PPI claims: How to re-claim your payment protection insurance

You may have seen lots of adverts on TV recently for PPI claims, and you may be wondering if you have been paying PPI, or if you could be eligible for a refund.

If you have had a loan, credit card or mortgage you may well have been sold PPI as part of your package – have a look back at your statements and loan agreement to check whether it was included or not.

If you have been paying PPI, then you need to work out if you will be eligible to claim compensation for what you have paid. You should be able to claim if:

• - You were unaware that PPI was added to your loan, credit card or mortgage (in other words, if you were not told what it was, or it was added without your authorisation).
• - You were retired (over 65) when you took out your loan, unemployed or self-employed
• - You were not informed that PPI cover was optional, or that cheaper insurance could often be found elsewhere.
• - You were informed that PPI insurance was compulsory, or if you were told that your chance of being granted a loan was higher if you purchased PPI.

There are lots of factors that can affect your eligibility for PPI claims, so the best thing to do if you think you might be eligible, is to do some research. Look online for PPI claims websites, and try to find a site that has lots of information for you to look through.

This may help you to get a good idea of whether or not you will be eligible. Alternatively, look for a professional website that has a phone number or email address that you can contact, to get some no obligation advice.

Speaking to an experienced professional is the best way to find out if you eligible, how much you could potentially get, and how long the PPI claims process can take.

Applying for PPI claims can be very simple – try and find an experienced company that can boast a high success rate with their claims, and see if they have an online form that you can fill in.

Online forms are a great way to submit your details quickly and easily – usually your name, address and email – and then you should get a call back from an experienced solicitor who can talk your claim through with you.

PPI claims can be done on your behalf within around 12 weeks, although some can be as quick as 4 weeks! The time that your claim takes will depend on the lender or credit card provider that sold you your policy originally – your solicitor will contact them on your behalf, and their response time will dictate how quick your PPI claim will be.

If your claim is successful, your solicitor will then charge you a percentage of your total compensation – this percentage will vary, so double check this before you go ahead with your claim so that you are aware of what the fees will be.

Read more about PPI claim here