The Three Differences Between PPI Claims and Direct Redress

August 21, 2016
by admin in PPI News

We’ve been asked many times what is the difference between payment protection insurance claims and direct redress.

We can’t blame you; the signals sent out by other PPI claiming services might mean that direct redress and actual mis-sold PPI refunds are similar.

But not at all are they any identical.

You Only Get Refunds from PPI

A mis-sold PPI claim reclaims ALL your repayments from a mis-sold PPI policy. Here is a short post that pertains to everything about claiming for your PPI refunds.

When we say all, it means we use our special arrangements with high-street banks and other affiliate banks to look into your previous records and ascertain each and every repayment you’ve made for your payment protection insurance policy.

Yes, we go beyond the six-year limit.

Direct Redress Gets You More

Citing the case of ‘Roberta’ a London businesswoman, she was mis-sold PPI on two of her credit cards. She had been self-employed during the time her bank approved her credit cards and mis-sold her PPI at the same time.

Roberta has earned about £32,000 for both her PPIs. Part of the total is from her repayments. Another part is due to her direct redress.

Direct redress is the amount the PPI policy incurs whenever your debt increases. As single premiums are variable depending on your current total, it becomes a complex calculation to get the compound interest you paid for your premiums as well.

A Special Arrangement

To get ALL your refunds and direct redress from your bank, you will need to go beyond the six-year limit. Consumers must provide a data access request letter to their bank and this is still subject to their approval. Once approved, the consumer or their representative can investigate on records kept beyond the six-year period.

It may go beyond more than 10-15 years worth of repayments especially for mortgage payment protection insurance policies.