Reclaiming PPI Refunds Yourself: PPI Claim

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Why are PPI policies and how they were sold suddenly important?

In April 2011, the UK’s banks lost an attempt to prevent new regulations on how they should sell PPI which also covered how they were sold over the last 6 years.

Whilst not all PPI policies were mis-sold some Banks and other lenders sold PPI to their customers without fully explaining what it covered. In some cases the banks and lenders lied to customers telling them that it was a compulsory part of a loan or credit card, or they simply added it without the customer's knowledge or consent.

The British Bankers Association (BBA) announced in May 2011 that it will not be appealing against a High Court ruling that the Financial Services Authority (FSA) sought to impose tougher rules on the past, present and future mis-selling of PPI policies. It is estimated that the banks could be liable for a combined sum of approximately £9 billion in compensation as a result. Obviously this figure depends on how many people come forward with a complaint.

So, if you've had a PPI policy in the last six years and believe it was mis-sold to you then you could very well be entitled to a refund.

How do I know if I have a PPI policy?

Whilst the new rules suggest the banks and lenders will have to contact all past PPI policy customers there is no guarantee they will do so. Therefore the best thing to do if you've had a loan or a credit card in the last six years is to check your agreement to see if there is a PPI policy attached to it. Don't just rely on looking at your statement either as often the PPI payments are front-loaded at the start of the repayments.

If you can't find your original loan or credit card agreement then you can contact your bank or lender and they are legally obliged to send you copies of your agreement, although some may charge you a small admin fee (no more than £10 maximum). Here is a list of banks and lenders contact details for PPI's.

Was I mis-sold PPI and do I have a claim?

The most obvious issue to consider is whether or not you actually needed the Payment Protection Insurance policy at the basic level but there are several reasons why you might be entitled to claim for a refund as follows:

The bank or lender told you that you had to have PPI. For example did they tell you that if you didn't protect the loan or credit card then you wouldn't get it or that you would be more likely to be approved if you took out a PPI policy. Either way if you were coerced or misled into taking out a PPI policy then you have a legitimate claim to a refund.

You never actually knew about the PPI policy being added. It is only now with all of the media coverage that you investigated whether you had a PPI policy attached to your loan, mortgage or credit card. In instances like this the PPI was added to the agreement without the borrower being fully informed and unless you looked through your paperwork in detail at the time then you would not have been aware of it. The onus was on the bank or the lender to inform you at the time and if they didn't then you have a valid claim to a refund.

The PPI policy didn't or doesn't actually cover you properly. If you were or are self-employed, part-time, freelance or retired then it is highly likely that your PPI policy won't cover you. The duration of PPI policies is usually for up to five years. However, if your credit agreement was for a longer period then the PPI was mis-sold. Again, if there was more than one person on the credit agreement and yet the PPI only covered one of you then it was mis-sold.

The PPI policy was too expensive. Some Payment Protection Insurance is so expensive that you would barely cover the cost were you to claim on it and in these instances you were misled and mis-sold the policy.

The PPI was sold to you as part of a debt consolidation package. More often than not if the PPI policy was sold to you as part of a debt consolidation loan then it wouldn't have been suitable and you could be entitled to a refund.

Reclaiming PPI Refunds Yourself

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Payment Protection Insurance (PPI) Claims

Why are PPI policies and how they were sold suddenly important?

So, if you've had a PPI policy in the last six years and believe it was mis-sold to you then you could very well be entitled to a refund.

How do I know if I have a PPI policy?

Was I mis-sold PPI and do I have a claim?

The most obvious issue to consider is whether or not you actually needed the Payment Protection Insurance policy at the basic level but there are several reasons why you might be entitled to claim for a refund as follows:

The PPI policy was too expensive. Some Payment Protection Insurance is so expensive that you would barely cover the cost were you to claim on it and in these instances you were misled and mis-sold the policy.

The PPI was sold to you as part of a debt consolidation package. More often than not if the PPI policy was sold to you as part of a debt consolidation loan then it wouldn't have been suitable and you could be entitled to a refund.

If any of the above issues apply to you then you are entitled to reclaim your money. Find out how to claim back PPI

Claim back PPI from Yorkshire Bank

Claim back PPI from RBS

Claim back PPI from NatWest

Claim back PPI from Nationwide

Claim back PPI from Mint

Claim back PPI from MBNA

Claim back PPI from Marks & Spencer

Claim back PPI from Lombard Direct

Claim back PPI from Lloyds TSB

Claim back PPI from HSBC

Claim back PPI from HFC Bank

Claim back PPI from Halifax

Claim back PPI from First Plus

Claim back PPI from First Direct

Claim back PPI from Egg

Claim back PPI from Direct Line

Claim back PPI from Clydesdale Bank