PPI in the News

PPI Claims FAQ

– What information do we require to make a claim?

·         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?

We cannot contact the lender to obtain account numbers for our customers, you have to do this yourself. We can provide contact details for lenders and can also provide a template letter for you to forward on to your lenders to obtain your account number.

– How long does a payout take?

Every PPI claim involves a different set of circumstances and varying degrees of difficulty, which means time scales can vary from case to case. You can be sure that we’ll take care of our work efficiently but we can’t say the same for your lender.

We’ve had cases turned around in 3 weeks but as a rule allow 8 weeks minimum and don’t expect anything before 12 weeks.

– What are the fees?

Our fee is 25% + VAT of any successful payout, so if you were awarded £1000 in compensation; our fee would be £250 + VAT, totalling £300. If we find that you don’t have PPI or if your case is unsuccessful then you pay nothing.

– How do I get paid, is it a cheque or bank transfer?

We find that normally the banks refund their customers directly. This can be via a cheque, transfer or a reduction in the amount still owed on an existing loan or credit card. How they refund you is entirely at their discretion- we have no control over it.

It’s important to be aware that if you’re behind on payments or have an outstanding balance with a lender and you win a payout from them; they will use the payout to clear your arrears first. This may mean you don’t end up with any ‘cash in hand’, but you still have to pay our invoice.

Here’s the Ministry of Justice fee breakdown guide:

– What can I make a claim for?

You can claim against any PPI policy on a loan, credit card, mortgage, car finance agreement, in fact any finance agreement that has PPI on it. Crucially – you need to have been mis sold the policy.

If you would like to find out if you’ve been mis-sold PPI, call us now on Freephone 0800 840 7292 or fill out our super quick form. Remember most people we speak to think they don’t have PPI, when they do!

– How do I know if I have been misold PPI?

Take a look at this checklist, does one of the criteria fit your situation? If so you may have been mis sold PPI:

  • Were you told at the point of the loan agreement that PPI was included? If not then you have reason to claim back PPI payments.
  • At the point of agreeing on the loan/credit card were you told that PPI was ‘compulsory’, if so – you can claim.
  • At the point of agreeing on the loan/credit card were you fullly informed about the terms and conditions of the policy? If not – you can reclaim your PPI payments.
  • Where you unemployed or retired at the point of agreement? If so and the policy included unemployment cover, you’ve been paying for worthless cover which should not have been sold to you.
  • Were you self-employed when you took out the borrowing? If you were, you should check if you would have been paid out if your business went bust (usually not) and if your loan repayments would have been covered by the policy (usually not). If you weren’t informed about the lack of cover then you could have a PPI reclaim case.
  • Did you have any medical conditions at the point of the policy/credit agreement? Most policies won’t cover your repayments if you missed them due to pre-existing medical conditions. You may have a case if you weren’t asked relevant questions or informed about this.
  • Are or were you making repayments on a borrowing through any of the following companies:
  • RBS
  • HSBC
  • Santander
  • Co-op Bank
  • Barclays
  • Lloyds
  • Alliance & Leicester
  • HFC Bank (owned by HSBC)
  • Swinton
  • Egg
  • GE Capital Bank
  • Loans.co.uk
  • Redcats (Brands Ltd)
  • Hadenglen
  • Capital One Bank
  • Regency Mortgage Corp
  • Home & County Mortgages
  • Capital Mortgage Connections

All of these lenders have either been fined for mis-selling PPI or have set-aside hundreds of millions of pounds ready for PPI refund applications. If you’re unsure whether you have a PPI claim or want to get your reclaim started, simply fill out the secure online form or give us a call today on 0800 840 7292.

– How Much PPI Money Will I Get?

Your payout depends on the cost of the mis sold PPI policy, the level of debt you took on alongside it and the term of the borrowing. Someone paying for a PPI policy attached to a 5 year, £10,000 loan through RBS will pay a different amount to someone who took out a Barclaycard with PPI.

The average payout is £3,000 per policy and you’ve ever taken out more than one loan or credit card then you may have more than one PPI policy.

– How much PPI on a £10,000 Loan?

A typical PPI charge is £1 per £100 of outstanding balance so on a £10,000 balance you’d pay £100 a month just for your PPI cover. Obviously the monthly cost of the policy will reduce as the balance reduces, but over a typical five year term you’re looking at a potential mis sold PPI refund worth thousands of pounds.

– Can I make a PPI claim against a policy on a borrowing I’ve finished paying back/defaulted on?

YES – whether you cancelled a PPI policy, finished paying back the loan, cleared the credit card or defaulted on the borrowing – if there was mis sold PPI involved; you can make a claim.

– Can I make a refund claim against a policy which I have actually used?

YES – PPI can still be mis sold even if you’ve used it to cover your repayments. You can still start a reclaim case.

– How far back can I claim?

As a rule of thumb, you can definitely claim mis sold PPI payments going back six years. This is because banks and lenders must keep records of all their customer’s transactions and dealings for the past 6 years, so it’s easy to see what you’re owed.

If your borrowing ended over six years ago and you have the paperwork then that’s fine too. Difficulties arise when your loan/credit card agreement ended over six years ago and you don’t have the paperwork.

If you’re still paying off a loan/credit card agreement that started over six years ago then your lender will have a record of all payments on the account. This means you can easily see what you’re owed, making a refund claim more likely to succeed.

Whatever your situation, if you have a PPI policy then it’s worth finding out if you’re owed any money – it’s free after all. To get your PPI reclaim started, simply fill out our secure online form or give us a call on 0800 840 7292.

– Can I claim if I have an IVA?

YES – Borrowings that you’re repaying through an IVA may still have been issued alongside a mis sold PPI policy. You’re still responsible for those agreements and it’s your legal right to seek compensation.

How do I know if I’ve been paying for Payment Protection Insurance?

The first step towards finding out if you have been mis sold PPI is taking a look at your original loan agreement, if you have PPI it should be shown in the breakdown of payments section. Also look for (Accident, Sickness Unemployment) cover (ASU), Personal Loan Protection (LPL) and Loan Protection Insurance (LPI). If you don’t have your agreement or you’re unsure about what it says, you can call us on Freephone 0800 840 7292 and speak to a one of our friendly advisors about getting your completely FREE – NO OBLIGATION assessment.