Reclaim PPI

Reclaim PPI! Paypment Protection Insurance Reclaim

See if you qualify, Request a call back so one of our advisors can assess your status and caluclate how much you can claim.

Or Call us on: 0161 850 0609 Reclaim PPI

Did you know?

Mis sold Payment Protection Insurance

Payment Protection Insurance (PPI) policies were often sold as an add-on product alongside normal credit card, loan or mortgage agreements. They were originally sold as an insurance product that would cover monthly repayments should the policy holder have an accident or become ill, or be made unemployed and unable to meet the minimum repayments themselves.

The sale of payment protection insurance was banned in May 2009 after the government and the FSA decided the sale of these policies was not in the best interest of the consumer.

This ruling means that anyone who has taken out a policy in the last 10 years is now entitled to a full refund with interest and compensation.

What is PPI Mis-selling?

Almost all PPI claims recovered fall into the category of mis-selling. This term covers many situations but generally refers to customers who have been sold payment protection insurance that they will never be able to claim on.

The reason why policy holders would not be able to claim include:

• Existing cover exempt - One of the most common cases of PPI mis-selling occurs where a loan applicant was sold payment protection insurance when they were already covered by their employer or by an existing policy. This category covers:
  • Doctors / nurses
  • Armed forces
  • Emergency services
  • Government employees
  • Teachers
• Income exempt - Any policy holder with a low income, irregular income or no income at all would not be eligible to make a claim against their policy.
  • Unemployed
  • Self employed
  • Students
  • Contract workers / part-time workers
  • The retired
• Mis-information exempt - Any customer give false or misleading information by the financial provider is entitled to a refund and compensation. This includes, but is not limited to customers who were:
  • not offered a loan without PPI.
  • not properly informed that they were taking out PPI.
  • not properly informed that they would be paying interest on their PPI.
  • not informed that cheaper insurance could be purchased elsewhere.
  • not informed that the insurance policy will only run for a specified length of time.
• Medically exempt - Any policy holder that has a history of medical illness will not be eligible to claim.

Frequently Asked Questions

How does it work?

Payment Protection Insurance (PPI) policies were often sold as an add-on product alongside normal credit card, loan or mortgage agreements. They were originally sold as an insurance product that would cover monthly repayments should the policy holder have an accident or become ill, or be made unemployed and unable to meet the minimum repayments themselves.

In many circumstances, it can be demonstrated that a PPI policy has been mis-sold to the policy holder. If it is proved that the lender or policy provider is responsible for selling an unsuitable product to a client, then compensation can be claimed back.

What could I receive back?

We can seek to claim costs for PPI cover you may have been mis-sold over the last 6 years. Compensation can be claimed to cover:

• Upfront premiums paid
• Interest charged against a policy

The Citizens Advice Bureau has published research that demonstrates that some providers have historically charged up to 56% of the amount originally loaned.

This could equate to:

• £10,000 loan - £5,600 compensation

Comparisons show that some PPI premiums are inflated by up to 3 times the cost for standard cover, and it is estimated that borrowers may have been overcharged by as much as £3billion a year.

What are the chances of success?

Extremely high success rates are currently being recorded against PPI claims. The claims process is fully supported by the Office of Fair Trading and the Citizens Advice Bureau, which encourages the lenders to cooperate with our requests for information and invitations to negotiate a settlement.

How long will it take?

If the lender cooperates with our requests for information and settlement, your claim may be settled in as little as 12 weeks. However, your case may need to be referred to our legal panel or the Financial Ombudsman, which may slow down the completion process.

We expect to have achieved closure on successful cases within 9 months of submission, although many cases can be concluded much more quickly.

Do you need my original agreements or documentation?

It's helpful if you are able to provide us with any original documentation you may have, such as the agreement or terms. However, if you do not have these we will request them from the provider on your behalf. The lender or company that arranged your policy is obliged to provide us with this information under the Data Protection Act and the Consumer Credit Act.

Can I organise this myself?

Yes, you can contact your providers directly to organise this, and may be able to seek assistance from the Citizens Advice Bureau or Office of Fair Trading.

I'm struggling to meet my repayments – what are my options?

If you are genuinely unable to meet your existing repayment commitments, we can put you in touch with an affiliate company who will be able to give you free advice on your options with regards to debt solutions.

Can I stop making repayments?

No – you must continue to make all of your agreed minimum repayments throughout the entire review process, until we advise you of your options.

Will I need to go to court?

It is highly unlikely that you will need to go to court. In our experience, the majority of cases are settled before they reach this stage. In the unlikely event that you do need to attend court, our solicitors will guide you through this process.

Do you charge any fees?

You do not pay us any upfront fees for PPI claims, and nothing will be charged to you if we are unable to achieve success on your behalf.

If we are successful we will charge you a success fee calculated against the total amount recovered. Full details of our success fees can be found with our PPI Terms of Instruction.

What if I'm already in a debt management plan?

The fact that you are in a debt management plan will not affect the eligibility of your claim.

Will this process affect my credit profile?

No, claiming back what you are entitled to will not affect your credit profile.

Reclaim PPI