Can I still claim my PPI?

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It’s been years since you first heard of the PPI claim back process. Does it work?  Are you one of those who hasn’t bothered claiming? Well, perhaps you should reconsider since millions of people are claiming back their mis-sold PPI as well as unfair commissions against their Policies.

Be warned some banks, via 3rd parties, are contacting their clients with low ball offers to settle the claims before you make a complaint, in some cases, they are paying as little 50% of what they should.

So What is PPI?

Payment Protection Insurance (PPI) is supposed to cover your debt repayments if you can’t work, but many policies were mis-sold alongside legitimate financial products.

If you took out any kind of consumer loan, store card, credit card or mortgage in the 1990s or 2000s, you may have been mis-sold PPI.

Reclaiming mis-sold PPI can be a quick and easy process. Just follow these four simple steps to help you use our dedicated PPI tool before the August 2019 deadline:

  • Check your eligibility against our PPI checklist.
  • Select the company that sold PPI to you. If you can’t remember who your lender was, check your credit file, which you can do free of charge.
  • Fill in your contact details.
  • Choose the statements that best summarise how you were mis-sold PPI.

How was it mis-old?

The mere profits involved in PPI are too enormous to ignore, Investors, made huge returns, Managers took massive bonusesTelesalesesale agents took commissions on vulnerable people who were looking to borrow. Below are some of the most common reasons for how PPI was mis-sold:

Below are some of the most common reasons for how PPI was mis-sold:

  • you weren’t told the insurance was optional
  • you were led to believe your application would be rejected if you didn’t take PPI
  • the policy wasn’t adequately explained to you
  • you had a medical condition that would have excluded you from coverage
  • the insurance wasn’t suitable for you as you weren’t in indefinite full-time employment
  • you were over the maximum age of coverage in the policy
  • you had other plans in place to repay your borrowing if you became unemployed.

If you have or had an individual voluntary arrangement (IVA) in place, you should also let your PPI provider know, as this will help speed up your claim.

If your complaint is upheld, then the company that sold you the policy should do its best to put you back in the position you would have been in if you had never taken PPI out in the first place.

Can I claim again?

Well, that depends on the fine print on your settlement. With anything, you can always do it on your own, but sometimes it may help to seek professional advice, however, a success fee is payable if you win the case. Check the terms and conditions before signing up, to ensure you have a no win, no fee agreement.

Following the Supreme Court ruling in Plevin v Paragon Personal Finance Ltd, you can now make a claim for ‘undisclosed high commission’ on PPI.

This means that if you have already made a PPI claim and it was rejected, you can make a new complaint to your bank about ‘undisclosed high commission’.

If you made your claim after late 2015, your PPI provider should have included ‘undisclosed high commission’ as part of your complaint. It’s a good idea to dig out any paperwork you were sent and double-check.

If you’re not sure whether the amount you have been compensated is correct, all is not lost.

If you still don’t think the amount in the bank’s final offer is fair, you have the right to contact the free Financial Ombudsman Service to ask a question or challenge a decision from your bank.

There is no cost involved, but it’s worth noting that, due to the volume of PPI complaints, this process can take a while – in some cases, it may take over a year to decide.

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