PPI FAQS

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?

• Richardson Mail Limited are authorised and regulated by the Financial Conduct Authority.
• 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?

As of 10^th July 2018, our standard fee (excluding VAT) changed from 25% to 20%. Any fee agreements signed prior to 10^th July 2018 remain at 25% and successful claims will be invoiced accordingly.

Example 1 – Compensation paid to you
Total Compensation awarded – £1,000
Our Fee @ 20% + VAT, that you pay – £200 plus VAT (£40) = £240
You are left with – £760

Example 2 – Compensation is partly used to off-set against your outstanding debt
Total Compensation awarded – £3,000
Outstanding debt balance amount – £1,000
Amount off-set against outstanding debt balance – £1,000
Leaving you with compensation of – £2,000
Our Fee @ 20% + VAT, that you pay – £600 plus VAT (£120) = £720
You are left with – £1,280

Example 3 – Compensation completely used to off-set against your outstanding debt balance
Total Compensation awarded – £10,000
Outstanding debt balance amount – £10,000
Amount off-set against outstanding debt balance – £10,000
Our Fee @ 20% + VAT, that you pay – £2,000 plus VAT (£400) = £2,400
You are left with – £0

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.

What can I recover?

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

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.