What is PPI?

  • Payment Protection Insurance is insurance which is sold to people when they take out any type of loan, mortgage, hire purchase agreement, credit card or store card. It is an insurance designed to cover your monthly repayments should you become unemployed or become so ill that you can no longer work.
  • These policies are also known as Accident, Sickness and Unemployment Policies or Loan Protection Insurance. You may find them on your statements referred as Payment Break Plans, Payment Shield, Cover Safe or Repayment Option Plans, they all amount to the same thing and have all been widely mis-sold.

Can I make a claim myself?

  • Yes, you can. You can contact your bank directly and then the Financial Ombudsman Service, if required, regarding a mis-sold PPI policy.

Why use Richardson Mail Limited?

  • We are regulated by the Claims Management Regulator in respect of regulated claims management activities.
  • We can contact the Financial Institutes for you and process the complaints using our experience and processes and act in your best interest to obtain a final decision.
  • We have several years of experience in dealing with the lenders regarding PPI cases.
  • We can manage your case from start to finish ensuring you get the compensation you deserve.

If I claim, will my loan provider cause me difficulties?

  • Your lender will be regulated by the Financial Conduct Authority and will have to abide by their guidelines, which say the lender should not treat you any differently, simply because you have made a complaint or sought to recover payment protection insurance.

How long does the process take?

  • Although lenders have 8 weeks to investigate the cases referred to them, most successful claims settle within four to six months, however, if referred to the Financial Ombudsman Service, it can take up to two years to receive a final decision.

How much will I have to pay for your fee?

Richardson Mail Limited will charge 25%+VAT on successful cases for direct clients. (IVA fee’s will vary from 22.5% to 30% plus VAT)

Example 1 – Compensation is “cash in hand”
Total Compensation awarded – £1,000.00
Our Fee @25% – £250.00 plus VAT
You receive – £700.00

Example 2 – Compensation is partly used to offset arrears you have on your finance.
Total Compensation awarded – £3,000.00
Offset Arrears Amount – £1,500.00
Of which cash – £1,500.00
Our Fee @ 25% – £750.00 plus VAT
You receive – £600

Example 3 – Compensation completely used to offset arrears you have on your finance.
Total Compensation awarded – £3,000.00
Our Fee @25% – £750.00 plus VAT
You still have to pay our fee from a source other than your compensation – £900.00

Can I claim if I am in a debt management plan?

  • Yes, we can still investigate your case, if you are in a DMP. If your award is offset against any arrears or debts by the lender, our fee can be added to your DMP. If you receive the funds you can pay our fee and spend the remaining money how you choose.

What can I recover?

  • Richardson Mail Limited can recover all the premiums you have paid together with any associated interest.

What if my loan is already paid off?

  • You can still claim in these circumstances. Please telephone us for specific advice.

Will this affect my credit rating?

  • The simple answer is no. In fact, once the PPI is dealt with your loan repayments could be substantially reduced.