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PPI CLAIMS DEADLINE
29th Aug 2019

BMW Financial Services PPI Check

BMW Financial Services PPI

What is BMW Financial Services PPI?

There are many ways of referring to BMW Financial Services 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 BMW Financial Services 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 BMW Financial Services were added on to a loan, credit/store card, mortgage or an overdraft.

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

How was BMW Financial Services PPI mis-sold?

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

Were you mis-sold PPI by BMW Financial Services?

It is possible PPI may have been mis-sold by BMW Financial Services if any of the following facts occurred at the point of sale:

    • Were you unemployed, self-employed or retired at the time BMW Financial Services sold you the PPI policy?
      • Had you been unemployed, self-employed or retired when you were sold your PPI policy by BMW Financial Services, 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 BMW Financial Services?
      • If you had no idea that BMW Financial Services 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 BMW Financial Services explained the total cost of BMW Financial Services PPI to you at the time of sale?
      • All costings relating to the PPI should have been explained to you by BMW Financial Services. This will be a major mis-selling factor if it wasn’t done.
    • Did BMW Financial Services 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 BMW Financial Services, this is classed as high commission under the Plevin rule. You were mis-sold and due a PPI refund.
    • Were you made aware by BMW Financial Services that you could cancel the PPI policy?
      • BMW Financial Services 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 BMW Financial Services of any circumstances or exclusions where you would not be successful in making a claim?
      • If BMW Financial Services had not made clear any exclusions or circumstances that would prevent you from claiming, you may have been mis-sold BMW Financial Services PPI policy.
    • Were any enquiries made by BMW Financial Services if you had other PPI cover that would cover repayments?
      • BMW Financial Services has a responsibility to find out if you had sufficient PPI cover elsewhere.
    • Were you pressured into purchasing the BMW Financial Services PPI policy?
      • BMW Financial Services 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 BMW Financial Services, 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 BMW Financial Services PPI term, you would not be covered by the BMW Financial Services PPI policy.
    • Was it implied to you that BMW Financial Services PPI was necessary to get the finance?
      • If the finance sought was such that required a PPI policy, BMW Financial Services should have let you know that you could shop around to find and compare PPI cover or if you already had PPI in place, BMW Financial Services should not have sold you their PPI policy.
    • Did BMW Financial Services PPI have an upper age limit, if so, were you older than it?
      • If BMW Financial Services 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 BMW Financial Services PPI, was it was shorter than the term of finance agreement? Did BMW Financial Services explain that there would also be a period of no cover towards the end of the finance agreement?
      • If BMW Financial Services didn’t explain that you would have a period of no protection during the term of the finance agreement, you BMW Financial Services PPI policy was mis-sold to you.

What could you claim from BMW Financial Services?

If your claim against BMW Financial Services is upheld, you may receive a full refund of PPI paid to BMW Financial Services, 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 BMW Financial Services?

The PPI deadline (29th August 2019) set by the FCA has now passed and we are no longer accepting any new PPI claims.

The PPI Deadline

IMPORTANT NOTICE!

WE ARE NO LONGER ACCEPTING NEW PPI CLAIMS!

Due to the proximity of the PPI deadline, we are no longer accepting any new PPI claims to allow us to process existing PPI Claim enquiries

Please be assured, if you have already enquired about a PPI Claim with Money Management Team Limited we are processing your enquiry and will update you as your claim progresses. If you need an update in the meantime, please contact us.

You can pursue your own claim direct to the firm to obtain a refund. You can do this for yourself at no cost and then use the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) which are both FREE.

Dont Miss the 29th Aug 2019 PPI Deadline!

£Millions Remain Unclaimed!

PPI Deadline FAQs

Is there any leeway in deadline timing?

No – the deadline is absolute. If the claim is not properly logged with the lender before midnight on August 29th it will be officially time-barred.

I already have a case(s) going through with you, what will happen to them?

The deadline is for new claims only. All existing claims will be investigated and decided normally.

I have had a case with FOS through you for ages – what will happen to it now?

All FOS investigations of current claims will be unaffected by the deadline. It is for new claims only.

Will the deadline cause any delay in my case?

No – existing cases will be processed as normal with a final decision expected within 8 to 16 weeks of acknowledgement of the claim by your lender.

What if the bank wants more information?

A request for further information from the bank means that it has been accepted and is under investigation. The usual timescale of 8 to 16 weeks for a decision will still apply.

Why is there a deadline?

The deadline was set in place by the Financial Conduct Authority (FCA), which is the UK’s financial regulator. It’s chief executive, Andrew Bailey, said at the time: “Putting in place a deadline and campaign will mean people who were potentially mis-sold PPI will be prompted to take action rather than put it off. We believe that two years is a reasonable time for consumers to decide whether they wish to make a complaint.”

“We have carefully considered the feedback we received and we still believe that introducing a deadline for PPI complaints and a communications campaign warning of the deadline will benefit consumers.”

What happens after the deadline?

The deadline is for new claims only. If your claim has already been lodged with your lender then it will be fully investigated.

What happens if my case is rejected by the lender?

If your claim is rejected then it will be passed to our specialist team who will evaluate the terms of the rejection to see whether an appeal to the Financial Ombudsman Service (FOS) might be possible and advise you of their findings.

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Important Information


*Free Check with our Claims Service. Outcome is lender specific and may result in a complaint being investigated

Your PPI Claim starts with a Free PPI Check service. Our PPI Claim fee of 20% + VAT (so 24%° of the total redress offered by your lender) is payable if your claim is successful. That means if we don’t recover you anything, you don’t pay us a penny.
You can submit a claim directly to the lender yourself for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free to review your case, providing it falls within their remit and you have approached your lender first.

© 2019. PPI-check.com is a trading style of Money Management Team which is authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 836618. The registered address is Railex Business Centre, Crossens Way, Marine Drive, Southport, Merseyside, PR9 9LY. Registered as a company in England and Wales (company number 08290403) Vat Number: 180 9825 79 | Tel: 0800 103 2631 ICO number: ZA029120. *Free Check with our Claims Service. Outcome is lender specific and may result in a complaint being investigated. If you agree to the claim service, the fees are 20% + VAT = 24% for any successful claim. Our fees are subject to Regulatory Change and will be charged at the prevailing maximum rate; however, we will never charge you in excess of 20% + VAT where your contract has been entered into after 10th July 2018. Contracts entered into on, or prior to, 10th July 2018 are chargeable at the rate outlined in such contracts.
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