Payment Protection Insurance

What is Payment Protection Insurance?

Payment Protection Insurance, or sometimes called 'loan protection' is an added charge on your monthly payments. It can be applied to Credit Cards, Loans and Mortgages and can also be purchased as a separate 'stand alone' policy.

Why was it miss-sold?

Most payment protection insurances were sold by sales people not financial advisors. As such these staff were very heavily pressured to sell as many PPI policies as possible. Unfortunately this meant that many sales people bent the truth and as such consumers were left paying for a miss-sold policy that did not suite their circumstances.

What is the timescale on PPI?

The financial regulator started fining companies for miss-sold PPI policies back in 2006. However PPI could have been miss-sold much earlier than that, in some cases as early as 1990. It wasn't until 2011 that companies started to take more care when selling PPI and the number of miss-sold policies was drastically reduced. We are able to investigate miss-selling of your PPI no matter when it was taken out, however if it was active on your loan in the last 6 years the process can be much faster.

How long will it take?

As soon as we believe you have a valid claim we can start the process to reclaim your fees plus any interest due. The process will normally take around 8 weeks, however depending on your specific case this could take a bit longer. We will keep you fully up to date at all stages of your claim.

Were you miss-sold?

Beyond Comparison Claims can assess your claim and advise if we believe you have been miss-sold Payment Protection Insurance. Our team knows where the banks have cut corners or not advised you as they should have. Get in touch for us to start your claim. You may have been miss-sold for one or more of the following reasons.

You were unaware

Many Insurance policies were automatically added to accounts. This could have been because you specifically needed to 'opt out' (by ticking a check box to show you did not want insurance) or it was just automatically added to your account without your consent.

You were not eligible

You may have signed up for Payment Protection Insurance however, if you were self employed or were working for your own family at the time you would have been unable to utilise the insurance even though you had paid for it.

It was required to get a loan

You may have been told that Payment Protection Insurance was required for you to actually take out a loan. This was never a necesity and if this was the case then there is a good chance your PPI was miss-sold to you.

What do I receive?

A typical claim results in a settlement of around £1,800, can be completed completed in 15 weeks and will be paid directly to you. Our simple process is described below.

Averages above taken from the previous 12 months of PPI wins for Beyond Comparison Claims Clients ending on 17th March 2017.

Step 1

We will discuss your circumstances and establish if you have a valid claim.

Step 2

If we believe you have a valid claim we will start the process of contacting your loan provider. Our claims team will detail the specific regulations that they have breached.

Step 3

Once we have managed to secure a settlement for you it will be paid to us, we will then pass on that settlement to you minus our standard fee.