Have You Taken Out A Loan In The Last 10 Years?
There are some sites out there that advise people to make a claim for their PPI refund from the bank or lender by themselves. They say all it takes is a simple PPI letter – though what may seem a simple letter to some, may be a hurdle to others.
First things first – do you, or did you, ever have a payment protection insurance policy?
Payment protection insurance is a type of insurance that was sold alongside loans, credit cards, mortgages, car finance and other credit agreements. It is there to cover your repayments on that credit if you get ill or injured, or lose your job, usually for around a 12 month period.
It’s very possible to have had or still have a PPI policy in place and not even know about it. That’s because many lenders mis-sold PPI to millions of customers. Some were not told that they had been opted in to the insurance and have been paying additional premium payments on top of normal loan repayments, without their knowledge.
Payment protection insurance also goes by the name of Accident Sickness & Unemployment (ASU) cover, loan protection, payment cover, among others.
You can check for PPI and all its forms by going through all paperwork for any loans, credit cards, mortgage or other credit agreements in the past decade or so. It is easier to make a case if the PPI was active in the past six years, though older policies may still be actionable for a case. The reason for this is because banks are not required to keep documents older than six years.
Anyone who was mis-sold a PPI policy is legally entitled to make a claim for a refund plus a set compensation amount too. You may have been mis-sold the policy simply because you were not aware of it, or because you were falsely told it was necessary for the credit agreement to go ahead, or if PPI was never really suitable for you in the first place. This would be for those that were retired, long term sick or self-employed when they took out the agreement in the first place – they would not have been able to use PPI so it was a wasted purchase for them.
As we started with, you can write a letter directly to your bank or lender and ask for a refund and then go through whatever is their set procedure for PPI refunds. You will need to have some details of your PPI policy and if you don’t have these, it becomes more complicated.
You will need to contact your bank or lender and request these details and then start the process. If the policy was quite old and your account with that lender is now closed, there will probably be a charge for getting hold of the information. If you are not sure of your loans or of having PPI, you can go through your credit report to check.
Beware, this has been reported in the news, banks have been caught trying to deliberately reject people’s PPI complaints and therefore you need to be persistent and battle the lender if you really think you are owed PPI money back.
Going down the do-it-yourself route may very well work for some, in particular those who are confident with letters and (sometimes long) complaints procedures. For others, it seems long-winded and a bit stressful – that’s where getting the help of a professional claims company can make a difference. No letters, no long forms, no big hassle. Read on.
If you choose us to handle your case you may find it takes the stress out of the situation: we have a team of experienced UK based friendly claims handlers who will help you in every way possible to get the refund you are entitled to. We will endeavour to keep you informed as to progress at all times, and ensure you have the best solicitors fighting your corner.
We will handle your claim on a no win no fee* basis so that you are not charged should your case be unsuccessful: you have nothing to lose.
Meanwhile, you can use our online PPI calculator to assess the value of your possible repayment, which could be thousands of pounds. We have helped many people make successful claims for mis sold PPI, and we can help you too.