Mis-Sold Payment Protection Insurance (PPI)

Do I have good grounds to complain about mis-sold PPI?

Nobody can tell you whether or not your complaint will be successful, but we can tell you if you have a good reason to believe that your PPI was mis-sold. Fill in the no-obligation enquiry form and we will then send you our simple claims pack via email and post for you to review, fill in and return.

What are the benefits of using a claims management company (CMC) to handle my PPI claim?

We can be extremely helpful and often needed by customers. We have years of experience in dealing with the processes and systems involved in reclaiming mis-sold PPI. We deal with many cases on a daily basis and have thousands of clients including those who we felt the bank tried to manoeuvre into a position they did not want to be in.

Since we first started helping consumers reclaim their mis-sold PPI we have helped thousands of people successfully reclaim what is rightfully theirs. There is a vast array of experience with dealing with banks directly. We can take any pain and confusion out of receiving and understanding correspondence from banks whilst at the same time communicating your requirements back to their specialist PPI teams that have been created due to the sheer size of the mis-sold PPI scandal. Using a CMC such as us means you will have a professional acting on your behalf, on a strictly no-win-no-fee basis* that will get your claim processed as fast and efficiently as possible.

What was PPI sold with? Who can I reclaim mis-sold PPI from?

PPI was the insurance sold, or more often mis-sold, to accompany loans, credit cards (including store cards) and mortgages which offered the means to pay your premiums when you were unable to pay them yourself for such reasons as being unpaid from work for accidents, sickness or unemployment.

Loans come as secured loans, unsecured loans and also include higher purchase (HP) agreements. If you have taken any of these in the last 15 years there is a chance payment protection insurance (PPI) was added as well. This might have been intentional on your part due to being pressured into taking it, or being told you had to or it could be completely unintentional and you may not even know it's there. PPI was added without people's knowledge due to you as the customer having to 'opt out' of taking it as opposed to asking to have it. This meant that if the opt out section of a credit agreement was overlooked PPI would be added by default. This practice sounds like it couldn't happen with such massive institutions as banks like Lloyds TSB, Barclays, Santander etc. but these were exactly the lenders that were the largest mis-sellers of PPI.

Credit cards, store cards and payment cards can all have PPI associated with them to cover monthly repayments against what you owe if you are unable to pay yourself through your usual means. Mis-selling of PPI to go with these kind of cards was done in a similar way to that of loans where you may have felt forced to take it or just got it without you knowing.

Mortgage PPI is a less common mis-selling but that is not to say that mortgage PPI has not also been mis-sold just as PPI with loans and credit cards was.

If you have had any loans, credit cards or a mortgage then it is worth your while enquiring to find out if you had PPI and if so if you can reclaim it on the grounds that it was mis-sold. Fill in the no-obligation enquiry form now to find out.

Below is a list of banks, building societies and other lenders that could have mis-sold PPI. If the lender you took your loan, credit card or mortgage from is not on the list fill in the no-obligation enquiry form and we can find out if you can claim from them.

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How much could I get back if I make a claim?

If your claim is successful and your complaint is upheld, then the firm you are claiming against should do its best to put you back into the position you'd have been in if you had never taken out the PPI.

What this means is that you should be refunded all premiums you have paid towards the PPI policy (which would include all interest charged against such things as single premium PPI policies) as well as then getting further statutory interest added to those payments calculated up to present day.

Regular premium PPI policy

If your had (or have) a regular premium PPI policy, like PPI policies that are attached to mortgages or credit cards, then you should receive a refund of any PPI premiums you have paid and possibly a refund of any additional interest charged to you because of the PPI.

Single premium policy

If you had (or have) a single premium PPI policy, like PPI policies that are often attached to personal loans or finance agreements, then the amount of money you could be refunded depends on whether your loan has been paid off or not.

If you have not paid off your loan your lender should calculate how much your loan repayments would be if PPI had not existed with your loan, and therefore how much you should have paid towards paying off your loan by now. Any overpayments can be deducted from your outstanding loan reducing the amount you actually owe.

If you have paid off the loan or finance agreement, you should still get back any PPI payments you made, plus the difference between what you did pay and what you should have paid if the PPI policy hadn't have existed.

Statutory compensation for mis-sold PPI

You may also be entitled to statutory compensation, which is usually set at an interest rate of 8% of the money refunded. This is to make up for the fact that you haven't been able to use the money during the time you held the PPI.

The average amount refunded for mis-sold PPI claims is over £2,000. There have been exceptional claims that have been worth close to £100,000 (but note that this is not typical of what is normally refunded).

Are there any time limits or deadlines when it comes to reclaiming mis-sold PPI?

The 'statue of limitations' is a rule that says that lenders and other financial organisations do not have to keep paperwork for a period of more than 6 years. If you have a loan, credit card or mortgage that was paid off more than 6 years ago there is a possibility that your lender would no longer have copies of any credit agreements, statements or other paperwork relating to you as a customer. That said, just because lenders don't have to keep your paperwork longer than 6 years it doesn't mean they get rid of it after that time.

If you have your paperwork, or even if you don't, no matter when you took out your loan, credit card or mortgage, and no matter when you paid off your loan, credit card or mortgage, and even if you still have your loan, credit card or mortgage fill in the no-obligation enquiry form and we will then send you our simple claims pack via email and post for you to review, fill in and return.

BBC Watchdog says you must complain within six years of the event complained about, or three years after you first became aware that you may have grounds for complaint, whichever is longest. For example, if you were sold PPI in 2005, you may still be able to take your complaint to the Financial Ombudsman Service if you only became aware of the possible mis-selling last year. Remember, if you don't know you have PPI and you want someone to find out if you have, this will be the first point you are aware of being mis-sold PPI therefore you can make a claim on a PPI policy from any time if this is the case.

Does it cost me anything to use a CMC to reclaim mis-sold PPI?

Different CMCs work in different ways when it comes to charging for their services. Some will charge you an upfront fee before they do anything. We, however, operate on a 'No Win No Fee' basis* and won't charge you a penny unless they win your claim. If they do win your claim the fees are 20% plus VAT (making a total of 24%) and this will be payable from the refund amount.

Fee examples can be seen below:

• If you receive £2,000 in compensation we will charge you £480 (£400 + VAT) leaving you with £1,520.
• If your lender deducts £1,000 from your outstanding balance we will charge you £240 (£200 + VAT).
• If you receive £1,000 in compensation and £2,000 deducted from your outstanding balance we will charge you £720 (£600 + VAT).
• If you were to decline any offer of compensation which is consistent with the Financial Ombudsman guidelines, and which we recommend to accept, we would charge you 20% of the offer amount + VAT (making a total of 24%).

If you are in arrears with payments against your loan, credit card or mortgage then any refund you win by making a mis-sold PPI claim may be used to pay off some or all of your arrears. If you have an outstanding balance on a credit card you successfully reclaim mis-sold PPI on this may be used to pay off some or all of that outstanding balance.

Does making a mis-sold PPI claim affect my credit rating?

Reclaiming against anything you have been mis-sold is a process that is completely separate from your credit rating. As such making a mis-sold PPI claim against your bank or other lender will have no affect on your credit rating in any way.

I've tried to reclaim some mis-sold PPI already. What can i now do?

This can depend on such things as how far you have got with your claim already, when you started it, what your lender has said through correspondence back to you, if you have had a final response, if you took it to the FOS, etc. Basically it depends on a range of variables. Use the no-obligation enquiry form and we will then send you our simple claims pack via email and post for you to review, fill in and return.

How many mis-sold PPI claims can I make?

The only limitation to the number of claims you can make against mis-sold PPI is the number of mis-sold PPI policies you actually have. You can make one claim per PPI policy you feel was mis-sold to you.

I made a claim on my PPI insurance policy. Can I still make a claim?

This is another situation that is dependent on your individual situation but it is not a situation that rules out reclaiming PPI that you feel was mis-sold to you.

My loan is now paid off. Can i still reclaim mis-sold PPI?

If you have paid off your loan, credit card or mortgage it will not affect your ability to reclaim mis-sold PPI that was associated with that loan, credit card or mortgage.

Will I have to go to court if I reclaim mis-sold PPI?

It is extremely rare that a mis-sold PPI claim ends up in court. If your bank really fights your claim the next logical step is to take it to the Financial Ombudsman Service (FOS) for them to adjudicate over.

In those unusual circumstances when court may be necessary it is completely up to you if you proceed and take it to that step, but to reiterate the point, it is extremely unlikely that you would have to make such a decision.

I can't find any paperwork that relates to the mis-sold PPI. What can I do?

Any missing paperwork can be requested from your bank so there is nothing to worry about. Once you sign a 'Letter of Authority' with us we are able to deal with your bank on your behalf and make all the requests they need to get the information required for making a successful claim.

* If you cancel on request after 14 days then you may be subject to a cancellation charge (see our Terms and Conditions)