PPI CPP Complaints

We're working with you to set things straight

Payment Protection Insurance (PPI) FAQs

Remember - The deadline for submitting a complaint to LV= about PPI is 29th August 2019.

What is Payment Protection (PPI)?

PPI is a policy designed to protect your loan or credit card repayments if you couldn't work because of accident, sickness or unemployment. A successful claim would pay your loan for up to a year and your credit card up to ten months.

Taking a PPI policy can offer customers peace of mind and many made successful claims allowing them to maintain their lifestyle which might have otherwise been at risk. Many customers also chose not to take PPI with their loan or credit card.

Was PPI sold at LV=?

LV= ,also trading under Frizzell Bank and Liverpool Victoria Banking Services at the time, sold PPI policies with the following products:

  • Personal loans
  • Homeowner loans
  • Continuous Credit Facility (CCF)
  • Credit Cards

LV= are also affiliated with the following companies where a small portfolio of Personal Loans was purchased which may have had PPI attached:

  • Morgan Stanley
  • Capital One

How do I know if I've got PPI or make a complaint?

It'll show on your credit agreement and as a separate transaction on your monthly credit card statement. If you're not sure if you have PPI, have an enquiry or complaint about Payment Protection Insurance (PPI) or Card Protection Plan, submit an enquiry/complaint to us.

Card Protection Plan (CPP) FAQs

Remember - The deadline for submitting a complaint to LV= about CPP is 29th August 2019.

What was Card Protection (CPP)?

You may have bought card protection directly through CPP Ltd to protect your LV= ,also trading under Frizzell Bank and Liverpool Victoria Banking Services at the time, Credit Card or through LV=,Frizzell Bank or Liverpool Victoria Banking Services directly when you applied for your credit card or called to register/ activate a card.
The average annual cost of a card protection policy is £30.

The features of this product included:

  • being able to cancel all your lost or stolen cards and order replacements in one phone call
  • insurance cover if you lost your keys, handbag or wallet

How do I know if I’ve got CPP or make a complaint?

It'll show as a separate transaction on your monthly credit card statements (card protection plan) or as a separate tick box on your credit agreement.
If you're not sure you can contact CPP Ltd on 0844 848 2914 who'll be able to confirm if you have/had a CPP policy and if it was sold by LV= or submit an enquiry/complaint to us.

Other FAQs

 

How far back can I complain about PPI or CPP?

You can complain about a PPI or CPP policy no matter when it was taken out. If you took it out more than 14 years ago it'll help if you can provide us with any documents you have.

What's the difference if I use a Claims Management Company (CMC)?

None, we treat all complaints the same whether they come straight from you or through a CMC. However the CMC may charge you a fee or take a 'cut' from any compensation we pay you.

How are compensation offers calculated?

For PPI/CPP complaint where we uphold your allegation of the policy being mis-sold, any compensation offer we make is in line with the Financial Ombudsman Service and Financial Conduct Authority (FCA) guidance.

For both PPI and CPP, we aim to put you back in the position you would've been in had you not taken it out by:

  • refunding all the premiums you paid, including any interest charged on these premium
  • paying compensation calculated at the rate of 8% per annum from the date you made each payment

If we do not uphold your complaint on mis-sale we will also consider your complaint to see if you are eligible for a refund of commission/profit share.

If I make a successful claim on the PPI or CPP, can I still complain?

Yes, but as we aim to put you back in the position you would've been in had you not taken the policy we'll deduct any claims from your total refund. If the claims payments you received are more than the amount of premiums you paid you won't be due a refund.


Is tax payable on any refund I receive?

Yes and when your complaint is complete, we'll send you a tax certificate to help with claiming a refund from HM Revenue & Customs if you're a non tax payer.

What is your complaints process?

You can find out more about our complaints process on our Complaints FAQ page.