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Find My PPI are specialist PPI Claims handlers and have averaged PPI Loan claims of £2,200. We’ll manage the whole claim for you and if you don’t have a claim you don’t pay us a thing*. We won't ask you to rummage around in your attic looking for loan agreements - no documentation or even account numbers are needed.
Don't Delay - If you think 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.
WHAT IS PPI
If you've got a mortgage, have borrowed money or bought something on credit, you should check whether you're paying for payment protection insurance (PPI) you don't need.
PPI is sold by many banks and lenders alongside loans, credit cards, store cards and debt products like car finance agreements. The idea is that if you can't make the repayments because you're out of work due to accident or illness or 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 lots of exclusions making it difficult for you to make a valid claim. PPI is often sold as a ‘single premium policy’. This means a lump sum covering the cost of the insurance is added to the amount you have borrowed, so you end up paying interest on both the insurance premium and the loan. This way of selling PPI, known as 'single premium', means that you end up paying interest on the cost of the insurance. When customers try to cancel the insurance they are told that it cannot be cancelled without recalculating the entire loan.
PPI is also known by other names although they are all basically the same insurance product: Accident, Sickness & Unemployment (ASU) cover, Loan Insurance, Redundancy Payment Protection Insurance (RPPI), Mortgage Payment Protection Insurance (MPPI); Redundancy Protection (RP) and Mortgage Payment Cover (MPC).
The ridiculously expensive cost
The problem is firstly that PPI bought from a lender is extremely poor value for money, with any potential benefits are far outweighed by the huge cost. PPI can add thousands of pounds onto a loan. A 2005 survey carried out by the Citizens Advice Bureau showed the cost of PPI ranged from 13% up to 56% of the loan amount. Even the more expensive policies don’t actually guarantee to cover your repayments. If you really need protection, it can make far more sense to buy the cover separately from an independent broker, it will be cheaper.
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 loan or at a lower interest rate if they took out the PPI. If you felt pressured into buying then you can make a PPI refund claim. If you apply for a loan on the phone PPI cover is often simply added to the monthly repayment cost of the loan. This quote is then formally sent as a contract to the consumer to be signed. It is only when the pre-filled application form is received that the customer discovers the insurance has been tacked on – at which point most people worry that if they refuse to take it, their application might be rejected. If that has happened to you then we can help you. There are even cases where the insurance has been added without the permission of the customer.
The PPI policy often doesn’t pay up
It is supposed to cover you should the unexpected happen and you can’t make the loan repayments. However many policies are full of clauses designed to prevent customers from making a claim. Failing to explain all these exclusions will mean that your PPI policy was mis-sold. The terms 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.
Only one in five claims for benefits under the PPI policy are successful. PPI policies are supposed to offer protection against the inability to cover monthly credit repayments due causes such as illness or redundancy. However the fine print attached to these policies often excludes many policyholders from making a claim. This has been judged to be “unfair” by the FSA.
Time Limits may apply to when you can make a valid PPI refund Claim, so don’t miss out on claiming back your money.
Some examples of mis-selling include
- You were told you had to take out PPI in order to get the loan or product.
- You were pressured into buying PPI.
- You were not informed you could buy PPI cheaper from an independent Provider.
- You were NOT told about any exclusion’s.
- You were not asked whether you already had sufficient Insurance cover.
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 already 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).
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 payments back, plus interest. Tens of thousands of people have already made a refund claim and our average loan PPI claim value has been as high as £2200.
* Cancellation fees may apply if a customer withdraws from a claim