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PPI Refund

What is a PPI Refund?

PPI stands for Payment Protection Insurance. PPI policies are sold with all types of finance, from loans and mortgages to credit cards, store cards and finance for high value products such as cars and furniture. Typically PPI policies cover a person if they fall into financial strife as a result of not being able to work because of accident, sickness or unemployment. PPI policies usually pay out for a period of 12 months. PPI is also sometimes known as Credit Protection Insurance, Loan Repayment Insurance or Accident, Sickness and Unemployment cover (ASU). It should not be confused with Income Protection or credit card cover. mis-sold PPI policies are PPI policies that have been sold incorrectly, iSmart help you get a PPI refund. PPI policies are different from other insurance policies like home insurance, as without extensive training it can be very difficult to determine if the insurance is suitable for a person.

Who was responsible for mis-sold PPI?

Sales staff at banks, loan companies, credit card providers and other finance companies have all been found to have mis-sold PPI. PPI has also been found to have been mis-sold by retailers, as it is often offered to customers when they sign up for store cards, if you have signed up for a store card you may be eligible to get a PPI refund.

Why was PPI mis-sold?

The Financial Services Authority (FSA) has noted the following reasons PPI was mis-sold: - There were firms who failed to take reasonable steps to ensure customers didn�t buy policies on which they couldn�t claim or which provided only limited cover - Sales staff at firms selling on a non-advised basis were giving incorrect advice or providing information that amounted to advice - Some firms where PPI was mis-sold didn't have systems in place to assess the suitability of a PPI policy for the customer - There was an over-reliance on product documentation given to the customer at the expense of the terms of the PPI policy being explained orally. Also many firms selling by telephone did not give sufficient information on exclusions - General lack of training and inadequate competence of sales staff - The level and structure of inducements and targets set for sales staff encouraged PPI being mis-sold in some firms

Are you eligible for a PPI Refund?

There are many reasons you could have been mis-sold PPI � you could have been told the insurance was compulsory, you might not have even known you had purchased PPI or you could have already been covered with an alternative policy. We advise you to see if you can claim a refund of PPI.

Can you refund PPI?

Many customers have been told they must buy a PPI policy from the same provider as the loan or the credit card to be accepted for the product. If the salesperson: - Didn't inform you the policy was optional - Told you the loan would be more expensive, if you didn't take the insurance - Implied taking out a PPI policy would help you obtain finance - Used pushy sales techniques, so you felt you couldn't say no You have a case to get a refund of PPI.

Did you already have insurance cover?

PPI has been mis-sold if you were already covered and were not asked about this cover. Examples of this include if you had a separate income protection policy or if your employer provided an illness and redundancy package. You have a case for claiming mis-sold PPI if you informed the PPI salesperson of this alternative cover but they insisted you take out a PPI policy.

Do the loan and policy term not match?

Before May 2009, there were long term loans being sold with single premium PPI policies which only lasted for a maximum of five years, regardless of how long the loan was for. The salesperson should have pointed out the PPI policy did not cover the entire loan term. If you purchased one of these PPI policies believing the loan and PPI policy matched, the PPI has been mis-sold.

Do you have a joint loan but PPI cover for only one person?

PPI has been mis-sold if two or more people are responsible for paying back the loan but only one person is covered by the PPI policy.

Was the PPI policy purchased alongside a store card?

PPI policies sold with store cards or alongside car finance are likely to have been sold you by someone with no financial background who could have easily mis-sold the PPI policy simply due to inadequate product knowledge.

Were you unemployed, retired or self-employed when you took out the cover?

If you have been paying for a PPI policy that includes unemployment cover and you were unemployed at the time of taking out a PPI policy (this includes if you were a student), then PPI has definitely been mis-sold as you wouldn't be covered for losing your job, you are eligible to claim back payment protection. Did the person who sold you the PPI policy check your employment status? If no, then the PPI policy has been mis-sold. The same applies if you told the salesperson you were unemployed, but they informed you a PPI policy was suitable, you are eiligble to have the PPI refunded Were you older than 65 at the time of taking out the PPI policy? Most PPI policies have an upper age limit, this can either be 65 or 70, but would have to be clarified by checking your specific policy. If you were older than this age at the time of taking out the policy then your PPI policy was definitely mis-sold and you could get PPI refunds

Reclaiming PPI Refunds Online

If you believe you may be eligible and can relate to any of the below you can make a claim for mis-sold PPI, today!

• You didn't ask for it, but it was added anyway?
• You were told the insurance was compulsory or that taking it would give you a better chance of getting the loan.
• You didn't know it was optional or that you could buy cheaper cover elsewhere
• The policy exclusions were not pointed out to you

Payment Protection Insurance (PPI) is on the whole an un-thought of added extra when taking out a loan or credit card scheme with your local bank, often this is mis-sold, misreprepesented or mis-informed. To claim back PPI, or for more information you can call one of our specialists on

0800 043 3025