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PPI CLAIMS DEADLINE
29th Aug 2019

Oli Catalogue PPI Check

Oli PPI

What is Oli PPI?

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

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

How was Oli PPI mis-sold?

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

Were you mis-sold PPI by Oli?

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

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

What could you claim from Oli?

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

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 Oli 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 Oli, 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 Oli to find out if you had any PPI charges on your loan or finance agreement.

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.

PFCA MEMBER

PPIClaims.com is a trading style of Money Management Team Ltd. Money Management Team is a member of the Professional Financial Claims Association (PFCA).
We comply with the PFCA Code of Practice

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.