Our first step is to establish which accounts you’ve held have PPI. We utilize the Data Protection Act to obtain this information with your authority. The limitation of our searches are whether or not your lender still holds your account information.
What is PPI?
PPI, otherwise known as Payment Protection Insurance was an insurance policy sold banks in conjunction with a loan, credit card, mortgage or other personal finance that was meant to protect the policy holder against falling ill, suffering and accident or being made unemployed.
The policy would cover the holder’s repayments on the finance the PPI was bought in conjunction with if they were no longer able to meet the payments. This would last for anything up to 12 months, at which point the holder would need to find additional forms of income if they were still unable to meet the repayments.
Banks sold PPI to thousands of people all over the country, PPI was a good product for those people who were sold it correctly and understood its uses and limitations.
Thousands of bank’s customers struggled when off work and used the PPI policy successfully to meet the repayments of a personal finance policy they had running.
Problems arose when banks turned many people away because they couldn’t claim on the PPI cover they had been paying for. Many were ineligible to claim because of employment status, age, expiration of policies and falling within one of the policy exclusions like back and stress related time off work.
How it works
Once we have established that your accounts have PPI we will get in touch with you again to discuss the details of the complaint. Our staff will discuss the questions the banks want to ask.
The banks should issue a response within 8 weeks of their acknowledgment. Hopefully at this point your claim is upheld. We carefully check each offer is fully upheld, if it’s not we will discuss your options with you. Unfortunately banks have been known to reject claims on the basis that they sold you the wrong type of policy or other similar partial upholds. These may seem like full payouts however they are simply avoiding a full payout.
If necessary we will escalate rejected cases to the Financial Ombudsman Service, Financial Services Compensation Scheme or underwriters of policies. We have experience working with all of these parties on your behalf.