PPI Claims - Your Questions Answered
What is Payment Protection Insurance (PPI)?
PPI is Payment Protection Insurance but its also known by lots of other names such as:
- ASU (Accident Sickness Unemployment)
- MPPI (Mortgage Payment Protection Insurance)
- Loan Protection Cover
- Redundancy Cover
- Card Protector
It’s a form of insurance that can be purchased alongside a loan, credit card, card finance or mortgage. The idea is that the policy covers the repayments on the credit in the event that you are unable to do so due to illness or unemployment.
In principle there is nothing wrong with this type of insurance, indeed it’s been around for decades. The problem however is that its very often mis-sold because its unnecessary, overpriced or unsuitable. Its for that reason that thousands of consumers aredoing PPI claims and claiming their money back.
How do I know if I have a claim?
Take a look at our checklist; can you answer YES, to any of the questions?
If so you may have a PPI Refund claim:
- Were you told or sold the wrong thing;
- Did you even know you had been sold PPI?;
- Where you unemployed or retired when you took out the loan or credit card?
- Were you self-employed when you took out the borrowing?
- Did you have any medical conditions when you bought the PPI? Most policies don’t allow you to claim for help due to pre-existing medical conditions. Were you even asked whether you had any pre-existing medical conditions? Did you know about the exclusions?
- Did you take out a loan or credit with one of the dozens of lenders and financial institutions who have already been fined by the FSA for the way they sold PPI?
If ‘YES,’ then there’s a strong chance that you have a PPI policy.
Don’t worry if you are unsure whether your circumstances fit into any of these categories, they’re just examples. With a success rate of well over 90% most of our clients win back compensation. If you’re unsure whether you have a PPI claim or want to get your PPI reclaim started, simply fill out the secure online form or give us a call today on 0800 988 4820.
I’m not sure if I had PPI with my loan or credit card?
That’s not suprising with so many people being sold PPI without their knowledge. If you suspect that you may have been sold PPI then contact us, let us know you’re unsure and we can find out for you.
Quite simply there is a good chance that you do have PPI because the majority of loans taken out in the last 15 years included some form of Payment Protection Insurance. Payment Protection Insurance is also known as Personal Loan Protection (P.L.P.), Mortgage Payment Protection Insurance (M.P.P.I.), Accident Sickness and Unemployment Cover (A.S.U.), Life & Accident, Sickness and Unemployment Cover (Life and A.S.U.), or Credit Card Repayment Protection (C.C.R.P.)
Do I have to pay you any upfront fees?
Absolutely not! We work on a “No Win – No Fee” basis so provided you help us with any information we require our fee is only 20% plus VAT of the compensation received. We only get paid if we are successful in your claim.
What loans do you consider?
As specialist Payment Protection Insurance (PPI) claims handlers we cover any type of credit agreements, car loans, credit cards and mortgage payments.
How long will my claim take?
We have settled claims within just a few weeks but they can take up to 8 months or longer sometimes depending on their complexity. As you may expect every case is different and as such, payout times will vary. How long it will take for you to get your money back depends on when you took out the borrowing, what paperwork you have, how quickly the lender or insurance provider replies, how co-operative they are and the number of claims they’re dealing with. Our team deals with our end of the case as quickly and efficiently as possible and we’ve had some cases turned around in 4 weeks but yours may to take between 9 and 36 weeks to complete, so be prepared for a wait. Don’t worry however as we will keep you informed of our progress throughout a claim.
Can I make the claim myself?
YES, you can make the claim yourself if you have the time, funds and confidence to take your claim to court if necessary.
Would you know whether a lenders refusal to pay compensation is reasonable or whether an offer matches your full entitlement to compensation?
If we make the PPI claim for you we will take care of everything and you get the benefit of our considerable expertise. Whether you make a claim yourself or use PPIClaimStart.com we would advise you to claim sooner rather than later to ensure that you receive everything that you’re entitled to.
I have already started to claim myself, can I still use you?
YES, as long as you have not taken your case to the Financial Ombudsman Service, we usually can help. PPIClaimStart.com will tailor the service to each individual claim, whatever stage of the claims handling process it has reached. Even if your complaint has been rejected, we can often still pursue compensation but please remember you will need to get the claim to us within 6 months of the lender rejecting your complaint.
How far back can I claim?
We generally deal with policies sold within the last 12 years. Banks and lenders must keep records of all their customer’s transactions and dealings for the past 6 years. If you are considering a claim for a loan that you took out more than 6 years ago, you’ve paid it off and you don’t have any paperwork for it then it may be a little more difficult to make a claim. Having said that we have made successful claims on loans taken out as long as 15 years ago. If you’re still paying off an old loan/credit card or took one out within the last 6 years, your claim stands a good chance of succeeding. Whatever your situation, it’s worth making a PPI claim – it’s free after all.
How much will I get?
This varies depending on how many policies you have, how much you borrowed, how the policy was mis sold and how much the insurance provider charged you for the worthless cover. The FSA believe the total compensation needed to refund mis sold PPI borrowers is close to £8billion. At PPIClaimStart.com and Asset Financial Management Ltd our claim value has averaged £3000 for loans and £1950 for credit cards. Of course, yours could be less, but it could also be more. The only way to find out is to make a claim.
Can I make more than one claim?
YES, most people make several claims as they have had several Loans & Credit Cards over the years.
Can I make a PPI claim against a policy that has expired or on closed loans/cards?
YES, whether you cancelled a policy or finished paying back the loan, you can still make a PPI refund claim.
Can I make a refund claim against a policy which I have actually used?
YES, even if you’ve made a successful insurance claim through the policy, you can still make a PPI refund claim although the lender may be able to deduct any benefits you have already received. Don’t worry we can advise you on the correct compensation figure in those circumstances.
What will I have to do?
You just need to complete our PPI Claim Pack and return it to us within 7 days. Once we have the signed paperwork we can make a start on your claim quickly.
Do I need a copy of the contract?
Do not worry if you do not have a copy of your loan agreement or all of your credit card statements. It helps if you do, but if not, we can still deal with your claim. We will contact your lender or finance provider and obtain all the necessary documentation required for your claim.
Can I speed up my claim?
YES, if you have copies of your loan or credit agreements they will help us to make a start on your claim sooner. Similarly if you have copies of your credit card statements showing that you paid PPI that’s a great help (don’t worry if you don’t have statements for the last 6 years we can apply for these for you).
How much will it cost me to make a claim?
It costs absolutely nothing to start your claim through the expert team at PPIClaimStart.com. Unlike some companies, we think it’s your right to make a claim and you shouldn’t have to pay to do so. If you choose to let us fight your case, then your claim will be handled on a No Win No Fee basis. If we win, new customers taking advantage of our Spring special offer will pay just 20% of the total claim value plus vat. If we don’t win, you pay absolutely nothing. To get your PPI Payments back, simply call 0800 988 4820 or fill out the quick and easy online form.
How secure are my details with you?
PPIClaimStart.com takes its responsibilities under the Data Protection Act very seriously. We keep all information relating to you and your claim secure. All our employees have signed stringent confidentiality contracts, and systems are in place to prevent misuse of any data.
Do you have a complaints procedure?
YES, at PPIClaimStart.com we believe that a happy customer is a good customer and we always strive to provide excellent service. If you are unhappy then please view our complaints procedure and let us know.
Will this action effect my credit rating?
NO. The process is completely legal and will not affect your credit rating in any way.
What if my question isn't answered here?
Feel free to call us on 0800 988 4820 and speak to one of our highly trained Customer Service Advisers or email us direct: firstname.lastname@example.org
We are happy to help.