Have I Got PPI
Types of PPI Claims
Payment Protection Insurance is a financial product which is offered to consumers, and which is intended to cover repayments on loans and other credit products which the consumer has in the event that he loses his source of income.
It is not to be confused with income protection insurance, which is not specific to a debt but covers any income. PPI is widely sold by banks and other credit providers as an add-on to the loan or overdraft product. Each PPI policy will have its own terms.
Typically though most PPI policies will cover your loan/credit card/mortgage repayments for up to 12 or even 24 months. The cover will usually start to pay out after the first 30 days off work and after 60 days following redundancy Payment Protection Insurance will usually cover the customer for 5 years however some last for 10 years.
For a more detailed guide, click on our what is PPI page.
To find out if you have had PPI attached to any of your finances you can do the following:
- Check Your Finances – Review all of your loans and financial agreements you have taken out before and up until around 2010 to see if PPI was included as part of any of the agreements. Remember that PPI may not be listed as PPI but could be called something such as Loan Protector or Payment Protection Plan.
- You can also use our PPI Calculator page for additional information on how much PPI you could eligible to reclaim back from your lenders.
The products you should check for PPI include:
If you can not find your old agreements you could try contacting the lender or broker who arranged your finance or credit for you. They only have to keep your records for 6 years after you last used the account.
If it is more than 6 years since your account closed then the institution that sold the policy to you is no longer required to keep any paperwork. You are still perfectly entitled to make a claim, but you will have to provide any and all evidence on your own to claim.
If the above proves difficult you could check your credit report. The UK has 3 main credit agencies that will list any credit and debt that you have had within the last 6 years. The 3 agencies are called Equifax, Experian, and Call Credit. You can either get a free trial or you can see your credit file for a one-off £2 fee.
If the above is too time consuming for you or seems a little difficult and you can’t be bothered with all the hassle, you could use our Free PPI Check service and let us do all the work for you.
PPI was widely mis sold to customers either at the point of sale or at some point thereafter. All the benefits would have been explained but eligibility or appropriateness may not have been determined. Here is a list of the most common situations when PPI may have been mis sold:
- The borrower would have been told that the loan would only be approved if they took out PPI alongside the loan
- The borrower refused to take out PPI but it was added to the loan anyway
- The borrower was not even informed that PPI had been added to the loan
- The borrower was not informed that the salesperson would receive commission for selling the product
- The terms and conditions, particularly exclusions, were not explained to the borrower
- The borrower was ineligible for the cover because they: was unemployed, in part time employment, a full time student, suffering from a pre-existing medical condition, or was of a retirement age
- The borrower was not offered the option of a monthly premium policy
- The borrower was told that PPI is compulsory
- The borrower was not asked about their medical history
- The borrower was not asked about any existing cover that they may have had in place
- The borrower was not a public sector worker who was entitled to full sick pay from their employer e.g. a police officer or a nurse
You can use our FREE PPI check service to save you time and hassle in order to see if you are owed PPI also.
PPI has been widely mis sold over the past 20 years by a large percentage of financial brokers and high street banks.
Without checking whether PPI was actually included along side any of your loans, credit cards or finances it would be difficult to know if you may be entitled to a PPI refund.
Here is a list of some of the banks/lenders that have been found to have mis sold PPI:
If you already know that you have PPI and you think that it was mis-sold, contact us and we will discuss this with you and determine whether we think you may have a claim or not.
Common reasons for the mis-selling of PPI are below:
- You were told that PPI was compulsory in order for you to get the finance or credit.
- You were not made aware that the PPI was optional or the fact that you could have purchased PPI elsewhere.
- The PPI was added to your finance or credit without your knowledge.
- You were self-employed, unemployed, a student, or retired when the PPI was taken out or added.
- You were already entitled to sickness, redundancy, or income protection from your employer.
- You already had PPI in place under another policy that would have covered you.
- Policy exclusions were not clearly pointed out to you.
- You were not asked about any pre existing medical conditions when the PPI was sold or added.
- You were told that you would have a better chance of getting the finance if you took out the PPI.
- And there are many, many more reasons for the mis-selling of PPI.
Contact us and we will assist you all the way throughout the process; from establishing whether you have had PPI, making a claim to the relevant lenders or companies on your behalf, helping you fill out any relevant paperwork, right through to agreeing, assessing and settling any offers of compensation on your behalf.
Where you do not know whether you have had PPI or are unsure we can assist you by running a Free PPI Check on your behalf. This PPI check is done for free and we will contact your lenders and any other relevant companies and check with them if any PPI was actually taken out or put in place at any stage of you being their customer.
Why not try our Free PPI Check and let us find out if you have PPI!
We can help with this by helping you to establish whether or not PPI was actually attached to that particular finance. We would then establish if the PPI was actually mis-sold and on what grounds.
The next step would be for us to contact the company that you think is responsible and inform them of your complaint.
Our Free PPI Check can help with this!
Claims Management Companies get a bad reputation across the board because of all the negativity attached to nuisance calls that they and marketing companies make.
Although there is a lot of bad publicity associated with Claims Management Companies and their bad practices, there are actually some ethical companies that comply with the regulations set by the government and relevant authorities.
We pride ourselves in aspiring to become the best PPI Claims Company by providing valuable information on our websites in order to educate our clients on how to make a successful PPI claim.
You can directly contact your lender or the company that you think may be responsible for mis-selling you PPI yourself and make a complaint to them, letting them know of your concerns and informing them of why you think that you may have been mis-sold the PPI.
Alternatively you can use a company such as ourselves to help you with bringing any PPI claims. The benefits of using us is that we can take care of the entire process of making a claim for you, including taking your claim to the Financial Ombudsman Service or Financial Services Compensation Scheme if necessary.
Before submitting a claim for mis-sold PPI to a lender or any other company who you think may be responsible for mis-selling you PPI, you would first need to establish if PPI has been added. We can help with this by helping you check your old banking statements, your credit report, we can even write to your lenders or the company that you think may be responsible for mis-selling you PPI and ask them to run a Subject Access Request (SAR) or Pre- Submission check. These checks will determine whether you have had PPI or not and can save a lot of time and wasted resources for all parties concerned.
By running the SAR and Pre- Submission checks before a letter of complaint is sent out to the lender or company we can ensure that complaints are sent to lenders and companies where PPI has actually existed.
Of course you are entirely free to contact the lenders and companies who you feel may have mis-sold you PPI yourself, and there is no legal obligation for you to use a claims management company such as ourselves.
The choice is yours!
In normal circumstances you would have up to 6 years from the time that your account that had the PPI on was still active and no more than 3 years since you knew there was a problem.
However if you have paperwork that shows evidence of PPI and you feel that you may have been mis-sold that PPI, then there is no reason that you can not put in a complaint and ask for a refund of any PPI premiums paid along with any interest paid and 8% statutory interest that would be awarded to you by a court if your claim was successful.
There is no reason that you could not successfully be compensated for mis-sold PPI going back 10 – 15 years provided that we were able to establish that PPI was added and that the PPI was mis-sold.
Although it is normally best to have proof of any PPI by way of bank statements, credit card agreements etc, that show that PPI was added, it is not always needed as we can run a Free PPI Check for you. You don’t need account numbers or any statements, as long as you can remember the name of the lenders then we can do the rest.
For a more detailed answer please view our how far back can I claim PPI page.
Our Free PPI Check is exactly that what it is labelled as. We will basically contact any lenders or companies that you are or have been a customer with and taken finances with in the past and we will run a free PPI Check on your behalf to see whether PPI has been attached to any of the finances that you have taken out with them.
It really is that simple. All that we require is that you must have been a customer of the lender or company in the past and you must be able to remember the lender or company names. We will do the rest.
Obviously we can not just contact random companies without a valid reason, this would be pointless and waste a lot of people’s time and money. We therefore would ask that you do cooperate with us efficiently and only ask us to contact lenders or companies that you can genuinely remember being a customer of and taking finances through.
Additionally we would like to point out that if PPI were to be found on any of your accounts once a Free PPI Check was run, we could only run a mis-sold PPI claim on accounts where you felt that there were genuine reasons for being mis-sold the PPI.
The Free PPI Check Process:
- You contact us with your Free PPI Check enquiry.
- If we think that we may be able to help you we will send you a claim pack out in the post that includes our terms and conditions and any other relevant information and forms.
- If you are happy with our terms and conditions you will need to send the completed claim pack back to us in the prepaid envelope that we will provide.
- Once we receive your completed claim pack back in we will check it for errors and if we are happy that the pack has been filled out correctly we will then contact the lenders and/ or other companies that you have asked us to check for PPI with and run a PPI check with them.
- When we receive the results of your Free PPI check from the lender or company we have sent the Free PPI request to, we will contact you to discuss the results and your options.
- Where PPI is found we will discuss this with you along with your options, and if at this stage you think that you want us to put in a complaint for mis-sold PPI on your behalf we would be happy to do this.
- If the lender or company admits to mis-selling the PPI and offers a refund we would contact you to make you aware of this and make sure that you are happy with the offer.
- If you are happy with an offer made then our service fees would be due and we would invoice you.
We never charge for the Free PPI Check whatsoever. We only charge our fees on successful completion of any mis-sold PPI claims that we submit as a result of you asking us to proceed with a Mis-sold PPI claim once PPI has been found through our Free PPI Check.
Our Free PPI Check is completely free.
We only charge you any fees once we have found PPI and you have instructed us to make a complaint about mis-sold PPI on your behalf, and this complaint has been upheld.
You are not under any obligation to instruct us to make a complaint for mis-sold PPI as a result of us finding PPI once our Free PPI Check is complete. However if you do decide to instruct us to make a complaint on your behalf once the Free PPI Check is complete our fees will be due on any successful mis-sold PPI claims that we submit and win on your behalf.
Our fees are 25% + VAT on any successful claims. For example: If we won you £3,000 compensation we would charge you £900 in total as our fees, £750 (25% of £3,000), + VAT of £150 (20% VAT on £750).