Payment protection insureance, PPI information

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Payment Protection Insurance

BFS Direct is regulated and authorised by the Financial Services Authority (No. 305249) to sell non-investment general insurance products such as Payment Protection Insurance.

Did you know:

Over 176 million working days are lost in the UK due to accidents or ill health each year.
Over 1.4 million people are unemployed for up to 12 months at a time.
Over 500,000 people fell into arrears with their mortgage payments last year.
Unemployment benefit is currently £57.50 per week
Statutory sick pay is £70 per week

Payment Protection Insurance is offered as an optional insurance to you and we recommend that you are completely happy with the product and cost before deciding to use it. Our trained advisors will also carry out a ‘Demands & Needs’ questionnaire to establish whether we recommend PPI cover to you and you will receive a copy of this to sign together with a statement of price which will also include any significant exclusions of any insurance offered prior to proceeding.

All policies also have a 30 day cancellation policy so if you receive your money and then change your mind for any reason you can still cancel the policy up to 30 days after completion of your loan.

We also recommend that you visit the FSA’s impartial information site covering Payment Protection Insurance by clicking on the link below:

http://www.fsa.gov.uk/pages/index.shtml

BFS always try to treat our customers fairly and if you have any questions please discuss them with your advisor who will be only too willing to help.


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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.