Frequently Asked Questions
What is PPI?
PPI is Payment Protection Insurance and it’s also known as:
- ASU (Accident Sickness Unemployment)
- MPPI (Mortgage Payment Protection Insurance)
- Loan Protection Cover
- Redundancy Cover
However it’s put, PPI is a form of insurance that can be taken out alongside a loan, credit card, card finance or mortgage. The aim of the policy is to cover repayments should you be unable to do so yourself due to illness or unemployment.
It’s been around for decades, providing a safety net for those in financial difficulties and a tidy profit for providers and lenders. PPI, when sold correctly, is a very useful and helpful financial product, but quite often it hasn’t been sold correctly, which is why many policy holders are claiming their money back.
What are the costs of claiming?
It costs absolutely nothing to make your claim through the expert team at PPIRefundsUK. 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, we charge 25% of the payout amount, if we don’t win, you pay absolutely nothing. To get your PPI Payments back, simply call FreePhone 0800 840 72 92 or fill out the quick and easy online form.
How do I know if I have a claim?
Take a look at this checklist, does one of the criteria fit your situation? If so you may have a claim:
- Were you told or sold the wrong thing, meaning was a policy mis sold to you or did you even know about it?
- Where you unemployed or retired at the point of agreement? If so and the policy included unemployment cover, you’ve been paying for worthless cover which should not have been sold to you.
- Were you self-employed when you took out the borrowing? If you were, you should check if you would have been paid out if your business went bust (usually not) and if your repayments weren’t covered by the policy and, and it wasn’t pointed out, you could have a PPI reclaim case.
- Did you have any medical conditions at the point of the policy/credit agreement? Most policies don’t allow you to claim for help due to pre-existing medical conditions. This means you are unlikely to be covered for any medical problems that arise that you have had in the past. You may have a case if you weren’t asked relevant questions or informed about this affecting your policy.
- Are or were you making repayments on a borrowing through any of the following companies:
| Institution | Fine |
| Alliance & Leicester | £7million |
| HFC Bank (owned by HSBC) | £1,085,000 |
| Swinton | £770,000 |
| Egg | £721,000 |
| GE Capital Bank | £610,000 |
| Loans.co.uk | £455,000 |
| Redcats (Brands) Ltd | £270,000 |
| Hadenglen | £182,000 |
| Capital One Bank | £175,000 |
| Regency Mortgage Corp | £56,000 |
| Home & County Mortgages | £52,500 |
| Capital Mortgage Connections | £17,500 |
If ‘yes’ then there’s a strong chance that you have a PPI policy as all of these lenders have been fined by the Financial Services Authority (FSA) for mis selling PPI. If you’re unsure whether you have a PPI claim or want to get your reclaim started, simply fill out the secure online form or give us a call today on 0800 840 7292.
How long does a payout take?
Pardon the cliche, but 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 cases turned around in 3 weeks but yours could take 3 months or longer, so be prepared for a wait.
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 victims is close to £4billion. The consumer watchdog, Which? estimate that around 2 million policies have been mis sold, combine these two figures and you have an average payout of £2000. 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 a PPI claim against a policy that has expired?
YES, whether you cancelled a policy or finished paying back the loan, you can still make a 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.
How far back can I claim?
Banks and lenders must keep records of all their customer’s transactions and dealings for the past 6 years, if you don’t have the paperwork that came with the loan and it was paid off over 6 years ago, it may be difficult to make a claim. If you’re still paying off an old loan/credit card or took one out within the last 6 years, a claim stands a better chance of succeeding. Whatever your situation, it’s worth making a PPI claim – it’s free after all. To get your PPI reclaim started, simply fill out our secure online form or give us a call on 0800 840 7292.