Common PPI Questions Answered – Part 4 of 4
At Your Money Claim we answer a range of questions from people who need help making a PPI claim. We decided to publish answers to some of the most common questions that we’re asked by our customers, so please read on for help and advice on claiming for PPI compensation:
Will my lender penalise me for making a claim?
Absolutely not. Your bank or lender must abide by strict rules, known as Treating Customers Fairly (TCF).
Any bank or lender found to have treated its customer any differently for raising a concern or complaint could face the harshest of sanctions.
Will making a claim affect my credit rating?
The only way making a claim could impact your credit rating would be in a positive way.
For example, if you are in arrears with your finance then a compensation offer may reduce or completely pay off any arrears.
Can a refund be used by the lender to pay off arrears?
Banks are entitled to “set off” what they owe to you in compensation against any other debt you may have with them.
In many instances we find that banks and lenders offer the option of receiving the compensation or having some or all of it used to clear or reduce arrears. However, this cannot be guaranteed.
How much will I get back?
PPI is broken down into three separate parts, and the amount of compensation you may receive is reliant upon many different scenarios, interest rates, time passed and payment history.
- Part 1 of your compensation award is the actual amount you paid towards the PPI.
- Part 2 of your compensation award is due to your balance being artificially inflated due to the PPI being present. Any charges you incurred because of the PPI would also form this part of the award.
- Part 3 of your compensation award is compensatory interest which is awarded at 8% per year.
Whilst there is no way of accurately predicting what you are likely to receive, why not take a look at our PPI calculator which may give you an idea.
I got a text message saying I was owed a certain amount of money, is it true?
No! These spam texts and emails are used by marketing companies and unscrupulous claims companies in an attempt to obtain your business via deception.
Should you receive any such text messages we recommend contacting the Claims Management Regulator who may investigate the matter further.
Making a PPI Claim
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks allows you to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
If you have had a loan, mortgage, car finance, hire purchase agreement, credit or store card within the last 25 years there’s every chance you’ll have been paying for PPI.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.