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Credit Card PPI
Find My PPI are specialist PPI Claims handlers who have averaged claims of £1,750 for credit card claims. We’ll manage the PPI Refund claim for you, there’s no up-front fee and if you don’t have a claim you don’t pay us a thing. *
So, if you would like to find out if you may have been mis-sold Payment Protection Insurance (PPI) complete the quick form at the top of this page or call us on 01792 293688. Claim back PPI it's your money afterall
WHAT IS PPI
If you've got a credit card we can help you check whether you're paying for payment protection insurance (PPI) you don't need or didn’t know you had. You may not know exactly what PPI is - you should, because there is a fair chance that you have it because there are over 20m policies in the UK.
PPI is sold by many banks and lenders alongside credit cards, store cards and catalogues. The idea is that if you can't make the payments because of an accident or illness that means you can't work, or if you are made redundant, PPI is supposed to step in and cover the payments for a period .
These policies are usually very expensive for the level of cover they offer and many policies have significant exclusions making it difficult for policyholders to make a valid claim. With credit and store cards, PPI is charged as a percentage of your outstanding balance so if you don’t clear your balance every month you pay interest not only on that months premium but interest on interest for every month until the balance is zero.
PPI is also known by other names although they are all basically the same insurance product: Accident, Sickness & Unemployment (ASU) cover, Card Insurance, Credit Card Protector, Redundancy Payment Protection Insurance, and Redundancy Protection.
WHAT'S THE PROBLEM
The ridiculously expensive cost
The problem is firstly that PPI bought from a credit card company is extremely poor value for money, with any potential benefit far outweighed by the huge cost. PPI can add thousands of pounds onto the balance on your credit card. Even many of the more expensive policies don’t actually guarantee to cover your payments. Did you know that paying PPI on a £5000 credit card balance means it would take you an extra 2 years to clear your balance if you paid the minimum payment each month?
PPI should be an optional extra.
Borrowers have been subjected to high pressure sales technique to buy these overpriced and unsuitable policies. Many have been told that the policy was compulsory, that they stood a better chance of getting the credit card or a higher credit limit if they take out the PPI. If you felt pressured into buying then you could make a claim. If you think that you were in any way pressured or misled when the PPI policy was sold to you then we could claim back all your premiums and interest. There has also been evidence of firms forcing customers to buy it, wrongly claiming its compulsory when it isn't or refusing to give a quote without it. There are even cases where the insurance has been added without the borrower’s knowledge.
The PPI policy often doesn’t pay up
It is supposed to cover you should the unexpected happen and you can’t make the monthly repayments. However many policies are full of exemptions and clauses designed to prevent customers from making a claim. Failing to explain all these exemptions will mean that your PPI policy was mis-sold and you can ask for a PPI refund. The exclusion clauses are tightly drawn so that most of the instances where people hope to claim are not covered. Most policies don't pay if you are self-employed or retired; or have to stop work due to a medical condition that existed before you took the insurance, even if you weren't asked about it. Stress or back problems account for many work absence yet they are often excluded from claims.
PPI often covers only the minimum amount that must be paid each month and many credit card PPI pays out only for a limited amount of time, usually 12 months. Don’t forget that the PPI often covers only the minimum amount that must be paid each month – with some cards this can be as low as 2.5% of the balance.
Only one in five claims for PPI benefit are thought to be successful. However the fine print attached to these policies often excluded many policyholders from making a claim. This has been judged to be “unfair” by the FSA.
Some instances of mis-selling include
- You were told you had to take out PPI in order to get the credit card.
- You were pressured into buying PPI.
- You were not informed you could buy PPI from an independent Provider 80% cheaper.
- You were NOT told about any exclusion’s, or perhaps you saw the policy terms.
- You were not asked whether you already had sufficient Insurance cover.
- You are a joint card holder but you didn’t agree to pay PPI or even know about it.
WHAT'S BEING DONE ABOUT THIS MIS-SELLING
The FSA gradually stepped up its action against firms found to have mis-sold PPI and has fined more than 20 firms including Alliance & Leicester, the HFC arm of HSBC, GE Capital and Capital One for PPI sales abuses.
The Competition Commission conducted a PPI market investigation review in 2011 and recommended that PPI should not be sold at the same time as the loan or finance. This is after a huge mis-selling scandal resulted in plans for an overhaul of the way the product is sold. The review concluded that going forward firms would have to wait 14 days after the purchase of a personal loan before contacting the customer about PPI, a move designed to remove hard sell tactics and allow customers to shop around for a more appropriate or cheaper protection policy. Almost all of the major high street banks have pulled out of the controversial PPI market.
THE SCALE OF THE MIS-SELLING SCANDAL
Clearly, it's much bigger than anyone first thought! The FSA initially projected there would be 2.75 million PPI compensation complaints by 2015, but this was clearly an underestimation of the scale of the problem The Financial Ombudsman Service (FOS) website estimates that £50 Billion worth of PPI policies have been sold over the last 10 to 15 years – by hundreds of different businesses. Billions of pounds have already been paid out in compensation but Billions is still left unclaimed. In their May 2013 Report the Financial Ombudsman suggested that only 1 in 10 of the PPI sales have resulted in a complaint so far meaning that millions more customers could still stake compensation claims (source Telegraph 19.05.2013).
In July 2014 Lloyds Banking Group announced that they put another £500 million pounds aside for PPI mis-selling, taking their total to more than £10 billion. Another major lender, Barclays, said that they were earmarking an extra £1.5 billion for PPI and at the start of 2014 RBS said they estimated a further £465 million for PPI claims for their customers.
If you are one of these individuals who took out PPI without being made aware of the exclusions or perhaps you didn’t even know it had been sold to you then you could claim all your PPI payments back, plus interest. Hundreds of thousands of people have already made a PPI Refund claim and at times our average credit card PPI claim value has been as high as £1750. Lenders bring in £4 billion each year just by including PPI in with their products and a lot of this money has been taken unfairly. Don’t let the banks keep your money, to find out if you’ve got a PPI Refund claim or to get your PPI claim started, give us a call now on 01792 293688.
* Cancellation fees may apply if a customer withdraws from a claim