PPI Claims FAQs

The PPI basics: what is PPI, how was it miss-sold?

What is PPI?

PPI stands for 'Payment Protection Insurance'. It is an insurance policy, usually linked to an item of credit, designed to cover your loan or credit card repayments in the event of an accident, sickness or unemployment, or sometimes just accident and sickness.

What’s wrong with PPI?

This is something that is comes up quite often; it’s not that Payment Protection Insurance itself is a bad product. The main problem with PPI is that it was miss-sold to the end user and in most cases will not cover the client due to poor fact finds or wrong information being provided at the point of sale


Why has it been miss-sold so much?

There are two main reasons why PPI was miss-sold; sales staff being incentivised to sell the insurance and poor training to the sales staff. This meant that the sales teams where pushing this policy onto clients using underhand methods without knowing the effect it could potentially have on their finances.


Is there a deadline I need to reclaim by?

Yes there is a deadline which has been imposed by the regulators to start the reclaim process by 29th August 2019. We would advise you to start to look into the process as soon as possible to avoid this deadline.

There are issues with old policies where the credit provider no longer holds the records of the policy which makes things trickier but don’t let this deter you from looking at you own records. We have had a client you received a refund on premiums paid from the 1980’s.


Will a PPI Re Claim Affect my Credit Rating?

No making a claim on your account does not affect your credit rating in any way.  It is important to keep up all your contractual repayments during and after your claim.  

Making a claim will not affect your account in anyway so you can still keep your credit card or loan.  The only alteration that may occur is the removal of the PPI from the account.

Are You Eligible For PPI?
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PPI Benefits NI