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As the total compensation figure for mis-sold PPI cover tops \u00a313 billion; millions of UK households are reaping the benefits of digging out their paperwork and making a claim.<\/p>\n
<\/a><\/p>\n PPI is Payment Protection Insurance that was often sold alongside loans, credit cards, store cards, mortgages, and other credit agreements. PPI can also come under alternative names such as credit insurance, credit protection insurance, or loan repayment insurance. The purpose of this form of insurance was to cover you in the event of illness, disability, loss of employment, death, and other circumstances that would prevent you from being able to make your repayments.<\/p>\n In broad terms, PPI was mis-sold to you if any of the following applies:<\/p>\n There may be other scenarios where PPI was mis-sold. If you are in doubt, you can contact the Financial Ombudsman for a decision.<\/p>\n <\/a> If you entered into any credit agreement before April 2012 where PPI was included, the chances are that you are eligible to make a claim. Here are some of the common FAQs that might be applicable to you.<\/p>\n Yes. It doesn’t matter if you can’t find any documentation or can’t remember the name of all your previous creditors. You can check your credit record through a credit referencing agency as this will give you a list of names. Each company should have a record of whether or not you took out PPI with them, so whilst any documentation you do have will make the process easier; it is not essential for making a successful claim.<\/p>\n Yes. If you can’t remember what was said to you when you were sold PPI, it is still possible to make a claim. In these cases, if the PPI you bought wasn’t relevant to your personal circumstances i.e. you were retired but the insurance covers unemployment, your occupation fell under an exclusion, or you had a pre-existing medical condition which made you ineligible then you should be able to claim back PPI.<\/p>\n Yes. Provided that you entered this agreement before April 2012 and PPI was mis-sold, you can make a claim for any ongoing, existing credit.<\/p>\n Yes. You can make a claim regardless of where you currently live, provided your PPI was bought through a UK company.<\/p>\n Yes. You can still make a claim even if the company you originally bought your PPI from has since gone into administration, been dissolved or gone bust. The FSCS (Financial Services Compensation Scheme) is in place to protect consumers in exactly this situation, and you should still be able to get the full refund due to you.<\/p>\n You can make a claim even if the original finance provider has since been taken over by another company. In this situation, your claim would go to the new company.<\/p>\n Yes. You can make a PPI claim after your bankruptcy or IVA agreement has ended. However, you need to be aware that any refund could potentially be clawed back under the clause ‘unrealised asset’. The financial provider, particularly if it was a bank, may try to argue that they want to offset any amount against the sum you originally owed them. If you have a certificate of completion for your IVA, then this argument may be null and void but it\u2019s very much a grey area of law at the present time.<\/p>\n There is no rule against making a PPI claim whilst you are bankrupt or within an IVA agreement, however, it is worth bearing in mind that any ‘windfall’ will be immediately seized to help pay off your existing creditors.<\/p>\n Yes. You can claim back PPI on a policy taken out by a now deceased relative. However, each individual\u2019s circumstances are different, and not all claims will be successful or directly benefit you. You will need proof of your relationship to the deceased as well as evidence of their passing, such as a death certificate in order to make a claim.<\/p>\n No. There is no time limit on how far back you can make a claim. It is worth noting that banks and other finance companies are not required by law to keep records over 6 years old, so if your PPI was sold prior to that, then it may be more difficult and take longer to make a claim unless you have all the relevant paperwork.<\/p>\n Types of credit that you claim back PPI:<\/p>\n You won’t be able to make a claim if you have ever benefited from the PPI you bought, i.e. you were out of work for 3 months and your PPI covered your repayments for those 3 months.<\/p>\n If your PPI cover would have covered you and you could have successfully made a claim in the event of accident, illness or death; then you are less likely to obtain a refund unless you can prove it was mis-sold in a different way.<\/p>\n <\/a><\/p>\n If you think that you are owed PPI and wish to make a claim then you’ll probably want to know how long it might take before your case is settled and you receive any money due.<\/p>\n One thing you should be aware of is that while private claims companies often say they can get your money back quicker than doing it yourself, there is no basis for this if you are organised and willing to do what is necessary for a quick resolution.<\/p>\n The only thing you have to ask yourself is whether or not you have the time to go chasing your lender and\/or the ombudsman should you need to \u2013 a claims specialist can take care of this for you.<\/p>\n When you first contact your lender to file a formal claim for compensation, the amount of time taken for them to respond to your case does vary and while some companies move swiftly, others are known to prolong the process as much as they can.<\/p>\n Banks and other lenders are liable for the whole amount plus interest but some may try to avoid a portion of this by offering you a lower deal for a quick resolution. While you obviously want to proceed with your claim and any subsequent payment in a timely manner, don’t be lured into the trap of accepting a smaller offer of compensation than you are entitled to.<\/p>\n If, after 8 weeks, you still haven’t had a response from your lender (or your lender has refused your case) then you will have to contact the Financial Ombudsman Service<\/a> (FOS).<\/p>\n If, for any reason, your lender is not willing to settle your case directly then you will have to approach the Ombudsman and have them resolve it based on the evidence provided by both parties (you and the lender).<\/p>\n Because of the sheer volume of new claims coming in from PPI and other financial products, the FOS has added a further 1000 staff<\/a> but even so it can take a long time for them to reach their decision.<\/p>\n The length of time required to process your case depends on how complex it is and whether or not any further information is required and how long it takes to obtain it. In rare circumstances it can take as much as a year to reach a climax while other cases might be settled in just a few months.<\/p>\n While the FOS typically reviews case in the order they receive them, there are some special circumstances where a case may be prioritised. These include situations where:<\/p>\n One thing any claimant can do to ensure the fastest possible resolution to their case is to provide requested information as fast as possible \u2013 next day recorded delivery is recommended.<\/p>\n Once your PPI compensation claim has been resolved and you are satisfied with the amount to be paid, you will usually receive either a cheque or direct BACS payment.<\/p>\n Some lenders may require you to confirm you are happy with the amount (assuming it didn’t go to the Ombudsman) but others will arrange for payment automatically unless you tell them otherwise.<\/p>\n While most lenders state that they will aim to pay the agreed amount with 28 days, there are many reports from members of the public stating delays of up to 8 weeks. These claimants were told that this is due to the number of claims being processed.<\/p>\n If you haven’t yet made a claim for any PPI you believe was mis-sold, what you should take from this article is that the sooner you start the process the better. Because of the long time frames that can be involved, there is no reason to delay \u2013 get all of the relevant information together now and either speak to a PPI claims company<\/a> or write to your lender and include copies of all the evidence you have gathered.<\/p>\nWhat is PPI?<\/h2>\n
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How do I know if my PPI was mis-sold?<\/h3>\n
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<\/p>\nWho can make a claim?<\/h2>\n
Can I claim PPI if I don’t have any paperwork? Or I can’t remember the name of the company?<\/h4>\n
Can I still make a claim if I’m not sure what I was told at the time?<\/h4>\n
Can I claim against current credit agreements?<\/h4>\n
Can I claim PPI if I live abroad?<\/h4>\n
Can I make a claim even if the company no longer exists or has been taken over?<\/h4>\n
Can I make a claim if I’ve been declared bankrupt or had an IVA?<\/h4>\n
Can I claim PPI on behalf of a deceased relative?<\/h4>\n
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Is there a time limit?<\/h3>\n
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Who cannot make a claim?<\/h3>\n
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<\/p>\nHow Long Does A PPI Claim Take?<\/h2>\n
Stage 1 \u2013 Filing Your Claim With Your Lender<\/h3>\n
Time scale \u2013 up to 8 weeks<\/h4>\n
Stage 2 \u2013 Going to the Ombudsman<\/h3>\n
Time scale \u2013 up to a year<\/h4>\n
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Stage 3 \u2013 Receiving The Compensation<\/h3>\n
Time scale \u2013 up to 8 weeks<\/h4>\n
What This Means For You<\/h3>\n
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