Your Payment Protection Insurance Questions Answered

 

Can I claim back my PPI?

You can claim back all your mis-sold PPI paid on unsecured and secured loans, credit cards, store cards and car finance paid in the last six years.  You can claimback any amount of PPI with PPI Freedom. Subject to a minimum fee of £125.00. Unlike some other companies who will only claim back PPI for you if your claim is over £5000 which is not all that common. You can claim back PPI on credit and store cards with PPI Freedom unlike some companies who only deal with loans. You can claim back PPI on mortgages. This is sometimes called accident, sickness and unenployment insurabce or ASU Insurance.

How do I know if I was mis-sold PPI?

Look at this check list. PPI Mis-selling checklist   Chances are you were mis-sold.

What can I claim back?

You can claim back all your PPI premiums, the commission paid the lender, the interest on all the premiums and commission, and then 8% interest on all of that.

How much will it be worth ?

The average claim is worth about £2500 but many are worth much more than this.  If you have paid a single premium at the outset you will be able to claim this all back. If you pay the premium monthly, say on a credit card, you can multiply the monthly premiums by the number of months you have paid it. For example if you pay £15.00 per month in PPI and you have paid 36 repayments, this will mean you will have paid 36x£15.00=£540 in PPI . Add to this the commission paid to the lender and then add the interest you have paid each month on that amount. You will then get 8% interest added to the total amount.

What do I need to do?

You need to fill in four simple forms

1. A Form of Authority to allow the solicitor to access your file.

2. A Questionnaire about mis-selling like the one on this site

3. Information about you and your loan.

4. Terms of Instruction to say you understand the terms and conditions of the claims process.

Do I need to sign a Conditional Free Agreement?

A conditional fee agreement is only needed when the solicitor needs to ensure that you agree to pay him/her out of the costs from the other side if the matter goes to court. i.e your lender. It is NOT needed for a PPI claim if the  the case does not  go to court. Some PPI companies will ask you to sign a conditional fee agreement when you want to claim back PPI and if you read it carefully you will see it talks about your agreements being unenforceable which has nothing to do with a PPI claim.  This is confusing at best and could harm you PPI claim at worst. If you want to have your agreement audited to see if it is unenforceable at the same time as claiming for the PPI refund.  You should look at the issue of unenforceability and look at you claim as a whole.

In any event you should not  have to sign a conditional fee agreement until you have been given an insurance policy called After the Event Insurance which insures you against all costs no matter what happens to you case.

How much will it cost?

To make a claim is free. A success fee of 25% plus vat of your claim is payable from your awarded refund. You pay nothing from your own pocket.

How long will my claim take?

This will depend on your lender. A customer recently received a settlement in 20 days. We will write to your lender and then send a reminder. The lenders have 40 days to reply to the claim and then 10 weeks to settle before the court is involved  and the Ombudsman is contacted.

What should I do now?

To start your claim call 0845 475 5435

Please don’t hesitate to call with any questions at all. We are aways happy to help with free no obligation advice.