Payment Protection Insurance (PPI)

What is PPI?

Payment Protection Insurance (PPI) can also be known as Personal Loan Protection (PLP) Accident, Sickness and Unemployment cover (ASU), Life & Accident, Sickness and Unemployment cover (Life & ASU), Mortgage Payment Protection Insurance (MPPI), or Credit Card Repayment Protection (CCRP).

These are all insurances that are sold alongside credit cards, storecards, mortgages, loans and finance agreements to protect you should the unthinkable happen and you are no longer able to meet your payments.

The truth is, in certain circumstances PPI can be a real benefit, however in most cases people don’t even know that they have signed up for it; and for those that do, the percentage who make a successful claim is very small indeed (only 1 in 5 according to the Office of Fair Trading)

Can I claim my PPI back?

If any of the following applied to you when you took out the credit agreement you may be entitled to a refund.

• I was self employed
• I was unemployed
• I was retired
• I was a student
• I had a known medical condition but was never asked about it
• I was never told about the insurance by the salesperson
• I was told that I had to have the insurance in order to qualify for the loan
• I took out a single premium policy but subsequently cancelled the loan

Unsure if this list applies to you — call our friendly and professional team for advice on 01752 298 253

PPI Frequently Asked Questions

I’m not sure if I am entitled to claim my PPI back.

If you have looked at the list and you are not sure if any of the choices apply to you, feel free to contact the team at Unfairbankcharges and we will give you friendly professional advice and help you decide the best way forward.

Do I need the original paperwork?

If you have kept a copy of the loan / credit card agreement please enclose it with your application.

If you took the loan / credit card out within the last 6 years but do not have a copy of the agreement, the loan / creditcard company will have one — we can make a data subject access request on your behalf to get a copy.

I took out my agreement more than 6 years ago — does that matter?

No — the six years only applies the number of years the credit companies are obliged to hold your information for. If you still have the credit agreement then it is likely that they will have data going back further than 6 years.

I have paid off the loan / credit card — can I still claim?

Yes — If the loan/credit card was taken out less than 6 years ago and you have subsequently paid it off, you can still claim

Unfortunately if you have paid off a loan that you took out over six years ago and you do not have a copy of the original agreement we may not be able to secure a refund as the loan/credit card company may no longer hold any details.

How long will it take?

The Financial Services Authority who regulate the loan/credit card companies state that any complaint should be dealt with within 8 weeks, however with the sheer numbers of people reclaiming charges at the moment this is proving difficult to meet. Having said that we at Unfairbankcharges ensure that all cases are monitored fully and we keep a close eye on any company that are not processing their complaints effectively.

Bearing this in mind the average case takes between 3–4 months to conclude.

How much to do you charge?

We have a “No Win No Fee” policy with our charge on successful completion of your case being 25% (including VAT) of any money recovered.

Will I have to pay anything up front?

Many financial institutions charge for copies of your original credit agreement if you no longer have one. This is no more than £10.00. You will be advised if your company requires this payment. This is the only money you will have to pay out upfront.