PPI in the News

PPI Claims

So far there have been many successful PPI claims cases in which consumers have reclaimed the fees on on mis sold policies, and yet more are in the process of making a claim. More than £10billion has been repaid by the lenders involved at the time of writing, and some £18billion has been set aside to cover the costs. There are those in the industry who believe the final figure could exceed that by some margin by the end of the scandal. We can help you make successful claims as we have a team of experienced claims handlers waiting to give you a hand, and with us doing the hard work you can sit back and wait for your cash award.

More about PPI Claims

PPI stands for payment protection insurance, a type of cover that is designed to help keep up the monthly repayments on a loan, mortgage or other credit agreement in the event the policy-holder is made redundant involuntarily. Such policies are quite common, but they are known to have been mis-sold in many cases. There have been many examples of mis-selling and thousands of people have made successful PPI claims. You could be entitled to claim, and with an industry average of £2750 per payment it is certainly worthwhile.

Examples of Mis Sold PPI

PPI has been routinely mis sold to customers by a number of well-known and other lenders across the years, and in a wide variety of different ways. Perhaps the most common form of PPI claims is that in which the customer was not given indication of their right to shop around for the best possible deal and, instead, was led to believe they needed to buy the lender’s package deal in order to qualify for the loan, while others were sold policies that, in fact, would never have worked for them, or that they did not need.

How to Make a Mis Sold PPI Claim

On way to make successful PPI claims is to use a claims handling company such as ourselves, and our team of experienced claims handlers understand the needs of the clients. We also offer a no win no fee* package so that you will not have to pay should your claim be rejected. Each case is different and with our experience we understand that your claim needs detailed attention, so why not get your claim underway right now and see what you are entitled to?

PPI Claims FAQ

- What information is Needed?

·         Name of Lender
·         Signed Arrangement Letter
·         Figures From Account/Arrangement
·         Whether your credit account identifies you as DMP/IVA/BANKRUPT

- Who can Obtain Account Numbers?

You must get this information from creditors yourself. However, we can supply contact information for creditors and a template letter.

- How Long Does a Claim Take?

This factor varies a lot due to the complexity of the claim and how cooperative the lender is. We have sometimes completed the process in 21 days but it can be up to 3 months.

- What can you Reclaim?

You can reclaim any charge associated with any PPI policy if it was mis-sold (i.e. you were misguided when taking out the policy).

- How Much Could you Reclaim?

Many factors affect this such as the original values of the loan and the policy, the repayment term, and interest rate, the type of credit you held and the type of policy you were sold. The average figure for a single policy is £2750, and it is quite possible you have more than one policy.

- How Much do we Charge?

On successful claims, we charge 25% of money awarded plus VAT. There is no charge for unsuccessful claims.

- What is PPI Mis-selling?

If any of the following apply to you, you may have been mis-sold PPI:

  • Somebody told you that the lender’s own PPI policy was obligatory.
  • Nobody told you that PPI was part of your policy.
  • Nobody explained the terms and requirements of the policy to you.
  • You were self-employed and not covered for bankruptcy.
  • You were given unemployment coverage while unemployed or retired.

- How far back can claims go?

As standard, you can claim if your policy was active in the last 6 years as this is how long lenders keep records. This includes policies that are still active. If your claim is more than six years old, you may still be able to obtain a refund if you still have all the paperwork.

- Can you Claim if you Hold an IVA?

Yes, if a mis-sold PPI policy was provided with the credit in question.

- Can you Reclaim PPI Policies on Which a Claim was Made?

Yes. Even if you made a successful claim through your policy, it is still possible that it was mis-sold.

How to Know if You’ve been Paying PPI

This should appear on your original agreement. It may have an alternative name like Personal Loan Protection (PLP), Accident, Sickness or Unemployment coverage (ASU), or Loan Protection Insurance (LPI). If  in doubt, call our team free on 0800 840 7292 for free help with no obligation attached.