Beverley Building Society mortgage PPI Check

What is Beverley Building Society PPI?

There are many ways of referring to Beverley Building Society payment protection insurance (PPI), these include credit insurance, credit protection or loan repayment insurance. The purpose of PPI was to help a borrower make their repayments to Beverley Building Society if they couldn’t due to an unforeseen event, such as sickness, injury or redundancy.

PPI is often confused with income protection insurance. They are two completely different products. PPI provides short-term cover and is provided alongside loan and credit products. Any pay-outs under PPI go straight to the loan provider instead of the policyholder.

Income protection insurance is designed to cover 70% of the policyholder’s income if they can’t work due to accident or sickness. This is long-term protection and can cover a person until they retire if they are too ill or injured to work.

Many PPI policies sold by Beverley Building Society were added on to a loan, credit/store card, mortgage or an overdraft.

The duration of Beverley Building Society PPI usually covers a period of 12 months allowing the borrower to time to seek employment or return to work, if appropriate.

How was Beverley Building Society PPI mis-sold?

Some customers were sold Beverley Building Society PPI without knowing it had been added to their loan. Consumers say that Beverley Building Society advised them their loan, mortgage or credit card application would not be approved if they didn’t buy Beverley Building Society PPI. This meant borrowers took out the Beverley Building Society PPI, even though they may not need it because they didn’t want to risk losing the deal.

Were you mis-sold PPI by Beverley Building Society?

It is possible PPI may have been mis-sold by Beverley Building Society if any of the following facts occurred at the point of sale:

• • Were you unemployed, self-employed or retired at the time Beverley Building Society sold you the PPI policy?
    • Had you been unemployed, self-employed or retired when you were sold your PPI policy by Beverley Building Society, you would not have received any benefit from it as you would not have been covered.
  • Did you know that PPI had been added to your agreement by Beverley Building Society?
    • If you had no idea that Beverley Building Society had added PPI to your agreement, it could have been done without your consent. Alternatively it could have been an opt-out box that wasn’t clearly visible.
  • Had the Beverley Building Society explained the total cost of Beverley Building Society PPI to you at the time of sale?
    • All costings relating to the PPI should have been explained to you by Beverley Building Society. This will be a major mis-selling factor if it wasn’t done.
  • Did Beverley Building Society make it known that that some of the PPI premium may have been paid as commission?
    • If more than 50% of your PPI premium was paid as commission to Beverley Building Society, this is classed as high commission under the Plevin rule. You were mis-sold and due a PPI refund.
  • Were you made aware by Beverley Building Society that you could cancel the PPI policy?
    • Beverley Building Society should have explained that you had a cooling off period and could exercise your right to cancel the PPI policy within that time.
  • Were you made aware by Beverley Building Society of any circumstances or exclusions where you would not be successful in making a claim?
    • If Beverley Building Society had not made clear any exclusions or circumstances that would prevent you from claiming, you may have been mis-sold Beverley Building Society PPI policy.
  • Were any enquiries made by Beverley Building Society if you had other PPI cover that would cover repayments?
    • Beverley Building Society has a responsibility to find out if you had sufficient PPI cover elsewhere.
  • Were you pressured into purchasing the Beverley Building Society PPI policy?
    • Beverley Building Society should have looked at your personal situation to assess if you would benefit from having PPI without any pressure or hard-sell.
  • At the time of taking out the PPI policy with Beverley Building Society, did you have any pre-existing medical conditions?
    • If you had any pre-existing medical conditions that meant you could not have worked for the duration of the Beverley Building Society PPI term, you would not be covered by the Beverley Building Society PPI policy.
  • Was it implied to you that Beverley Building Society PPI was necessary to get the finance?
    • If the finance sought was such that required a PPI policy, Beverley Building Society should have let you know that you could shop around to find and compare PPI cover or if you already had PPI in place, Beverley Building Society should not have sold you their PPI policy.
  • Did Beverley Building Society PPI have an upper age limit, if so, were you older than it?
    • If Beverley Building Society PPI specified an age limit for cover and you were older than this, you would not be covered by the policy.
  • How long was the term of Beverley Building Society PPI, was it was shorter than the term of finance agreement? Did Beverley Building Society explain that there would also be a period of no cover towards the end of the finance agreement?
    • If Beverley Building Society didn’t explain that you would have a period of no protection during the term of the finance agreement, you Beverley Building Society PPI policy was mis-sold to you.

What could you claim from Beverley Building Society?

If your claim against Beverley Building Society is upheld, you may receive a full refund of PPI paid to Beverley Building Society, including any interest charged on the PPI. Statutory interest of 8% per year would also be payable on the premiums and any interest charged.

How to Make a PPI Complaint to Beverley Building Society?

The Financial Conduct Authority (FCA) has set a deadline of 29 August 2019, by which time all PPI complaints will need to have been submitted. After this date, customers will lose the right to have their complaint assessed by us, or the Financial Ombudsman Service.

If you have previously received a letter from Beverley Building Society outlining potential concerns about the way PPI may have been sold to you, then you may have less time, so it is important to act as soon as possible.

Please be assured that by checking or complaining about PPI to Beverley Building Society, neither your relationship with, nor your credit score will be adversely affected in any way.

If you have a concern about how your PPI Policy was sold, it’s easy for you to contact us directly to discuss and start your check PPI for FREE.

We understand consumers may require different levels of assistance and are committed to making your check PPI** and claim process as simple as possible. Our process has been designed to make it as easy as possible for everyone wishing to make a complaint.

We’d like to discuss the details of your case with you so your complaint can be lodged as quickly as possible with Beverley Building Society to find out if you had any PPI charges on your loan or finance agreement.