The Simple Way to Get Your PPI Refund

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Making Sense of The PPI Claims Process

PPI Claims Help Guide

Millions of PPI claims have already been settled, with many millions more not yet started. If you think you were mis-sold PPI — or you’re just not sure — this PPI claims help guide will answer the most common questions for you.

On this page you will discover how PPI was often mis-sold and whether you are likely one of its thousands of victims. You’ll also learn more about how to get your money back, as well as the best way to go about it.

Am I Eligible to File a PPI Claim?

If your PPI policy was mis-sold, then you are eligible to file a PPI claim. It really is that simple.

So the first two things you need to know are:

  1. How many PPI policies you have, and
  2. Whether they meet the criteria of a mis-selling or not

When you are searching through your statements, keep in mind that PPI sometimes goes by other names. So keep an eye out for any of the following:

  • ASU (Accident, Sickness, Unemployment)
  • ‘Cover’
  • Loan protection
  • or any similar reference

Common Ways In Which PPI Was Mis-Sold

There are many ways that PPI was routinely mis-sold, which are outlined below:

Coerced into Coverage

Were you pressured into buying PPI or told that it was compulsory in order to secure the loan or mortgage? If so, your PPI claims can get started right away. Many people were often told that PPI is compulsory in order to secure the loan or other finance they were applying for.

The truth is actually the opposite, however. PPI is something you can opt to have if you wish, or leave if you don’t want it.

Ineligible for Coverage

Several population groups don’t qualify for payment protection and if you were in one of those groups at the point of sale, that also makes you eligible to start your PPI claim. Those groups are:

  • Self-employed professionals
  • Contract workers / temps / part-time employed
  • The Unemployed
  • Students
  • Under 18s
  • Over 65s
  • Those with pre-existing health conditions

Misleading Terms

PPI claims can also get started if your financial institution or one of its salespeople misled you about the terms of your PPI coverage. If you can  find old documents about the discussion you had with them, so much the better. Although the burden of proof is generally on the bank to show that they provided you with the necessary information.

Denied Coverage

You may also be eligible to initiate the PPI claims process if you were denied coverage after becoming ill, losing your job or meeting another provision covered in your agreement. You may have been denied a claim because the PPI policy didn’t cover the life of the loan, which is generally grounds for a refund.

You’ll want to check the terms of your policy. Policies can vary, but most of them cover the conditions outlined above, which means that you are likely eligible for compensation if you were denied coverage.

Collecting Information About Your PPI Claim

It’s important to make sure you have the necessary information before beginning the PPI claims process. You can usually find this information in your agreement, but it can often be difficult to understand.

If that’s the case in your situation, you can call the relevant financial institution for clarification on the terms of your PPI policy. The Consumer Credit Act requires them to provide this information at your request. Do note that this may carry a small fee.

If you’re like many people nowadays, you probably have lines of credit with a number of different financial institutions. If that’s the case and you’re not completely familiar with every policy you’ve ever had, you can run a credit check on yourself to find out your entire financial history.

We use and recommend Credit Expert from Experian, which is also the same service that most main high street lenders use when running a check on new applicants.

This information is archived for at least six years in accordance with the Consumer Credit Act guidelines.

What’s The Best Way To Claim PPI?

There are essentially two ways to claim back what you are owed from mis-sold PPI. The first is to handle the claim yourself. The second is to use a PPI claims company.

As with most things in life, there are pros and cons to both ways of claiming PPI.

Claiming PPI By Yourself

Do it yourself and you’ll get to keep 100% of any refund that you win. The flip side is that you will have to do all the investigations yourself to find out where you have PPI, as well as all the form filling and other administration work such as letters, emails and phone calls.

If your bank rejects your claim, you will also need to administer the appeal process with the Financial Ombudsman Service (FOS). This is sadly where many people claiming by themselves give up on their claim, either believing the bank’s findings to be correct or simply not having the energy or enthusiasm to continue with the process.

It’s worth noting that while the number of cases being upheld in favour of claimants has dropped from the high percentage it was early on in the PPI claims scandal, it’s still at 64%, or as good as almost a 2 in 3 chance of being found in your favour.

Using a PPI Claims Company To Claim For You

The other option is to use a good PPI claims company to win your money back for you. While there is a fee for this kind of service — as there is for any service in life — many people find that the service charge is outweighed by the benefits of not having to do handle the claim by themselves.

While the process of claiming PPI is relatively simple to do, it’s not always easy. Finding every loan and credit agreement that you’ve ever had can be a time consuming job in and of itself. If you have several PPI claims to make, each one requires its own form to be completed and its own administration process until completion.

To Do or Not To Do?

So should you use a PPI claims company to claim for you, or should you claim by yourself?

It really is a personal choice that has to be weighed up. Do you want to hand everything over and get on with your life while the hard work is done for you? Or do you want to do all of that hard work yourself in order to keep the full amount that you might be owed?

If you do decide to use a PPI claims company, be sure to check them out properly before instructing them to claim on your behalf. They should work on a ‘no-win, no-fee*’ basis and you should never pay them anything upfront. Any company that asks you for a fee upfront is likely to be a scam, designed to part you from yet more of your hard earned cash.

Timeframe of the PPI Claims Process

There are several stages to the PPI claims process. Here is an overview so you know what to be prepared for.

Determining How Much You’re Owed

You will want to figure out how much money you are owed before filing your PPI claim. You may want to use a PPI calculator before doing so to get a good idea of what you are likely owed. These tools will ask for information about the value of your loan, the premium paid each month and the interest rate. They will give you a good ballpark figure of what you should get back.

Filing Your PPI Claim

You will need to file the claim and submit it to the bank or lender that you took the policy out with. Your bank has eight weeks to look into your claim and respond to you. At that point, they should either approve or reject your claim. It’s possible that you could hear back within as little as two weeks.

If you don’t hear back within eight weeks, you should contact your bank to find out what’s going on. If the response you receive is unsatisfactory, you can take it to the Financial Ombudsman Service (FOS). The FOS can pressure them to follow-up and respond more quickly.

Some banks take longer than others to process their PPI claims. Never agree to accept a lower refund in exchange for a quicker resolution. The banks are legally required to process the claim within the time frame detailed above.

Working with the FOS

You shouldn’t despair if your bank or lender rejects your claim as you can always file an appeal with the FOS. The downside to appealing with the FOS is that the process will take longer. It can take anything from 12 to 18 months to get a decision. But don’t let that put you off – if you’ve been without your money for some time, waiting another year or so is annoying but not the end of the world if you get it back eventually.

It’s usually the complex cases that have the longer wait times, but it’s still worthwhile if you are owed money. The FOS has hired 1,000 new PPI claims handlers to help expedite the process.

Keep in mind that a large part of the process is handled through post, so it’s best to have all the necessary information before speaking to the Ombudsman to make the process as efficient as possible. Using express mail can help reduce delays.

You can also expedite the process by pointing out the problems that would be caused by any delays, such as imminent threat of foreclosures or other serious financial problems. The FOS will also try to handle the process more quickly if the stress would cause serious health problems.

Receiving Payment

Most successful PPI claims are paid within 28 days. However, many people need to wait up to eight weeks for compensation. The time period can vary between banks, the complexity of the claim and the amount that you are owed. You may want to follow up with your bank or contact the Financial Ombudsman Service if you have been waiting longer than that.

Consider Filing a PPI Claim

You should have all the information needed to know whether or not you are eligible to initiate the PPI claims now.

Once you’ve decided whether you’ll be claiming by yourself or instructing a good PPI claims company to claim on your behalf, the best thing is to get the ball rolling straight away. There’s currently no statute of limitations on claiming back PPI, but with thousands of people affected by the scandal, it’s best to start sooner rather than later.

If you want to have all the work done for you while you continue with the important things in your life, you can enter your details in the short form above and Abi or someone from her team will give you a call to go through your details with you.

If you are going to claim by yourself, you can download a PPI claims form from the Financial Ombudsman website (remember to fill in a separate form for each claim you wish to make).

Here’s the link to download the form (right-click with your mouse and choose ‘Save Link As’ or ‘Save Target As’, depending on which browser you use).

How To Find Us

PPI Claims Calculator Company
94 New Walk,

IMPORTANT:The last day we can accept a new claim is Friday 23rd August – midday – to ensure the paperwork is properly processed and lodged with your lender before the cut-off time.