Frequently Asked Questions About PPI Claims
These are some of the questions we get asked most frequently. If the answer to your question isn’t below please don’t hesitate to contact us using the phone number above, or by requesting a call back by one of our team of specialists.
Please click on the questions to see the answers....
Q: What is PPI?
If you have taken out a loan, mortgage or credit card in the past 10 years, then chances are payment protection insurance was included. If so you have probably been overpaying by £1,000's!
PPI (Payment Protection Insurance) was sold, normally as a bolt-on to a loan, credit card or mortgage to protect the borrower in the event of being unable to meet the monthly repayments. The essence of the protection policy was to cover the monthly repayments whilst the borrower was unable to, due to illness, redundancy etc.
It has been sold under several different names, depending on which product it was being packaged with. To name a few, Mortgage Payment Protection Insurance (MPPI), Personal Loan Protection (PLP), Credit Card Repayment Protection (CCRP), Accident, Sickness and Unemployment cover (ASU) and Life, Accident, Sickness and Unemployment cover (Life & ASU).
A lot of these types of policies were sold without the knowledge of the borrower / policy holder and/or without fully assessing the client's financial and personal circumstances, including their medical history. This has resulted in the FSA (Financial Services Authority), fining several large financial institutions, paving the way for you to reclaim your premiums!
Q: Why can I claim?
The FSA (Financial Services Authority) have already ruled that a lot of the PPI policies were mis-sold to customers. This has opened the flood gates for the masses to build a reclaim case on their own loan payment protection policies. If you have been mis-sold, then we can potentially reclaim all of the premiums paid, plus compound interest.
There are lots of reasons which constitute 'mis-selling'. Some of which include being told that the policy was not optional, being told that it would help your application for a mortgage or loan if you took the insurance out, not fully investigating your needs before selling you insurance which may have been unnecessary or even unsuitable in a lot of cases. We will investigate your case on your behalf and advise you on whether you have the right to reclaim. Just use the form here to get started.
Q: What will it cost me?
Well, to start with this will cost you absolutely NOTHING up front, not a single penny! We charge 25% + VAT on successful claims. This will be explained to you in more detail after we have reviewed your case.
An important point is that the VAT is only chargeable on our portion of the fee, not the entire amount. So, if we successfully reclaim £1,000 for you, our fee would be £250 (25%) and the VAT would be charged on the £250, not on the entire £1,000.
Q: Will I have to pay if the claim is unsuccessful?
Definitely not! We will charge you nothing if the claim is unsuccessful.
Q: How do I get my claim started with ReclaimYourMoney.com
The quickest and most efficient way of getting started on reclaiming your premiums is to use our online PPI claim form. When we receive your details we will call you as soon as possible. This quick phone call will enable us to assess your situation and advise you whether you have a valid claim (most people do). It also gives you a chance to ask any questions you might have regarding our services or the process in general.
Q: Can I call you if I have more questions?
Sure! We love to help. Our phone number is at the top of the page. Feel free to use it at any stage of your claim.
Q: Will I have to go to court?
The chances are that the claim would be settled out of court because of previous claims by others paving the way. In the unlikely event the claim does go to court you will be advised of this. We will then discuss the case with you and it would be your decision whether to proceed or not.
Q: Do you need my loan and/or credit card agreements?
It isn't essential but it does help speed up the process if we have them. If you have lost them then don't worry, we can write off to the lender(s) and request a copy of the documents we need using the law provided under the Data Protection Act. The only problem with this is the time they take to reply so if you have them, let us have a copy. This is all explained during the claim process on the form. The bare minimum we need is your Loan Account number.
Q: How much can I claim?
Generally you can claim back all of your PPI premiums, plus interest. We will do all the calculations for you so you don't have to worry. We will aim to put you in the same financial state as if you didn't take out the insurance. We have an online claims estimator (above ^^) that can be used to get an idea of how much your claim could be worth, although please bear in mind this is just an estimate based on the details you enter.
Q: Will you claim back 100% of my premiums paid?
In most cases the answer is yes. On a successful claim, you will normally get back the full payout, less our fee. We currently charge 25% + VAT. One exception to this is if your Loan account is in arrears. In this case, the lender could clear the arrears before paying out any compensation. Another reason for not getting the full amount is if the insurer makes an offer to resolve the complaint. This could be lower than the amount we originally requested and we would always inform you of these offers as soon as they are received. The decision of whether to accept their offer comes down to you but we would give you our advice so you can make an informed decision.
Q: Can I do this myself?
Absolutely! If you wish to proceed on your own give us a call and we can point you in the right direction. Beware though, it is a long and complicated process to go it alone and some clients can find it quite intimidating as the lenders can be very aggressive in their replies to you.
You have nothing to lose by instructing us as we charge nothing upfront. If we believe you have a claim you then have the choice of whether to proceed with our services. For more information just give us a call on 0800 533 5499 or click here to request a callback.
Q: How do you make your money?
We earn our money on successful claims. There is nothing for you to pay up front or in the event of an unsuccessful claim.
Q: If I have already made a claim on my PPI policy, can I still claim?
Normally. Providing you haven't already taken the case to the Financial Ombudsman Service. Each individual case is different. In this circumstance, it would be best to either call us, or request a call back to discuss it further.
Q: Can I Make More Than One Claim?
Yes you can. You can make as many claims as you have policies! Please contact us if you need guidance, or go ahead and fill in the online form and we will get in touch with you to discuss it.
Q: My Loan Has Been Paid Off, Can I Still Claim?
Absolutely! It doesn't matter if you have paid off the loan or cancelled the PPI, we can still build a case for you. If you were mis-sold the policy, then it doesn't matter if it is still running or not. Also, even if you were given a refund when you cancelled the PPI, you still may be able to reclaim more if the refund wasn't sufficient.
If you need any further help please do not hesitate to get in touch using the telephone number at the top of the page, or the details on the contact page.
