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Advice on Making a Mis-sold Ppi Claim

What is mis-sold PPI?

Payment Protection Insurance (PPI) is a form of insurance sometimes called Accident Sickness and Unemployment (ASU) cover. It protects the repayment of a debt in the case of a borrower being unable to make payments for reasons out of their control. It was mis-sold by many loan companies and high street banks for a decade, with products such as mortgages, loans, credit cards and overdrafts being covered with unethical, and now illegal, PPI policies.

PPI was mis-sold by lenders to millions of people in the UK. PPI is classed as mis-sold if: it was added to a loan product without the policyholder’s knowledge; the policyholder was misled into believing that PPI was not optional; the policyholder was told that a loan or credit card was ‘protected’ without the full conditions or cost of the PPI being explained; or if the policyholder was led to believe that PPI would help with the approval of a loan. Some online lenders mis-sold PPI when they presented pre-ticked boxes for PPI, meaning that a borrower had to choose to opt out.

The mis-selling of PPI happened on a huge scale, with around a quarter of all PPI policies estimated as being mis-sold. This went on for a decade until April 2011. The courts then ruled that selling PPI in the ways mentioned was wrong and ordered banks and lenders to return a total of around £4bn of PPI to 2.5 million people in the UK. This money is only going to be returned to consumers who make a valid PPI refund claim.

Finding out if you have been mis-sold PPI

Now you understand the definition of mis-sold PPI, you may realise that you are one of the victims. Look through your loan agreement and find out if you have been paying money for ‘payment cover’, ‘ASU’, ‘payment protection’, ‘loan protection’ or a similar term. If you feel that these policies were sold to you under the false pretences mentioned above you are due a refund, even if the loan which your PPI was covering has been paid back.

You may find that your PPI was paid as an additional charge with each loan repayment, or as a one-off payment at the start of your contract.

If you are unsure who your lender was obtain a credit report, which will list all of your financial products. It doesn’t matter if you don’t have a copy of your paperwork for your loan either; once you know who your lender is, you have a legal right to obtain a copy of your original agreement from them for £1.

The rules of mis-sold PPI claims state that you can usually only claim if your account was active within the last six years. So as long as you were still paying back a loan and its mis-sold PPI six years ago, even if the loan was taken out ten years ago, you are due a claim.

How much can I claim?

Mis-sold PPI claims companies tell people whether they are entitled to make a claim and guide them through the repayment process. You will not be able to reclaim your full loan, but the mis-sold PPI on that loan will likely still be a sizeable sum which you can reclaim.

The figure which you are entitled to claim depends on the size of the loan, the cost of repayments and other factors. Someone who took out a loan of £3,600 for three years could be entitled to over £500. For bigger loans and mortgages this sum could be in the thousands.

Contact ABC‘s expert Claims Management team to find out if you have been mis-sold PPI. They will give you a free no-obligation assessment and guide you to a successful mis-sold PPI repayment on a no-win-no-free basis.

More information on mis-sold PPI


Guide to Making PPI Claims

PPI, or payment protection insurance, is one of the most mis sold types of insurance on the market today. Over twenty million policies have currently been sold, and of them almost ninety percent are estimated to have been mis sold. Only two million or so people have filed a PPI claim and gotten back their money, leaving a large number of policy holders who may qualify for compensation. With the average settlement coming in at around 2,500 pounds (over 4,000 dollars U.S.), the truth is that investigating your PPI policy could pay out big for you, giving you back whatever you’ve paid in plus a percentage of interest.

The first thing you’ll need to do in order to file a PPI claim is to ensure that you actually qualify for one. The most common way that PPI policies are mis sold is when they are sold to people who have absolutely no chance of claiming them. For example, many policies don’t pay out for people older than sixty five, but are sold to them anyway. Likewise people with medical conditions that make them ineligible for coverage are still sold the policies and are paying on them every month. And of course, if you didn’t even know you had a PPI policy, you likely qualify for a claim.

There are two basic options for seeking compensation. The first is to simply handle it on your own. You’ll need to have your reasons for filing your claim laid out clearly, and include them in a letter sent to the company who is responsible for selling you your PPI policy. If they refuse – which is likely – then you’ll have to seek help from the Financial Ombudsman Service, who will help you seek restitution if they agree that you are owed it. The second option is to enlist the aid of a claims firm, who will help you file your PPI claim and do everything in their power to ensure you get what is owed to you.

Having professional help is a great way to save yourself the hassles and stresses of arguing over your PPI claim with the company that owes you the money. Needless to say, they aren’t going to want to hand over any money, so having someone skilled at dealing with them is a great idea. Whichever method you decide upon, you can expect to be compensated for whatever you paid to the company for your policy as well as a percentage of interest, usually around eight percent.

Andrew Mills is a debt conulstant who is currently researching websites that offer payment protection insurance including ppi claim

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The Basics of Making a PPI Claim

There have been many claims filed to get PPI refunds but very few have been successful thus far. One main setback is that most of those who make such claims are not eligible while others lack the basic knowledge of how to go about the whole process. That is why this article dedicates to offering all the basic things that one requires to be armed with before making an official PPI claim to his or her lender. Most of the financial institutions have put in effort to sensitize their customers about the possible scam with PPI thus raising interest for refunds.

Don’t rush into making such claims without having a substantive ground that you are qualified. Go through this article and you will understand how to approach the whole issue as a complainant. First and foremost, you need to have a clear understanding of what PPI claims are all about. You cannot push for something that you don’t know how it came up and the negative effects it brought to your life. You will seek refund only when a PPI policy was mis-sold to you and you stand at risk of losing financially. In most cases, this is done behind your back. That is the only time that you will have the confidence of saying you merit a refund.

Once that is established, you should begin the process of getting your money back by formally communicating to your lender through writing. Your PPI claim can be handled by a claims company of your choice since they are established to specifically do that. They mean good so don’t have any concerns over the one you have decided to work with. You will end up realizing that pushing for the claim on your own will be very challenging thus engaging such a company will be wise enough. Ignorant applicants never know how much to receive once the claim is successful.

That is a basic piece of information that you must know about well before deciding to seek a refund. There are calculators improvised to help applicants calculate their total refunds and they are very reliable. You can use it to determine your expected refund not to be surprised by the outcome. Generally, the amount of money you get as refund will be equivalent to the premiums that you have paid since taking the loan. Sometimes, interest might apply but not in all cases that this will be possible in a PPI claim.

What happens after your claims are overruled? That is not the end as you will have the opportunity to seek further reprieve from the Financial Ombudsman Service. Some applicants think that their lenders have the final word as far as these claims are concerned but not at all. The system allows for you to make an appeal at the Financial Ombudsman Service which you should take full advantage of.

You should not shy away from making your PPI claim from the lender you engaged. It is your right and using a PPI calculator – – will help you determine the amount of money to get in refund.

My Tragic PPI Claim Story | How Delaying My ppi Claim Cost Me More Than I Bargained For

There is an estimated 5 million people in the UK entitled to claim back their mis sold ppi. I was one of them entitled to my share of £6 billion pounds. Back then the ppi claim companies hadn’t got their act together so I did all the paperwork myself and filled in the ppi claim forms. In the end I managed to claim back £5.500 from Barclays bank. But there’s a tragic twist to this tail. Hopefully it’s a mistake that you wont make when making your ppi claim.
Watch the tv footage to learn what you are entitled to and then hear my story and get your ppi claim advice from a professional company.


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