Payment protection insurance

What is PPI?

Payment protection insurance (PPI) is an insurance policy that lets you keep making loan repayments if life changes mean that’s no longer possible. Examples might be if you became ill, were made redundant, or had a serious accident.

PPI can be taken out against almost any type of loan, but it’s usually bought to ensure credit card or mortgage repayments can continue. In some cases, people were mis-sold PPI. The deadline for PPI claims is 29 August 2019.

If you bought a PPI policy and the information you were given was misleading or insufficient, and the firm that gave you that advice has since failed, you may be eligible to claim compensation with FSCS. We can help you claim - there’s no deadline for this - but we can only accept a PPI claim if the advice was received on or after 14 January 2005.

You could also get compensation if the firm earned commission for the sale of PPI and didn’t tell you about it. This is called a Plevin claim, named after the court case about this issue. If you’ve already made a successful PPI claim and received compensation from us, you can’t make a Plevin claim against the same firm.

PPI

Payment protection insurance

 

You could claim compensation if you bought a PPI policy and the information you were given was misleading or insufficient, and that firm has since failed. 

  • 90% of the total claim.

You would claim against the firm that advised you to take out the policy, not the firm you had the policy with.

 

  • 100% of the first £2,000, per eligible person per firm, then 90% of the remainder.

 

How long will the PPI claim process take?

3 months

Once we’ve got your completed application and all the associated evidence we’ll aim to make a decision on your claim within three months. If it’s a complex claim it may take longer.