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Payment Protection Insurance

Payment Protection Insurance (also known as PPI or Accident, Sickness and Unemployment (ASU) insurance) is often added to credit arrangements such as loans, hire purchase, store cards, mortgages and credit cards to generate commission payments for the brokers, retailers or credit providers.

The insurance is often added to the amount of credit as a single premium at the start of the loan, which means that not only do you have to pay more in respect of this insurance, but you also pay a much higher interest amount on the extra credit provided. Even if it was not a single premium, it may still have been mis-sold.

Often the PPI is added without you realising (you should check your loan agreement/schedule, if you are unsure, or we can check this for you. You should also encourage people you know with credit, to check their paperwork, or to send it to us to look over).

It can be described as different things, such as “loan protector”, “loan guard”, “card protection cover” etc.

Even if you knew the insurance was being added, the chances are that the person arranging the loan/credit did not explain that it was optional and probably made you feel like you had to take it.

Even if it was explained that it was optional, the arranger of the insurance should have explained that you could have other options and taken you through the level of cover and benefits, so that you could fairly assess whether you needed the cover and whether it was good value for money.

Furthermore, the cost is rarely discussed and the salesman rarely makes you aware that you are free to shop around to find much lower cost insurance. There are many reasons why this insurance may have been mis-sold and we use our expertise to help identify all the reasons why you could be due a compensation payment (potentially a full refund of premiums paid plus interest).

Given the various failings in the PPI sales process at the vast majority of companies, we expect that 70% to 80% of all PPI policies will be judged to have been mis-sold. This means that there is a strong chance (though not guaranteed) that we will win you compensation.

The length of time it takes to get a PPI refund varies from one lender to another and on your personal circumstances. Some lenders will offer a PPI refund within a few weeks, whereas others will drag their feet and take 3 to 4 months. If your initial PPI claim is declined, it could take years to resolve, but we will do everything possible to get the refund you are due, regardless of how long it takes.