PPI Compensation

Frequently Asked Questions

• What is PPI

  Payment Protection Insurance may have been sold to you when took out any kind of loan (Mortgages, Secured Loans (against property), Unsecured Loans & Hire Purchase Agreements (car or purchases)). It is a protection insurance sold to cover your monthly payments in case you have an accident, fall sick or become unemployed.

  A single premium policy(also known as loan funded) means that you pay the full amount of the insurance up front. This is normally added to the debt, which means you end up paying interest for the term of the loan. Say for example , you took a loan of £5000, the insurance cost £1500, the total amount borrowed is £6500 and this is what you pay interest on. Most policies have a term of 5 years or less. However, if the term of the loan is longer, you will still be paying interest even when the policy is no longer covering you.

• Why should I use Brunel Franklin when I can do this myself?

  • Brunel Franklin saves you the time, effort and stress of dealing with the complaint alone.
  • Brunel Franklin has been dealing with financial claims for over 6 years, and is respected by the banks.
  • Brunel Franklin has the experience to pin point all the reasons for a mis-sold policy.
  • Brunel Franklin will be able to establish exactly the level of compensation you are entitled to. Brunel Franklin will continue working on your behalf until you receive a suitable offer of compensation.
  • Brunel Franklin will endeavour to make sure that the company you’re claiming against follows the FSA (Financial Services Authority) guidelines and time limits within the industry.
  • Brunel Franklin will breakdown the terminology that vendors use to complicate the claiming process, which tends to discourage consumers pursuing the case further.

• What can you claim back for me?

  All PPI premiums actually paid plus a write off of premiums yet to be paid. In addition we are able to claim interest on any premiums you have already paid, in many cases this will significantly increase your refund.

• How much will this service cost me?

  We operate strictly on a No Win No Fee basis and will only take a percentage of any compensation awarded to you. The fee that we take is a standard industry amount of 25% plus VAT, (29.375% inclusive of VAT).

• Will this claim affect my relationship with my loan company?

  No. The Financial Services Authority does not allow any company to disadvantage a customer because they’ve made a complaint.

• What information do I need to provide you with?

  All we need from you are the key details that the Claim Pack requires, it is very straight forward to complete. Once we initiate your complaint we can obtain any further information we may need to build the strongest case to maximise your refund.

• How long will my claim take?

  On average it takes around 6 months. As each claim is treated on an individual basis this may vary.

• Can I still complain about the mis-sale even if I’ve made a successful claim on the insurance?

  Yes. We will assess your case on its own merit once the pack is returned. Please provide a summary of the claim and any payout that you have received.

• Can I claim compensation even if my loan is paid off ?

  Yes. If you have had previous loans that you wish to claim on please call us for further application forms on FREEPHONE 0800 051 54 51.

• What else do I need to know?

  The credit agreement which you signed at the time of purchasing Payment Protection Insurance is regulated by the Consumer Credit Act 1974 as amended. In processing your claim for mis-sold Payment Protection Insurance, we will not assess the content of your credit agreement or advise you on your financial matters. If you require financial advice, or wish to have your credit agreement assessed against the requirement of the aforementioned legislation, you should seek independent advice.