PPI Claims Information
This website has been developed for the benefit of the millions of UK consumers who have been affected by the ppi claims scandal and to ensure they get back what is rightfully theirs from the banks and insurance companies.
We wanted to give you some clear advice whether you want to make the claim by yourself or use the services of a claims management company like ours so you can make an informed choice.
Firstly let us assure you we do not do cold calling or text messages as we respect people’s privacy and deplore companies who use such tactics. We also do not buy leads from any other company or share your information with any other company so you can use our service with confidence.
We are against people paying more than 15% for the service of reclaiming back ppi as we feel this is simply taking advantage of the situation so we guarantee of fees will never exceed 15% unlike other companies who may charge you 25% or more.
So let’s look at the PPI Claims story and give you a real insight into what has gone wrong and how you can reclaim your money.
It all started because the banks and other sales people like car salesman were telling people lies at the point of sale and eventually the FSA reviewed the whole Payment protection insurance market because of the volume of complaints they were receiving and decided to amend the rules on how it should have been sold.
This saw the banks and insurance companies challenge this decision in the High Court because they knew it would cost the banking industry billions of pounds but justice prevailed and the High Court upheld the decision the FSA had made.
This opened the floodgates to millions of ppi claims being submitted to the banks and insurance companies and it was initially estimated that it would cost the industry £7 billion to deal with the issue but this figure has steadily gone up we are now seeing estimates of £14 billion but it is our belief that the final bill will exceed the £20 billion mark.
The FSA has previously fined dozens of banks and financial institutions for their wrong doing costing them even more money to deal with the ppi scandal and with Lloyds bank being revealed for not dealing with ppi complaints fairly by a journalist we are sure that there is still more fines to be handed out before the whole ppi scandal is over.
Before we go into how you make a ppi claim let us clear something up. At the time of writing this on the 9th January 2014 there is no time limit on making a ppi claim to your bank even although the banks have tried to get the regulator to put one in place they have refused to do so at present although this may change in the future but if it does we will update the site to let you know.
So how do you make a claim for being mis sold ppi?
Firstly you have to be sure you have had ppi in the first place and if you are unsure then you can request a Data Subject Access Request from the bank or finance company to check and see if you were sold ppi in the first place. This will cost you £10 but is well worth the fee as you may uncover other things in your file that you would like to get checked such as life insurance in case it was missold, charges on your credit card that were above £12 as these are all reclaimable or you may even find you have been missold your pension. So in our opinion it is £10 worth spending to check your entire file.
PPI was added to the following
- Personal Loans
- Credit Cards
- Car Loans
- Store Cards
So if you have had any of these in the past and have not yet made a ppi claim on them then here are your options.
Do the claim by yourself which has one distinct advantage and that is you get to keep the entire amount of compensation but will can take up your time as you will firstly need to get the DSAR sent if you are unsure then check the file to see if you were missold ppi, then write your letter of complaint to the bank or financial institution and hopefully they will uphold your complaint but if not you will then need to proceed to the Financial Ombudsman to make a decision or you can let a claims management company to do it on your behalf.
As we have said in our opinion never pay more than 15% for their service otherwise you are throwing your money away so ask what their charges are and ask for their registration number that is given to them by the claims regulator and check this for your own peace of mind.
The ppi claims procedure
The regulator has set down time frames in which all companies must adhere to when dealing with ppi claims or any other type of financial claim so if you are going to make your claim by yourself please bear this in mind.
Once you have submitted your complaint letter of lodged your complaint via the phone the company has 8 weeks in which to make a decision whether to uphold your complaint or not and if not they will supply you with a final decision letter setting out why they have rejected your claim and the steps you can take to appeal their decision.
If your claim is upheld within the 8 week period then the bank will pay out your compensation within 28 days either direct to your bank or by cheque in most cases. In normal circumstances they will not pay the claims management company. Please remember that if the loan or credit card still has a balance to pay on it then the Bank will offset the compensation against the balance and if cleared will refund the remainder to you.
This is not a problem if you are making the claim by yourself but if you are using the services of a claims management company then this could leave you with a bill for their services and you will need to consider this if you still have an outstanding balance on what you are claiming the missold ppi against.
If for any reason your claim is not upheld or completed within the 8 weeks you then have the right to use the Financial Ombudsman Service to look at your claim in more detail. There is no time limit on how long the Financial Ombudsman can take to deal with your claim and due to the number of ppi claims they are currently dealing with I would suggest you consider 6-12 months as a minimum if you have to use this service for your claim.
Prior to submitting the complaint to the Ombudsman you will need to complete both of their forms which are quite lengthy and also copy the final decision letter you have received from your bank then submit your case and wait for a decision to be made.
There is numerous reasons why ppi was missold to millions and here are some of the most common ones
1. Was advised it was compulsory
2. Was advised had a better chance of getting the loan or credit card if it was added
3. Never told it had been added to the finance agreement
4. Other people may have other reasons for it being missold and these include
5. Self employed as it did not cover them
6. People who received full sick pay from their employer when they were off work due to illness
7. People who had a pre existing medical condition and the salesperson did not ask about this
8. People in the armed forces and people who were either approaching or in retirement at the time the finance agreement was entered into.
This is some of the main reasons why people were mis sold ppi but every case is individual and you should apply your own circumstances to you case.
If you do not have the time or confidence to deal with your ppi claim by yourself then why not use our services?
- We have reclaimed millions for consumers
- We look at everything not just ppi so we will check you file for life insurance, pensions and charges that may have been applied to your credit card
- We only charge 15%
- We do not market unethically like cold calling or pass your details to other companies other than our own companies
- We are regulated by the claims regulator
- We helped a ppi client get compensation for his life insurance and pension which increased his payout substantially.
On the previous page we showed you how to go about getting your files if you had lost or destroyed them in the past and also gave you some information on possibilities of how ppi could have been missold to you so now that you have your file and decided you possibly have a claim let’s take a look at how you make a claim and the full process behind a ppi reclaim.
So the first step is to make a letter of complaint outlining the reasons ppi was missold to you and again you do not need to be long winded in your letter. You will also have to submit a Financial Ombudsman ppi questionnaire along with your letter of complaint and a link to that site is on the home page of this site. Do not be overawed by this document and if you do not have a printer to print it out simply phone the Financial Ombudsman and they will be happy to post one out. This is the first step of making your ppi reclaim.
Your letter can be as simple as this.
Agreement Number xxxxxxxxxxxxxxx
I am writing to complain about the PPI that was sold to me on the agreement above and now believe it was missold to me and therefore wish to make a formal complaint.
The reasons it was missold to me are (select the reasons you believe it was missold. If unsure refer to the previous page for some reasons that may have applied to you).
I have also enclosed the Financial Ombudsman PPI Questionnaire to assist you in making your decision in this matter.
I look forward to receiving your response in a timely manner and would hope that you would uphold my ppi claim which will save us both time as if not i will proceed to the Financial Ombudsman for a final decision.
Most Banks will no longer look at your complaint without the Financial Ombudsman form so please take the time to complete this and send it in with your letter. Please remember to take a copy of both your complaint letter and the PPI Questionnaire as you will need these is the case has to proceed to the Financial Ombudsman.
The Banks have 8 weeks in which to deal with your complaint so please allow them this time before you chase your case up but also remember to send the complaint letter recorded delivery and keep a receipt as proof it has been posted and signed for by the bank.
8 week period
During the 8 week period you will either get a letter upholding your complaint or rejecting your complaint and this will determine what will happen next.
If your complaint is upheld you will generally be compensated within 28 days either by cheque or payment direct to your bank once you have signed and returned the acceptance form but if you complaint is not upheld then you need to proceed to the Financial Ombudsman with your ppi reclaim.
Many banks do not want to proceed to the Financial Ombudsman as it costs them £850 per case and this is why it is important to warn them in your initial ppi reclaim letter that you will precede if the case is not upheld and you genuinely feel you were missold the insurance in the first place.
Proceeding to the Financial Ombudsman
Ok so your case has not been upheld by the Bank and you need to proceed to the Ombudsman but thankfully you have kept a copy of your complaint letter and the Financial Ombudsman ppi questionnaire so you only have one other small form to complete before you can submit your case. The final complaint form can also be downloaded from the Financial Ombudsman website and there is a link on the home page to it.
Once this has been completed you can them submit your ppi reclaim to the Ombudsman and await their decision which can take several months so please be patient at this point. If the Ombudsman upholds your complaint then the Bank will compensate you accordingly and with over 50% of cases being upheld in favour of the consumer it is certainly worth completing this process.
As you can see with the process it can take time and be very lengthy and this is the reason many people use the services of claims management company to do it on their behalf if you feel you want to follow this process then call us today and we will be glad to help.
Many people are unsure if they have a ppi claim or not and also are unsure if they ever had ppi so this guide will help you firstly find out if you had ppi in the past and secondly how to decide if you have a claim or not.
The first problem many people have is they do not have their documents any longer or finance agreements and are therefore unsure as to how to find out so these two steps will overcome this.
1) Go to the website http://www.experian.co.uk/ and get your report which will cost you £2 this will take about a week to get but is the first place you need to start. Once you have received the report look at the finance agreements which you think may have had payment protection insurance added such as credit cards and loans. Next you have to do is a DSAR request to the companies which will cost you £10 per company so you may want to do them one at a time and select the agreement you think most likely will have had ppi added. A sample of the letter can be found below.
2) If all your agreements were with your Bank only and you still bank with them then simply do a Data Subject Access Request letter to them which will cost £10 but they will have to supply your entire file which will enable you to check if PPI was added.
Account Number xxxxxxxxxxxxxx
I am writing to you regarding the agreement number above and any other related accounts i have had with your company and would be grateful if you could send me my entire file under a Data Subject Access Request.
I have enclosed £10 to cover your costs and would be grateful if you could supply these documents in a timely manner.
My previous address at the time of the agreement was xxxxxxxx
Send the letter recorded delivery and keep the receipt as proof of postage. The company in question has 40 days to respond to your request which most do.
You have now received your file which will probably be quite large and the next thing you need to do is look through the file to see if PPI was added. This will generally be on the finance agreement itself unless it was set up as separate cover so it is important to look through all the paperwork to check. If you discover that ppi was added then you have to decide if it was missold to you at the time you took the agreement out.
Possible Reasons PPI was missold
The first thing to remember at this point is that it is not your circumstances now that matter but your circumstances at the point it was sold. Here is some examples of why it may have been missold to you.
- You were Self Employed
- You were not advised it was optional
- You were unaware that PPI had been added
- You were not advised you could shop about for alternative cover
- You were on benefits or worked less than 15 hours per week
- You had a medical condition that would have stopped the policy paying out
- You would have received full pay from your employer if you were off sick
- You were in the Armed Forces
- You were a housewife or unemployed
This is just some of the reasons millions of people were missold and hopefully it will help you decide if you were missold ppi or not.
The next page ppi reclaims will give you more details on how to make your claim so ensure that you read that page next.
If you need further information please use the free phone number at the top of the page and we will be happy to assist or you can head over to this forum for more information http://www.moneysavingexpert.com/