There has been a lot of publicity about Payment Protection Insurance (PPI) recently. PPI covers borrowers against being unable to make their debt repayments due to an accident, sickness or unemployment, usually for up to 12 months.

PPI has been in the headlines recently, due to the Financial Services Authority fining several high-profile companies for mis-selling PPI. As a result it is likely that many people have legitimate claims to ask for their money back from these companies. There has also been a lot of press coverage about the number of claims management firms offering to 'assist' people making these claims (in return for a fee), with concerns being expressed about how these claims companies are regulated and what real benefits they offer people who have a claim, compared to claiming direct from the company which provided the PPI.

Police Mutual did not sell PPI but is conscious that some of its members may have bought PPI elsewhere or know someone who did.  If you are uncertain as to what to do our view is that you should:

Check the paperwork on any loans or credit cards to see whether there is any PPI. The initial agreement will mention the insurance, even if you weren't aware of it at the time.

Check the date as a claim is more likely to be successful for an account which is still active or which was active within the last six years.

Contact the lender direct as most companies who sold PPI now have teams to deal with complaints and are under very close regulatory supervision to deal with complaints in a proper and timely way.

Avoid claims management companies who claim to be able to help people complain but will keep a fee or percentage of any money recovered.

Use free resources like Which? and Citizens Advice Bureaux, both of which have free step-by-step guides to help you claim available on their websites. In reality many claims management companies are doing little more than using these resources and charging you for it.

Read the small print carefully on any new loans or credit agreements. Although companies now have to comply with a new set of rules, borrowers should still be sure of what they are signing up to.

Ends

For more information please contact:

Jo Cardwell
Corporate Communications
Police Mutual Group                                            
T: 01543 305323
E: press.office@pmas.co.uk

Notes to editors

Police Mutual Assurance Society

Police Mutual was founded in 1922 to provide welfare and financial support for police officers.

It is the UK's largest affinity friendly society with almost £1bn funds under management and has around 220,000 policyholders among serving and retired police officers, staff and their family members.

Police Mutual is owned by, and run by, members of the police service.  Its Committee of Management includes representation from all police ranks to ensure that decisions reflect the needs of the service as a whole.