If you’re looking to find out more information about Payment Protection Insurance (PPI) then you’ve come to the right place.
Our claims experts are on hand to answer any queries that you may have and we’ve got lots of facts, figures and stats right here on the website.
What is PPI?
PPI stands for Payment Protection Insurance. This insurance may have been attached to credit agreements like loans, mortgages, hire purchase agreements, credit cards or store cards.
It was designed to cover you in the event that you’re unable to work because of sickness, redundancy or an accident. Unfortunately, Payment Protection Insurance was often mis-sold by banks and financial providers. This means that you could be entitled to a refund or compensation.
The banks and lenders often mis-sold PPI by adding it to policies without the customer being informed. They also mis-sold payment protection insurance by wrongly telling customers that they must have it (whether they wanted it or not). As a result, many people are unaware that they have been paying for it.
How to make a PPI claim…
Option #1: Fill in the ‘Start Your Claim’ form on this page. We’ll send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we provide, we’ll make a start on your PPI claim.
Option #2: Click the ‘Download Claim Pack’ button. Simply print out the form, complete it and send it back to us. Our address and email address can be found here.
Our experts are on hand to answer any questions you have via telephone, email or our live chat facility.
About Our Service
PPI was sold on all forms of credit, such as mortgages, loans, car finance, hire purchase agreements, credit cards and store cards.
Not sure whether you’ve been sold Payment Protection Insurance (PPI)?
We have electronic systems set up with almost all banks and lenders, which means we can check all of your agreements, past and present.
We don’t need account numbers or paperwork.
Not sure whether you qualify? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
Want a little more PPI info?
Below are some handy links so that you can find out more about PPI, who sold it, what exactly PPI is, and the latest facts and figures on PPI.
Want to know what exactly PPI is, what it may have been sold with and how it was sold? Well, we’ve got you covered.
What is a PPI Refund?
A PPI refund is when payment protection insurance (PPI) is paid back to the customer after being mis-sold.
PPI policies were often mis-sold by banks and lenders as part of the deal when the customer took out credit with them, such as through loans, mortgages and credit cards. It was designed to cover payments in the event of accident, sickness or redundancy but was often added without the customer’s knowledge. This means that you could be entitled to a refund or compensation. See our video for more information on what a PPI Refund is and if you are eligible to make a claim.
Have I got PPI?
If you’re wondering ‘Have I got PPI?’, then you are not alone. If you have had a mortgage, credit card, store card, loan or hire purchase agreement from as early as the 1980s then you could have PPI and not know it. PPI was mis-sold to many customers using numerous different tactics, and often without them knowing. This has left many people unsure as to whether they have purchased it or not. Luckily, we can quickly establish whether you were sold PPI. See our video for more information.
How are PPI funds calculated?
So, just how are PPI funds calculated? Our calculations are broken down into three main parts. Part 1 is assessing how much you paid in premiums, part 2 is determining the associated interest and charges and part 3 involves compensatory interest (8% interest based on parts 1 & 2). We also have a PPI calculator that will give you an idea of how much you may be entitled to. See our video for more information on how PPI funds are calculated.
What’s the PPI claim process?
The PPI claim process depends on certain factors, but generally the process and timeframes are as follows:
- Step 1 – Obtaining information (1-6 weeks)
- Step 2 – Awaiting decision after launching claim (4-12 weeks)
- Step 3 – Offer of compensation (1-4 weeks)
- Step 4 – Financial Ombudsman Service (12-24 months)
How far back can I claim PPI?
There is no limit as to how far back you can claim PPI. Most banks and financial providers are legally obliged to retain records for 6 years after an agreement has closed. However, some retain their records for a lot longer in their archives. See our video for more information.
How much PPI will I get back?
How much PPI you will get back depends on several different factors, such as how much you paid towards the PPI policy in the first place, how much you borrowed, what the interest rate was on the financial agreement and the dates you made payments. View our video to discover what other factors affect how much PPI you can receive.
What are the need-to-know PPI facts and figures?
- PPI complaints started back in 2007 and grew to highs of 4,000,000 in 2013.
- The average pay out per customer is £3,332, but figures can be much higher (e.g. 1 in 99 of our customers has received over £15,000).
- Since 2001, there have been a total of 34 million payment protection insurance policies sold, worth £50 billion.
- As of 2014, 61% of the policies that have been sold haven’t been reclaimed.
- We believe that the total PPI bill will be around £42.5 billion.
- Many customers who are rejected by their bank do not realise that they can take the matter to the Financial Ombudsman Service (FOS) for them to investigate the complaint. Your Money Claim can do this for you if you start your claim with us.
What are the PPI fines from 2005 to the present day?
PPI fines from 2005 to the present day have now totalled £184,432,400. The largest PPI fine so far has been for the Lloyds Banking Group. They were hit with a £117,430,600 fine for mishandling valid PPI complaints. Find out more about PPI fines here.
How do I keep up to date with the latest PPI news?
Keep up to date with the latest PPI news and views by reading the Your Money Claim blog.
Keep up to date with the latest news and views surrounding PPI via our blog.