The payment protection insurance (PPI) scandal is the biggest scandal in the history of the UK banking industry. Millions of people have been left out of pocket after being sold insurance policies that they did not need or were not informed about. So far, millions of people have already made successful PPI claims for compensation. We have been able to help many people get back the fees on mis sold policies, and we can help you, too. It has never been easier to claim, and with an industry average repayment so far of £2750 it is certainly worth doing so.
What is PPI?
PPI refers to a range of insurance policies that are designed to make sure the policy-holder can keep up the monthly repayments on a loan or mortgage in the event they are made redundant involuntarily. The payments will cover the holder for a year or sometimes two. The problem is not with the policy itself, which is a widespread occurrence, but with the way it has been sold to customers. If you have a policy you should get hold of all the paperwork and see if you can make a claim.
Why the PPI Claims Scandal?
A number of years ago the Office of Fair Trading referred alleged complaints to the Financial Services Authority for investigation, and it was found that many people had been mis sold PPI policies by a number of high street lenders. Some had even been sold policies that would be no use in their personal circumstances, and others had not been given the right to look around for the best deal, something that is intrinsic to the rules. The complaints were upheld, and many high street lenders fined, while the regulations were rewritten and the PPI claims saga began.
Can I Claim Back PPI?
Many people choose to use a claims handling company in order to make a claim for mis sold PPI policies, for a variety of reasons. It can help take the strain out of the claims process. Our team of experienced claims handlers can help you make a claim on a no win, no fee basis so that you do not have to pay in the event you claim is not successful. We understand the law and are familiar with claims, so we can help make things easier and see the claim through the courts smoothly and effortlessly.
PPI Claims FAQ
- What information do we require to make a claim?
In order to make a claim you have to submit the following information:
- Lenders Name
- Account/Agreement Numbers
- Signed Letter Of Agreement
- Your Current Financial Situation – if your loan account is classed as the following: DMP/IVA/BANKRUPT
- Can we obtain account numbers for you?
Unfortunately, we cannot but we can provide help in order for you to obtain the account numbers. We can supply you with template letter or contact details which you can use to obtain the account numbers.
- How long does a payout take?
Receiving a payout is complex process which depends on several factors. For this reason we are unable to give you an exact estimate. However, from our experience we have noticed that as a rule of thumb, between 8 and 12 weeks is the optimal timeframe. We guarantee that your claim is our no.1 priority but we do not know if the same can be said about the lender.
- What are the fees?
The fees are as follows:
25% + VAT applicable for any successful payout
£0 if the payout is unsuccessful
- How do I get paid, is it a cheque or bank transfer?
It is up to the bank that is making the refund to decide under what form you will be paid. But from our experience financial institutions usually pay under the following forms:
- Deduction (only if you owe money to the respective financial institution)
In case of deduction, you will not receive the money, but they will be extracted from the amount already owed. Keep in mind that in this case you a liable to pay our fee of 25% + VAT.
If you require further information on the matter please check fee breakdown guide offered by the Ministry of Justice:
- What can I make a claim for?
Our clients usually claim any PPI policy associated with any financial agreement such as loans, lease plans, and so forth. But the main criterion is to have been mis sold PPI policy.
In order to find you if you have been the victim of a mis sold PPI policy just call us Freephone 0800 031 6078 or fill out our super quick form and you will be informed in no time. Statistics have shown that 90% of the people who think they do not have PPI policy actually have PPI policy.
- How do I know if I have been misold PPI?
If you identify yourself with one of the following situations, then you have been misold PPI.
- You are eligible to claim back payments if you were not informed that your loan contract was associated with a PPI policy
- If you were told that having a PPI policy is non-negotiable while signing the loan contract, you are eligible to make claim.
- If while signing the loan contract t you were not properly informed about the terms and conditions of your PPI policy, you are eligible to make claim.
- Whether you were unemployed or retired while signing the contract loan, and had a PPI that covered unemployment, you are eligible to make claim.
- If you were self-employed while signing the loan contract and the PPI did not cover your payment in case your business went out you are eligible to make claim as you were not properly informed about what PPI covers.
- If while signing the contract loan you were under the influence of any medical condition and you were not asked about it you are eligible to make claim as the majority of PPI policies do not cover the payments in case you miss them due to medical problems.
- If you are using one of the following companies to make payments for a loan, you are eligible to make claim as all of them have a history with misold PPI. Even if you have a slight boubt whether you have PPI claim or want to star one, do not hesitate to give us a call at 0800 031 6078 or simply fill out the secure online form.
- Co-op Bank
- Alliance & Leicester
- HFC Bank (owned by HSBC)
- GE Capital Bank
- Redcats (Brands Ltd)
- Capital One Bank
- Regency Mortgage Corp
- Home & County Mortgages
- Capital Mortgage Connections
- How Much PPI Money Will I Get?
From our experience, our clients receive on average £3,000 per PPI policy but if you have more than one PPI policy that amount could increase.
However the payout depends on several factors such the amount of misold PPI policy, the amount loaned, and what particular financial institution you worked with.
- How much PPI on a £10,000 Loan?
Usually, a PPI policy charges £1 per £100 of outstanding balance, and thus for a £10,000 balance you would be liable to pay £100. Of course that as the balance decreases so does the monthly fee. If we were to calculate a potential PPI refund for a loan contracted over a 5 year period we could expect the refund to reach several thousand pounds.
- Can I make a PPI claim against a policy on a borrowing I’ve finished paying back/defaulted on?
No matter what the status of your PPI policy is, as long as you have been mis sold PPI you are still eligible to make a claim.
- Can I make a refund claim against a policy which I have actually used?
No matter the status of your PPI policy, if you have been the victim of misold PPI policy and used it, you are still eligible to make claim.
- How far back can I claim?
According to current regulation, financial institutions are forced to keep their customers records for at least 6 years; therefore you can easily claim any misold PPI within the last 6 years.
You can claim any missold PPI policy even older than 6 years provided you still have the documents to certify your actions. If on the other hand you do not have the documents you might have difficulties in making your claim.
If you are nor certain about your current situation and if you have a PPI policy then do not hesitate to contact us at 0800 031 6078 or fill out our secure online form and within minutes you will know if you are eligible to make claim.
- Can I claim if I have an IVA?
Yes you can claim eve if you are using IVA to pay the instalments on your loan. Keep in mind that it is your right to seek compensation.
How do I know if I’ve been paying for Payment Protection Insurance?
From our experience you can verify if you have been the victim of misold PPI by analysing the loan contract. If you find PPI written down in the payment details section then you are eligible to make claim. Another way to verify this is by checking for (Accident, Sickness Unemployment) cover (ASU), Personal Loan Protection (LPL) and Loan Protection Insurance (LPI). If you are unable to find the contract or if you are not sure what to make out of it, you can put your worries to rest by calling us at Freephone 0800 031 6078 and talking to one of our loyal consultants. He will clear things out for you and will also offer a FREE – NO OBLIGATION assessment.