Reclaim PPI Online for FREE

Get £1,000s back on mis-sold PPI

If like many 1000s of people you have been miss sold PPI you may be entitled under a new ruling to claim back part or all of the premiums you have paid when you took out your loan or financial product. By using our simple guide you can avoid paying unnecessary fees to so called PPI claims specialists and save yourself hundreds of pounds. It’s simply not necessary to contact one of the many no-win, no-fee claims companies promising a compensation bonanza, as they will take around 25% of any award.

Our Simple PPI Claims guide

Do you have PPI?

You may not even know you have bought PPI as it comes in many forms and was sold with many products. It may be called loan or credit protection or accident, sickness and unemployment cover. Because it is often sold as an “essential” – some brokers and banks tell customers that no PPI means no loan, The biggest problem with PPI was that it was sold with pressure and often hidden from the customer.

Can you claim a PPI refund?

If you still have a policy running, or you were sold any form of PPI within the past six years and it has expired, you could have grounds for a claim. You might be able to claim further back than six years on a policy that has ended, but you will need original paperwork as sellers are only obliged to keep records for six years.

How were you sold PPI?

A successful claim against the seller may depend on how the PPI was sold. Many purchasers have no idea why they were offered the plan. Or the seller may have told you there was no option if you wanted a loan. Check, also, that you were given the terms and conditions before you agreed and that you were offered a cooling-off period. In short gather any and all of your paperwork and try to remember what you were told if anything, when you took the policy out.

Could you have ever claimed on your PPI?

Even if the paperwork was immaculate, you have excellent grounds for a refund plus interest, if you can show you could never have claimed on all, or part, of the policy. This is a very important point when it comes to making your claim, for example if you are self-employed or were at the time of taking the policy you would not have been covered in the vast majority of cases. Also if you are retired or un-employed you were miss sold the policy.

Making your claim

At this point you should send details of your complaint to the bank explaining why you want a refund. Your bank will write back and tell you that they do not have to deal with your complaint before eight weeks have expired. In fact this period is an industry agreed time-scale and is not legally binding on the bank or on you. Make sure you outline in detail why you believe you are entitled to a refund. Use the template bellow which has been designed by the Financial Ombudsman to make claiming easier. If you feel that you are not being dealt with in a satisfactory way, you may need to take your complaint to the FOS at www.financial-ombudsman.org.uk where you will find a comprehensive guide to taking your complaint to the next level. If you want to use the FOS, then go to its website, read the guidelines and begin their process. As before, a well-prepared case will always be an advantage

Click Here to Download the FOS PPI Consumer Questionnaire

Fight your corner

Your bank may try to offer a compromise after a year or so. The chances are that it will not explain the basis of its compensation calculation and the ombudsman will not require it to do so. Experiences from people contacting the Consumer Action Group show the FOS can suggest that successful complainants sign binding “full and final” settlement agreements based on compensation figures which are then left to the bank to decide.

Unfortunately, if it is merely your word against the banks, then you may have no other choice.

There is nothing to stop you insisting on negotiating your compensation level before you agree anything but this is likely to cause further delay and non-cooperation from your bank.

But stick to your guns. You are not the wrongdoer. It is your bank which has not acted correctly and the FOS tells us that the vast majority of complaints which are rejected by banks and then pursued to the ombudsman are then upheld.