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Financial Claims Advisory Service

What is PPI?

Payment Protection Insurance (PPI), also known as Accident, Sickness and Unemployment cover (ASU), has been sold alongside credit agreements for many years. The purpose of this insurance is to ensure that your payments are maintained in the event that you are unable to work due to accident, illness, or involuntary redundancy.

Payment Protection Insurance (PPI) can be an extremely useful product if it is sold correctly. However to ensure that it is right for the customer i.e. to ensure that it will successfully cover you in the event of accident, sickness or unemployment the seller would be required to discuss the policy and your personal circumstances with you in detail.

Can I make a PPI Claim?

Sales advisors should have ascertained what your individual demands and needs were from a policy, taking into account any pre-existing medical conditions that you may have had and any cover that you already had in place. It should have also been made clear that the policy was NOT compulsory and the loan should have been provided whether or not payment protection was taken providing you fitted the lending criteria.

Advisors should have also made it clear what the additional expense was for the PPI policy alone – not just provided a figure with PPI added.

In the past many lenders set targets and incentivised staff to sell payment protection policies with no regard to the validity of a policy to the customer.

If you have been sold Payment Protection Insurance at any time ask yourself the following questions:
  • Did the salesperson establish what your individual needs were, taking into account any pre-existing medical conditions that you may have had and any cover that you already had in place?
  • Was the additional cost for the PPI policy made clear to you, not just included in the total borrowing amount?
  • Was it made clear that the policy was NOT compulsory and the loan or credit would be provided whether or not payment protection was taken as long as you fitted the lending criteria?

If the answer to any of these questions is NO your policy may have been mis-sold.

How can FCAS help me?

FCAS (Financial Claims Advisory Service) specialises in helping people win fair compensation or receive a refund for PPI policies that have been mis-sold on a range of financial products. We will take on the big companies on your behalf.

We pride ourselves on a personal service and will assign one of our dedicated claims handlers to work through your claim.

Our service is simple and straightforward – we will request from you only what is absolutely necessary to proceed with your claim – we will then contact the lenders and negotiate on your behalf.