Payment Protection Insurance (PPI)

What is PPI?

Payment Protection Insurance (PPI) is the insurance that is sold alongside loans, credit cards and other finance agreements to protect your repayments. PPI is designed to protect the borrower in the event you are unable to meet the repayments of your finance agreement. Each PPI policy works in different ways, however, the majority of policies include loss of employment, medical illness and accidents.PPI is designed in a way that there is no monetary value to the client when a claim is accepted. The insurance pays the creditor directly for the duration outlined in the terms and conditions to meet your repayments. This can be anywhere from 6 months of payments upwards.

Am I too late to claim?

No, you’re not too late to claim. The Financial Conduct Authority have set a deadline for PPI complaints to be submitted by 29th August 2019. Although this may seem like a long way away, over the next two years, a lot of clients will be submitting complaints to beat the deadline. Even if you’ve checked before, we can do a thorough search for all PPI you’ve held and let you know if there is anything left to claim.

How was it mis-sold?

First of all it is prudent that clients understand that not all PPI was mis-sold. Some clients even benefitted from the PPI, managing to utilise the policy in times of need enabling them to keep up to repayments when unforeseen circumstances prevented them from making payments themselves. Just because a client has held PPI, does not mean they’re entitled to money back.On the other hand, a lot of lenders systematically mis-sold PPI. In itself, it isn’t a bad product, however, many client’s have been paying thousands of pounds for potentially worthless cover. Sales staff at banks and credit providers were hugely incentivised to sell PPI whenever possible.Many policies were sold alongside loans and credit cards that didn’t match the length and terms of the original finance agreement. On top of that, some client’s weren’t even told there was PPI being added to their agreement, resulting in paying for an insurance policy they did not even know they held. The banks have been fined millions of pounds for the mis-selling of PPI and have set aside over £30 billion to repay back to customers.

Can I claim?

As mentioned above, not everybody who has had a finance agreement has paid PPI. Also, not every PPI policy has been mis-sold. Even if you know you’ve paid PPI, this may not have been mis-sold to you. At Brazier Consulting Services, we won’t give you any mis-leading information and will keep you updated throughout the process. Even if you’ve already looked into your PPI, we can still do a check for you to see if you have claimed everything back that you could. If you’ve never looked into it because you thought it wouldn’t apply to you, then it takes as little as two weeks from receiving your paperwork back to find out once and for all.

How do I claim?

On the top of the page there is a link to our claim form, you can also access this by clicking here. All you need to do is just fill this in and one of our client acquisition team will be in touch at your preferred time to take some details from you and get you some paperwork sent out. You can also contact us on any of the details across this website or even chat to us at the bottom of the page if you have any queries or clarifications.