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, one being that 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 rules surrounding PPI and are familiar with the claims process, so we can help make things easier and see the claim through as smoothly and effortlessly as possible.
PPI Claims FAQ
- What information do we require to make a claim?
In order to make a claim you will need to submit the following information:
- Lenders name
- Your full name
- Your previous address history
- Signed Letter of Agreement (LoA)
- Your Current Financial Situation – if your loan account is classed as the following: DMP/IVA/BANKRUPT
- Can we obtain account numbers for you?
As long as you provide us with your full name and previous address, account numbers are no longer needed in most cases.
We have negotiated a deal with most of the main banks whereby we only need to provide them with your name and address history and they will run a check across their entire network for any loans or credit agreements you may have ever had with them.
- 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 average time frame.
- What are the fees?
The fees are as follows:
25% + VAT applicable for any successful payout
£0 if no payout is due: if it turns out you don’t have PPI or you do have it but it was sold fairly and in your best interests.
- 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.
Please keep in mind that in this case, you would still be liable to pay the 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, mortgages, car and household finance, etc. The main criterion is to have been mis-sold PPI.
In order to find out if you were mis-sold PPI, simply call us on 0800 031 6078 or fill out the super quick form and you we’ll go through your details and let you know. Many people who think they do not have PPI policy actually do have it, so it’s worth investigating.
- How do I know if I have been mis-sold PPI?
If you identify yourself with one or more of the following situations, you may have been mis-sold PPI and, if so, are eligible to claim:
- You were not informed that your loan contract was associated with a PPI policy
- You were told that having a PPI policy is non-negotiable while signing the loan contract
- You were not properly informed about the terms and conditions of your PPI policy
- You were unemployed or retired at the point of sale
- IYou were self-employed
- You had a pre-existing medical condition and were not asked about it
- How Much PPI Money Will I Get?
The industry average is £2,750 per PPI policy. Obviously yours could be more or it could be less.
It all very much depends on many variables such as the loan amount, term of the loan, interest rate etc. We can give you a better idea of what you are likely owed when we have all your information.
- 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.
- 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 mis-sold PPI within the last 6 years.
You can claim any mis-sold 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.
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 mis-sold 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.