to raise an appeal with the Ombudsman it can add many months to the process, although you should note that a majority of PPI cases referred to the Ombudsman are awarded in the consumer’s favour.

    Please note that if you do not know who your lenders were or what the policy numbers are it can take up to 12 weeks to track these down before we can assess your eligibility to claim and make our complaint.

  • 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).

    If you are unsure, give a quick call to one of our experts on 0333 212 2029 and they can tell you what your lender might have called it and which paperwork to find it on.

  • How much will I get back?

    The method used to calculate compensation can be very complex, but it usually consists of a refund of the PPI premiums you have paid, plus interest at 8% (gross). Further compensation may be awarded if you have paid additional interest on your loan, credit card, mortgage or overdraft as a result of the PPI.

    You can use the link to our PPI Claim Calculator at the top of the page to see how much you might be entitled to.

    In 2015 our average customer got £2,334 back after paying VAT and our fee. Our largest claim was £41,302 for the customer after paying VAT and our fee, which was settled in 8 weeks.

  • Why shouldn’t I just make a claim myself?

    We realised right from the beginning that people deserved to have the right to appoint an expert to deal with their claim. Of course you could do it yourself, but who wants to spend their weekends trawling through paperwork, writing long letters to their bank, filling out questionnaires and so on? Furthermore, who really has time for that?

    We also understood that people wanted a company that would do everything for them and ensure that they don’t have to lift a finger. That’s why we put together a team of real experts (and more importantly real people) who will manage the entire process, from filling out all the paperwork for you and even searching through years worth of records to track down hidden PPI through to ensuring that the compensation you are offered is appropriate and fair.

    However, if you do wish to do all the work yourself the Financial Ombudsman Service (FOS) offers a free and impartial advice service for consumers.

  • What happens if I’ve missed repayments?

    If you have missed any payments on the loan, credit card or mortgage which you are claiming for, your lender will use any compensation awarded to clear the arrears first before they make any payment to you.

    This means that we are only able to help with any claims where your arrears are less than £500.

    However, please note that even if your claim is not one that we can help with, you may still be able to pursue matters yourself. The Financial Ombudsman Service (FOS) offers a free and impartial advice service for consumers. We would also recommend that you speak to a specialist debt advisor about your financial situation.

  • I am currently in a Debt Management Plan

    Can I still claim?

    YES – Being in a debt management plan (DMP) does not usually affect your right to make a claim. However, depending on the terms of your agreement with the debt management company you should be aware of the following:

    1. You may be obliged to inform your debt management company about the claim and any compensation that you are awarded.
    2. If the loan, credit card, mortgage, overdraft or other account you are complaining about was included in the DMP, your lender may automatically deduct some or all of the compensation and pay it to your debt management company.
    3. If it was not included, then you may still be obliged to make a payment to the debt management company from the compensation.
    4. Depending on how much compensation is awarded and how much you still owe, you may not actually be left with any cash once the debt management company has been paid and our invoice has been settled. However you will still have benefited from making the claim because your outstanding debt will have been reduced.

    Will you take my claim on?

    YES – If you are currently in a Debt Management Plan and have an outstanding debt of £500 or less (or no more than 3 months’ worth of repayments remaining) then we may be able to take on your claim. Please note that you will be required to sign a customer declaration & agreement confirming that you have informed your debt management company before we can start work on your claim.

    Please also note that even if your claim is not one that we can help with, you may still be able to pursue matters yourself. The Financial Ombudsman Service (FOS) offers a free and impartial advice service for consumers.

    Will I have to find money from my own pocket to pay your fee?

    NO – We are committed to ensuring that our customers always benefit from making a successful claim with us and never end up in a worse financial position. If the amount of our invoice is more than the amount of compensation left over after the debt management company has been paid, we will cap our fee and reduce the invoice so that you do not need to find money from elsewhere to pay our bill. Although this means you would not be left with any cash, you will still have benefited by reducing your outstanding debt.

     

     

     

     

  • I have an IVA or have been declared bankrupt, can I still claim?

     

    If you are going through or have recently been through an IVA or bankruptcy, you must speak to your insolvency practitioner or debt advisor before making a claim.

    Sadly, we are unable to help you make a claim unless you are up to date with your agreed repayments.

    However, please note that even if your claim is not one that we can help with, you may still be able to pursue matters yourself. The Financial Ombudsman Service (FOS) offers a free and impartial advice service for consumers.

     

  • I’ve already started a claim myself, can you take it on?

    Yes, so long as you have not yet taken your case to the Financial Ombudsman Service and you contact us within six months of receiving a rejection letter from your lender we may be able to help. Please be aware that if we are successful in appealing your claim our full fee will be payable on any compensation awarded.

  • What if I have no paperwork?

    No problem. If you let us know who your lenders were, we can issue a Subject Access Request instructing your lenders to send us the information we need to assess your claim. Financial companies must keep records of all their customer’s transactions and dealings for the past 6 years. If your credit was paid-off more than 6 years ago your lender might not have any records to send us. Having said that we have made successful claims on loans taken out as long as 20 years ago. If you’re still paying off an old agreement or paid it off within the last 6 years, we stand a good chance of obtaining the information we need to be able to make a claim.

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

    We recommend using the UK’s most trusted credit reference agency, Experian. They are currently offering a 30 day trial of their CreditExpert credit report*. This report often reveals past lenders you have since completely forgotten about!

    *A monthly fee of £14.99 applies after your 30-day trial. If you choose to cancel during your trial, you will not be charged.

  • 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.

  • How will this affect my relationship with the lender?

    Your relationship with the lender should not be affected in any way. It is the duty of the lender under the Financial Conduct Authority’s “Treating Customers Fairly” (TCF) initiative alongside the Banking Code to ensure all customers receive fair treatment irrespective of any complaints they may have made. The FCA takes a very serious view on this subject stating, “TCF remains a vital part of our supervisory approach and as such, it has been fully integrated into our core supervisory work. This will help to safeguard the legacy of the significant effort made by the FCA and by firms on their TCF programmes, in terms of improved outcomes for consumers. Where we find failings, we will use our full range of regulatory powers to take action.”

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