PPI is Payment Protection Insurance, this was a product designed to protect you if you were unable to repay your loan or credit card, in the event of accident, sickness or unemployment.
PPI when sold correctly, was a great product. However, clients have been mis-sold the product in cases where the protection simply isn’t appropriate. This has left clients paying for a product which serves no purpose to them whatsoever. Staff who sold the product to clients were often on huge commission for selling PPI, leaving the details quite vague, so much so that clients may have agreed to take out PPI when they did not understand what is was or if they needed it.
The compensation due back to you can vary depending on how much the loan or credit card was for and how long the payments were made for. The bank will calculate the amount of the compensation precisely, but potentially clients could be due thousands of pounds. Richardson Mail Limited does charge a fee for making the claim for compensation on your behalf and this fee is set out in section 4 of our Terms and Conditions which are enclosed with this document.
Yes, you can claim yourself or you can contact your bank directly free of charge. Government bodies which will also assist you with your claim include; the Financial Conduct Authority (“FCA”) and the Financial Ombudsman Service (“FOS”). If your creditor is no longer trading you can also contact the Financial Services Compensation Scheme (“FSCS”).
Richardson Mail Limited have been re-claiming PPI compensation since 2005, our dedicated team have the knowledge and experience to handle your claim as quickly and as efficiently as possible. We deal with the creditors on your behalf so that you do not have to. We will keep you updated throughout the process and will deal with all communication between you and the bank. We do charge a fee, however this is only on successful cases. If you do not have PPI or if your claim is rejected, you will not be liable for any fee payable to us.
If you choose Richardson Mail Limited to reclaim PPI compensation on your behalf, you will need to read through and understand our Letter of Authority, Fee agreement and Terms and Conditions. Once signed, we will be able to start your claim. Details which we require relate to your account held with the bank, for example, the bank name, account number and your name and address at the time you took out the loan/credit card. Not all clients have this information due to taking the loan/credit card a long time ago. In this instance we would request the bank name and your name and address details. This would then enable us to go to the creditor and ask them to review their records to find your account numbers and also, whether PPI was actually applied.
Banks are under a lot of pressure to ensure that their PPI re-claim investigations are carried our correctly, if you believe that this was not the case, we can approach the Ombudsman or the creditor on your behalf and ask for your case to be re-opened. This is the case if your claim was rejected less than 6 months ago, after this time limit the creditor does not have an obligation to reopen your case. This guideline was put in place by the Financial Ombudsman Service and we would advise that any claims where the creditor has given their final response do have a time limit of 6 months in order for us to take your case.
Yes, we can work with your DMP or IVA provider to make the claim for PPI compensation on your behalf. However, this may affect how your compensation could be awarded, please see section 4 of our Terms and Conditions (enclosed with this document) for further details.
Typically the bank has 8 weeks to respond to our complaint, most do acknowledge our complaint within 4 weeks and depending on the details provided, can offer a compensation amount at this stage. If the bank has acknowledged our complaint within the 4 weeks and has not provided a final decision within 8 weeks or asked for further information from us, we can refer your complaint onto the Financial Ombudsman Service.
Please note that due to the volume of PPI cases currently with the banks and the complexity of certain cases, a final decision can take longer than 8 weeks. Our dedicated team will keep you updated on your case, and will continue to chase the banks to provide you with a final decision. Referring a complaint to the Financial Ombudsman Service may result in a delay of up to 2 years, due to the extreme volumes which they are currently working with.