A Quick Guide to Claiming PPI Refunds
Millions of people were mis-sold payment protection insurance. Several million of those people have already claimed their PPI refunds, but many more still haven’t.
The main high street banks have made several attempts to introduce a cut off date to the whole PPI scandal. So far, they haven’t been successful. But that’s not to say they won’t be in the future. So if you have not yet started the process of claiming your PPI refunds, now is a good time to think about doing so.
This article will outline the main points you need to know for getting your money back.
Am I Entitled To Claim A PPI Refund?
If you have payment protection insurance attached to any of your finance agreements and you believe it was mis-sold, you are entitled to a PPI refund. It really is that simple.
What isn’t always so simple, however, is locating all instances of PPI. Payment protection insurance was mis-sold in a number of ways over the years. One common tactic was for the bank or salesperson to add it on to the finance agreement without the customers knowledge.
For that reason alone, millions of unsuspecting customers haven’t claimed simply because they are unaware that they have PPI.
How Do I Know If That Happened To Me?
If you are one of those people that keeps well organised records of everything, you simply need to go through it all to double check. When you do this, do remember that PPI often goes by other names. So avoid the common mistake of scanning your paperwork and keep an eye out for any of the following:
- Loan protection
- Credit insurance
- Loan repayment insurance
- Income protection
- ASU (accident, sickness and unemployment) insurance
- Account cover
- Payment cover
It’s possible you have Payment Protection Insurance but under a different name from those listed above, so be vigilant when you check.
What To Do If You Aren’t One of Those People
Not everyone does keep meticulous records of everything. If that’s you, or if you do but you’ve cleared out your old documents, there are two ways to get hold of the information you need to see if you’re entitled to any PPI compensation.
You can either:
- Run a credit check on yourself, or
- Hand your claims to us to handle for you
Having Us Claim Your PPI Refunds For You
We have negotiated special agreements with more than 50 banks and lenders that allows us to claim for PPI refunds without having account numbers or paperwork. The agreements have slight variations from bank to bank, but essentially you just need to provide your full name and address you were living at when the policy was sold.
Many of these lenders will not only check their own records for any PPI, they will also check the records of their sister companies too. These agreements have not only helped to speed up the PPI claims process for our clients, they have also helped to win refunds where the client thought it was next to impossible.
Running A Credit Check On Yourself
Running a credit check on yourself will provide you with a report of your full credit history. You can read through the report and find every type of finance you’ve ever had. You can then also find any PPI you may have ever had, too.
There are many services available for running a credit check. We recommend Noddle.co.uk or CreditExpert.co.uk. Noddle is free all the time and Credit Expert is free for a trial period, after which it’s a paid service (just cancel before your trial is up).
This process is covered in greater depth in the general article on payment protection insurance.
How Long Will It Take To Receive My PPI Refund?
The length of time it takes to receive payment for your PPI refunds varies from bank to bank and from case to case. Your bank has 8 weeks to respond to your claim, but that doesn’t necessarily mean you’ll have your refund in that time.
Beyond that, it’s almost impossible to say how long it will be before you receive your refund. If it’s a complex case and/or needs to go to the Financial Ombudsman Service (FOS), it can take up to 18 months.
While that may be off-putting, it’s better to get your money back a year from now than not at all. This is one of the many reasons why our clients choose to have us handle their PPI claims for them — because it means they don’t have to worry or stress about the process.
Can I Get More Help and Answers To My Questions?
Yes you can. For further guidance on claiming your PPI refunds, you can call for free on 0800 840 7290. If you prefer for us to call you, simply pop your details into the short form of the top of the page. We’ll get back to you for a chat.
You PPI claim will be in good hands if you decide to have us claim for you, but there’s no obligation to do so.