1. What is Payment Protection Insurance?
Payment Protection Insurance, often abbreviated to PPI, is a product supposedly designed to protect consumers in the event that they are unable to maintain credit repayments, in certain specified circumstances.
2. In what circumstances should PPI cover my credit repayments?
The scenario by which a specific PPI policy is triggered, depends on the wording of each policy. Generally, the PPI would be relied upon should you lose your job, or have time off work due to injury, or ill health.
3. How do I know if PPI was mis-sold to me?
Whether PPI was mis-sold to you depends entirely on the events that took place when you obtained the credit to which the PPI was associated. Examples of where PPI may have been mis-sold include:
- PPI was not adequately explained to you;
- You were required to take out a PPI policy in order to obtain credit;
- You were told that taking out a PPI policy would improve your chances of obtaining credit;
- You were unemployed, self-employed or retired, so you were not eligible for the PPI sold to you, making the policy worthless;
- You would have received sick pay, or benefits from your employer in the event of you having to take time off work, so making the PPI policy an unnecessary cost to yourself;
- PPI was added to your credit agreement without you knowing about it.
The above is not an exhaustive list; there are numerous ways in which PPI has been mis-sold to consumers. If in doubt, simply contact us, and we can evaluate whether you have grounds to claim back mis-sold PPI.
4. How many grounds do I have to show, to prove that I was mis-sold PPI?
Any one of the above examples is enough to bring a successful claim for mis-selling. In practice, such has been the prevalence of mis-selling across the credit industry, our experience shows that often a combination of the above mal-practices have occurred in the single selling of individual PPI policies. It is time to get back the money that is rightfully yours.
5. What if I have already made a successful claim under my PPI policy. Can I still bring a claim for mis-selling?
Yes. Just because a PPI policy has been successfully activated, does not mean that it wasn’t mis-sold to you in the first place. However, the arguments which need to be raised here can be complex – but JPS Financial can still act on your behalf to obtain you a refund of monies paid towards the PPI policy.
6. What if the credit in relation to which the PPI was sold to me has already been paid off?
Even if you have paid off the credit to which the PPI relates, JPS Financial can still act on your behalf to obtain for you a refund of monies paid towards the PPI policy.
7. What information do I need to give JPS Financial, in order for you to bring a claim on my behalf?
Once you have instructed JPS Financial to investigate whether you have a potential claim against any of your creditors for mis-selling of PPI, we will require sight of the credit agreement in relation to which the PPI was sold. If you are in possession of a copy of your credit agreement, simply send that to us, by email or post. If you are not in possession of a copy of your credit agreement, we can request a copy of this from your creditor (please note that for such a request, you will need to pay a £1 fee to the creditor. This fee is a statutory fee, prescribed under the Consumer Credit Act 1974, and JPS Financial make no profit on the processing of copy agreement requests).
8. How long will my claim take?
This depends on the complexity of the case; our experience has shown that some claims have been resolved in a matter of weeks, whilst other, more complex cases may take considerably longer. However, a creditor must respond within 8 weeks from a complaint being raised by us.
9. How much money will I get back from a successful claim of mis-selling of PPI?
The amount of compensation you will be entitled to from a creditor is based upon the cost of the PPI policy itself. However, industry figures suggest an average refund to be around £3,000. In regards to PPI on a loan agreement, we will attempt to obtain a refund of the money you have previously paid towards the cost of the PPI policy, plus statutory interest (currently 8%) on that amount. In addition to this, any future repayments towards the remaining cost of the PPI policy will be rebated (i.e your debt liability will be reduced by a sum equivalent to the remaining cost of the PPI policy).
In regards to PPI on a credit card agreement, we will attempt to obtain a refund of all monies you have been charged, plus interest, in relation to the PPI policy.
10. How will any refund be paid to me?
How compensation for mis-selling of PPI will be paid to you depends on the status of the loan/credit card account to which the PPI is connected. If there are no arrears on the loan/credit card account, you ought to receive a direct payment (most often by way of cheque) of the financial redress offered to you. If there are arrears on your loan/credit card account, some or all of your financial redress may be applied to reduce the arrears, with any remainder then paid to you. Please contact us for more information.
Credit Card Charges
11. How many years’ worth of charges can you look to recover for me?
We can look to recover unfair charges levied against your credit cards in the last six years.
12. Can I claim for a refund of charges even if my credit card has been paid off?
13. How much money could I get back?
We will look to obtain a refund for you of all charges unfairly levied by your creditor, plus interest. Your claim could be worth many thousands of pounds. Call us to find out.
14. What information do I need to give JPS Financial, in order for you to bring a claim on my behalf?
We need your account statements for the last six years, to calculate what charges have been levied against your account. Don’t worry if you don’t possess all these statements, as these can be requested from the creditor, although you may need to pay a statutory fee (currently £10) to the creditor for copies of such statements; we will liaise with you on this if applicable.
15. How long will my complaint take?
You should receive a response from the creditor within 8 weeks of us bringing a claim on your behalf. If the response is not satisfactory, your claim may need to be escalated to the Financial Ombudsman Service (FOS) which could take up to 2 years for a final decision. However the FOS suggest that they manage to deal with 25% of cases inside of 6 months.
16. How will any refund be paid to me?
How a credit card charges refund will be paid to you depends on the status of the account in question. If there are no arrears on the credit card account, you ought to receive a direct payment (most often by way of cheque) of the financial redress offered to you. If there are arrears on your credit card account, some or all of your financial redress may be applied to reduce the arrears, with any remainder then paid to you.
17. Is my claim guaranteed to be successful?
Here at JPS Financial, we pride ourselves on transparency. As such, we must stress that we cannot guarantee that a claim we make on your behalf will be successful. However, we believe you can be rest assured that, given our expertise and experience, your claim is in safe hands, and in the knowledge that in the unexpected event that a claim is unsuccessful, you will not have to pay us a penny for our services. (Please note that you may owe us a fee for any work done on your file should you cancel your agreement with us after the first 14 days of the agreement. Also, should your agreement with us be terminated in accordance with the terms and conditions, you may be liable for any costs we have incurred prior to the termination. For more information, please see our ‘Terms and Conditions’ provided in your information pack).
18. If my claim is successful, what are your fees?
Our success fee is 30% + VAT of the financial redress that we obtain for you from your creditors.
19. When do I need to pay your fee?
JPS Financial only charge a success fee once a creditor has proposed a reasonable offer of financial redress. Upon our receipt of confimation that a refund has been applied to your account and/or monies sent to you, we will then send you an invoice for our success fee, which will be payable within 14 days of the date of the invoice (for example, if an invoice is dated the 5th of the month, our fee is payable by 5pm on the 19th of the month,or if the 19th is a non-business day, the fee is payable by 5pm on the first business day following the 19th).
20. What method of payment do you accept?
We accept payment by cheque (made payable to ‘JPS Financial Ltd’), postal order bank & internet transfer.
21. What if I have any queries about your services?
If you have any queries, at any time, please do not hesitate to contact us, as we are here to assist you in obtaining redress for what is rightfully yours.
22. Where can I find your up-to-date Terms and Conditions?
Should you wish to view our current Terms and Conditions please click here.
23. Can I do a Claim Myself for Free?
Yes, all Banks (including the Financial Ombudsman Service) offer a ‘free service’ for your complaint. But with millions recovered by JPS Financial Ltd already, your complaint will be in safe hands with us. However, if you wish for some guidance on using a company to claim back your mis-sold Payment Protection Insurance (PPI) or obtaining your monies free of charge, then please refer to the Claims Management Regulation Consumer Factsheet.
24. Can I Cancel My Agreement With You At Any Time?
Yes, you can cancel your agreement with us at any time. However, after the initial 14 days of you signing your agreement with us, should you then wish to cancel with us we reserve the right to charge you a reasonable amount to cover our reasonable administration costs to date. There is absolutely no charge to cancel within the first 14 days of you signing your contract, regardless of the work we have done.
Should you wish to cancel, please download our cancellation form JPS Financial Ltd – Cancellation Form – VS1, and send to us at our registered office below.