What is PPI?

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What is PPI and why do so many people want to help me reclaim it?

Brunel Franklin are specialists in helping our customers reclaim mis-sold PPI.

It's in the news a lot at the minute, so we thought we'd break it down for you.

Published in: Economy & Finance, Business
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What is PPI?

  1. 1. and why do so many want to help me reclaim it?
  2. 2. You’ve seen thead’s...Normally veryserious peoplewalking towardsthe camera, orin a call centrelooking busy.... Serious, AND in a call centre...sometimes.
  3. 3. ...or maybe you’vehad one of thoseautomated phonecalls.... (...we don’t do that by the way)
  4. 4. All saying.... ...you’ve been mis-sold PPI!
  5. 5. ...and that’s all good and everything. BUT! What’s PPI?!Even this guys confused! Although thats likely becasue he’s a dog.
  6. 6. Payment Protection Insurancebut that’s not the whole story....
  7. 7. Simply put, it’s a type ofinsurance that is designedto protect your monthlyrepayments, should younot be able to make them,through illness, an accidentor redundency.Sounds like a pretty handy safety net right?
  8. 8. Well, you’d be right thinkingthat, because it is. Theproblem is that it was mis-sold by lenders to a lot ofpeople who didn’t need it,or even know that they weresold it. Do you want to see the ducks again?
  9. 9. See, this picture makes sense now.The duck is the lender, the ducklings thesales person and the women cooing overthe ducklings is the mis-sold customer.
  10. 10. Soooooooooo, the question is? PaymentWere you mis-sold Protection Insurance
  11. 11. Well.....PPI has been found to have been mis-sold on Mortgages Credit Cards Loans Hire Purchases So, there’s certainly a possibility...
  12. 12. PPI was systematically mis-sold mainly because it made lenders more money and the sales person a handsome bit of commision. Plus, it was easy to sell because it seemed like a sensible and ideal cover. Especially, if the sales person left out the exclusions that would prevent a payout or the true cost of the cover.There were a variety of reasons why PPI was mis-sold...let’s take a look at some of them...
  13. 13. 1 Was it conditional or compulsory? PPI is optional. If you were told that you had to have 2 Medical Exclusion Many policies have exclusions on payouts if the 3 Your Job Jobs within the public sector include some the cover, or that your policy holder had a pre- pretty awesome employee application would have existing medical condition; benefits, such as full sick a better chance of being since this may hinder you pay. This outweighs the accepted, then you may from earning. Was this benefits of the PPI cover. have been mis-sold PPI. explained to you? Which means it should4 5 never have been sold to people in the public sector. Did you have all the Other exclusions included The Cover Term facts? if you were in the armed forces, unemployed, retired Sometimes the term of the Were you told about PPI? or self-employed PPI cover is not the same as Were you told the full cost the length of the financial including interest? Was the e thinking product you are paying to full extent and limitations protect. If it was shorter or longer then you may be of the cover explained. If No, to any of these You mi ght now b paying for something you questions, then you may be cannot use, and may be entitled to a refund. n mis-sold entitled to a refund I have bee
  14. 14. Not cool, right?The Office of Fair Trading (OFT), claim thatonly around 20% of the money collected inpremiums is ever paid out in claims.So, imagine how much profit the banks andlenders were making out of this?
  15. 15. FYI This is 1 billion Dollars Around £5 billion!
  16. 16. Well, the FinancialServices Authority got abit concerned over this andended up taking the banksand lenders to court.
  17. 17. They Won!As a result, new rules mean that any one who has beenmis-sold must be given a refund, plus interest by the bank/lender who mis-sold the PPI cover.This isn’t compensation, but rather a refund, which mustput the consumer back into the same position they would ofbeen had they not been mis-sold too. Including any interestincurred on the amount.
  18. 18. Awesome, news! What now? Well, you can do one of two things. You can apply for a refund yourself, or you can pass the hassle onto a claims management company like Brunel Franklin.
  19. 19. Well, sell it to me then! Why Brunel Franklin? We thought you might ask that. Here’s a couple of reasons why we could make you’re life easier.... • We make the process simple and do all the leg work • We’ll handle your claim even if you’ve been previously rejected. • We’ll aim to get you the maximum refund and if we don’t think it’s appropriate, we’ll take the case to the Financial Omsbudman Service (FOS) • There’s no upfront fees. You only pay if we win your case.
  20. 20. More Info?We’d be happy to talk to you more about PPI and help you find out if you’ve been mis-sold too.0800 054 51 54 | info@brunelfranklin.com | www.brunelfranklin.com Th anks!
  21. 21. Image SourcesThumbs Up - www.flickr.com/photos/62337512@N00/3958637561Dog - www.sxc.hu/photo/1382251Singer - www.flickr.com/photos/andytrax/7615388928/in/photostream/Venus Flytrap - www.scx.hu/photo/1234315Net -www.sxc.hu/photo/1352530Desk Lamp - www.sxh.hu/photo/572766One Billion Dollars - https://sites.google.com/site/artmarcovici/one-billionTV - www.flickr.com/photos/25666278@N04/6960435830Telephone - www.flickr.com/photos/68134955@N07/7778462254/

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