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Have I Got PPI?

have i got ppiHave I got PPI? That is a question that you certainly should be asking yourself as if the answer is yes it could mean you are entitled to receive a refund of thousands of pounds.

So how do you know if you have PPI or not, well that is where we step in. As long as you know the name of the lenders you have had in the past we can look for you. No paperwork, no accounts numbers are necessary and don’t worry about how far back we can go: the oldest successful claim so far is 1987. With the lenders name we can approach them and locate your details, if there is no PPI, you will know and there will be no fee to pay. If we do locate PPI and can obtain a refund that is when a fee is payable which is 25% including the VAT of the amount recovered.

What have you got to lose, you get to find out if there was PPI or not with the peace of mind that if there is not you have nothing to pay. I have over 30 years in the finance industry 18 of which I have been dealing with complaints on behalf of clients against lenders where I oversee all claims personally.

Mis-sold PPI

You have probably heard all about mis-sold PPI on the news recently and you have also probably seen a number of adverts from companies offering to help you get compensation for the money that you were charged for this PPI.  So what exactly is PPI?  PPI is payment protection insurance and this product was sold with most financial products in the early 21st century.  Because of the controversy surrounding the way in which it was sold to customers, it is rare for it to be sold these days.  The reason for taking out PPI on a loan or credit card for example is so that it will insure the repayments of these debts.  So what is the problem?

 PPI and How it Works

Provided that you are working full time and are considered to be fit and healthy then PPI is there to protect you in the event that you are unable to pay your debt repayments because you are out of work.  By paying these PPI premiums each month, the insurance company will pay your debts if you become ill or have an accident which prevents you from working.  This sounds like a very good product to have and for that reason many people decided to take out PPI alongside a loan or credit card.

 What About Mis-sold PPI Claims?

So you may be wondering what all the fuss is about in relation to mis-sold PPI.  The problem that surrounds PPI is that a lot of customers were actually mis-sold this product.  Customers were often paying thousands of pounds in PPI over the course of the loan but the product they were paying for was totally unsuitable for their requirements.  In many instances, when customers tried to make a claim against their PPI insurance policy, they found they were not actually covered for their specific circumstances.  Some customers were told or were made to feel that unless they took out the PPI, they would not get approval for the loan.

There are many instances where PPI could have been mis-sold to customers besides lying to the customer about their chances of getting approval on the condition of accepting PPI.  If the salesperson did not inform you that you could buy PPI somewhere else or advise you to shop around for a cheaper deal, then you may have been mis-sold PPI.  The financial regulator has specific rules in place which state that there must be openness and frankness when financial products are being sold and unless you were told you had the option to buy PPI elsewhere, the lender could be in breach of these rules.

Hopefully that answers the question of Have I got PPI and you are ready to take the next step in reclaiming your PPI.  If you would like to make a claim with us please fill in the form on this page and we will get back to you within 24 hours.

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How Do I Know if I Have Had PPI?

Clients or prospective clients have at some time or other either asked but certainly thought, how do I know if I have had PPI? The simple answer is you don’t and for this very reason is why you should find out. In fact don’t beat yourself up most people do not know if they had PPI, why should they. So if you do receive a scam call or text saying you are due a refund or contact this number as we have established that you have had PPI and can make a claim they are as we call in the trade, lying!

Payment Protection Insurance is a cover that was historically applied by the banks, building societies, mortgage and loan lenders and any other firm that you care to think of that provided finance. Yes this most importantly includes credit cards a facility that so many people dismiss or overlook. Remember those credit cards we all had in the 1990 through to the new millennium, yes those are the ones well so many of them had PPI and no one even knew they were paying. If you have had a credit card in the past and have not made a claim you must let us look to see if PPI was applied.

So you have no paperwork, you can’t remember if you had paid Payment Protection Insurance and if you did surely all of the borrowing you had was too long ago. Guess what if you can’t remember it doesn’t matter, it doesn’t matter how long ago and if you don’t have any paperwork it is not a problem, we can answer all these questions and if the answer is no there is not going to be a refund then there is no fee to pay as we work on a purely no win no fee basis.

The most important information you have is the name of the lender, again it doesn’t matter if the lender is in business or not or if someone on line says they are difficult. With this we can contact them and with a bit of nagging they are normally able to provide the details to see if you ever had PPI. If the lender for some reason and after a fair bit of nagging cannot find the details or if there was no PPI then there is no fee to pay. The only time we charge a fee is if we can obtain a refund on your behalf in which case we charge a fee of 25% inc the VAT of the refund.

So it doesn’t matter whether you know if you have had PPI, all you need to do is contact us and provide a list of the lenders where you have had facilities in the past or present. Remember these include Loans and credit cards, don’t forget the credit cards everyone forget s them but they can have the largest refunds, as any refund is made with interest at the prevailing rate of the facility that it was charged as credit cards often had interest of 25% plus!

 

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PPI Claims Lost Paperwork or Missing Documents

PPI Claims where you have lost the paperwork? Does that apply to you are you concerned that you cannot make a claim because you have lost paperwork you had with those old Loans, Credit Cards, Mortgages or Hire Purchase.

With all of the media coverage over recent years there are about 3 million people who could claim for missold PPI but something is holding them back. One of the main reasons is they feel that they cannot look at reclaiming missold PPI as they have lost their Paperwork. This of course is wrong!

This certainly does not stop you from claiming and certainly shouldn’t. The vast majority of our clients have either lost, destroyed or do not have their original Loan or Credit Card statements or agreements. Yet as long as we know who the lender is we can approach them to establish if PPI was applied and if it was look at making a claim to recover the Payment Protection Insurance and the interest accrued on the premiums up to any settlement as agreed by the lender.

Of course if there was no PPI or if the borrowing details cannot be located by the lender for some reason then we charge no fee so the worse that will happen is you find out whether you have PPI and if the answer is no there is no fee to pay. The only time a fee is charged is if we are successful in obtaining a refund on your behalf where we will then charge a fee of 25% including the VAT on the amount recovered.

I know customers have spent hours rummaging through their attics and old files frantically looking for paperwork, of course if they do and locate details great, but if not or if you have other things to do with their time we can still look into the claim.

About 80% of our clients do not have any paperwork when it comes to making a claim, we can obtain the information direct from the lender in many cases into the 1990’s and in a handful of cases we have been successful in finding details and obtaining a refund into the 1980’s. The remaining 20% of client’s claims consist of those that do not have account numbers and of course the vast majority of our clients have no idea whether they have had PPI attached to any of their accounts.

It is important that you find out if PPI was applied to any borrowing you may have had I the past as it can bring claims if there was PPI that run into several thousand pounds and even if it is just to satisfy your curiosity it is a worthwhile exercise and to put your mind at ease.

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How to Find Old Account Numbers for PPI Claims

If you are struggling with how to find old account numbers for ppi claims we can help, we have enabled hundreds of our customers to reclaim all their mis-sold PPI without the need for any original paperwork or the account numbers. In many cases we have discovered and recovered mis-sold PPI on loans and credit agreements that the customer had forgotten about. We are experts in claiming back far further than the usual 6 years and in some cases have been able to claim back as much as 25 years worth of mis-selling.
Payment protection insurance, or PPI, is a type of insurance designed to cover credit and loan payments. It is typically sold by lenders like banks as part of the credit or loan product. PPI usually covers the payment in the event the borrower is unable to make the payment due to unemployment, illness or injury. These lenders often sell PPI to borrowers who are unable to collect payment protection refunds under any circumstances.

How to find old account numbers for ppi claims >> Complete the form on this page to get started. We will not need any original paperwork to help you make a claim.

The current controversy over PPI is due to the rate of rejection for PPI claims, which is significantly higher than that of other types of insurance. This is primarily because customers often buy PPI without determining if they will be eligible to make a claim. Many of these customers are unaware that they have even purchased insurance for their credit product. Lenders typically sell PPI at the same time they sell the primary product.

More than 20 million PPI policies existed in the United Kingdom as of 2008 and about seven million policies are added each year, according to the Policy Assessment Service. About 40 percent of these policyholders say they are unaware they have a PPI policy. Consumer groups such as Which? claim that PPI has been mis-sold on an industrial scale since 2000.

Lenders were highly motivated to sell PPI to their customers because this insurance has a high profit margin, typically 80 percent. This means that PPI routinely earns more money for the lender than the original loan. Many lenders offerd loans at a very low interest rate to attract borrowers, and they frequently provide large commissions to the loan officer who completes these loans. Virtually all of the profit on these sales comes from the PPI.

Some lenders provide their salespeople with scripts that only mention that the loan is protected without informing the borrower of the cost of this protection. The Open University claims that many salespeople also inform borrowers that PPI was mandatory or that it would increase the chances of getting the loan approved. Customers in financial difficulty are unlikely to question these statements.

A customer who unknowingly purchases PPI can file a claim against the lender. The Financial Services Authority has fined several large financial institutions for misrepresenting the sales of PPI. Claims involving PPI comprised 30 percent of the claims made against these institutions for the 2009 to 2010 reporting period, according to the FOS.

The Competition Commission implemented additional rules in October 2011 that are designed to allow consumers to make more informed decisions regarding PPI sales. These rules include a prohibition on selling PPI at the same time as the loan product and a requirement for lenders to conduct an annual review of PPI sales.
Remember we can help you with how to find old account numbers for ppi claims by doing all the research for you… simply fill in your name and email below to get started.

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PPI Questionnaire were you Mis-sold PPI

Take our PPI questionairre there are no upfront fees to pay.

An expert is assigned to negotiate a maximum settlement on your behalf.

What Is Payment Protection Insurance?

Payment Protection Insurance is an insurance product sold alongside your loan or credit card to cover your monthly payments in the event that you become sick, unemployed or suffer an accident.
If you have ever taken out a loan or a credit card then there is a good chance you were sold Payment Protection Insurance (PPI) to cover you in the event that you are unable to meet your monthly payments. In theory, the insurance seems like a useful product, however, in practice PPI is often mis-sold and many people are unable to make a claim on the policy due to exclusions and clauses.

Do I Qualify? Take our Questionnaire

  • Have you taken out a loan or credit card in the last 25 years?
  • Did you take out Payment Protection Insurance?
  • There are a number of reasons why you may have been mis-sold.
  • Talk to one of the team today to find out if you were mis-sold PPI

You could be owed £1,000s.

PPI Questionnaire Why You Should Claim

PPI has generated huge profits for the banks and they have been known to use high pressure and unethical techniques when selling this product. In many instances of mis-sold PPI those who have been sold PPI don’t actually need it, it may never pay out when you do need it or you could have existing cover already e.g. sick pay through your employer. You may not even be aware that you have PPI.
Our experienced and friendly claims handlers take on some of the biggest financial institutions who have mis sold payment protection on your behalf. We aim to ensure your payment protection insurance claim is successful and you can claim back the money you deserve.

Who We Claim From

Recover Your Money Ltd can help you claim back PPI from any lender you may have had a loan or financial agreement with.
We aim to recover at least 100% of your PPI Premium on a no win no fee basis.

Questionnaire I have a PPI policy, what should I do now?

It’s absolutely disgusting that the banks were able to get away with mis selling PPI for so long without the FSA taking action. So was the banks reaction to the rules imposed by the FSA in handling PPI complaints.
Fortunately, they have buckled under the pressure and now agreed to the following provisions:

  • £3.2 billion – Lloyds Banking Group
  • £1 billion – Royal Bank of Scotland
  • £1 billion – Barclays
  • £270 million – HSBC
  • £100 million – Clydesdale Bank
  • £100 million – Co Operative Bank

Although the actual cost of repayments may well be double as recent figures released by the FOS indicate that the average payout is now £2,750.

Anyone thinking of making a claim, should remember:
NEVER PAY ANY FEES UPFRONT as it more than likely to be a fraudster posing as a claims management company

PPI Mis-sold Questionnaire

Were you:

  1. Customer was told the actual borrowing would likely only end up being accepted if he or she took out Payment protection insurance along with it
  2. Customer recected the offer of PPI however it was still added to the loan
  3. Customer was not awere that they had been sold a PPI aggreement
  4. Customer was not told that commission would be paid to the seller for including a PPI policy
  5. The terms and conditions, particularly exclusions were not made clear to the customer
  6. The loanee was ineligible for PPI because he or she: was in full time education, out of work, was in part-time employment, was over the age of retirement or had a pre-existing medical problem
  7. Customer was not offered a choice of a month-to-month premium policy
  8. Client was advised that Payment protection insurance was mandatory
  9.  Loanee wasn’t asked about his or her health background
  10. Client wasn’t asked about any kind of pre-existing protection he or she may already have
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What is a Mis-sold Mortgage?

From the 31st October 2004 the Financial Services Authority (FSA) has regulated mortgage advice. The rulebook which it uses to monitor the industry called the Mortgage Conduct of Business (MCOB requires the advisor selling the mortgage to follow strict guidelines to protect the customer. One of the key areas is that the client is suitable for the product and that the borrower can afford the mortgage and the mortgage offered is the most suitable for the client’s needs.

If it is found that the mortgage does not meet these requirements then under the Financial Services Act 2000 the resultant loss can be claimed as damages. The MCOB rules were established to protect clients and as such any consumer is able to take action if they believe that they have been treated unfairly.

Bad financial advice can have serious repercussions resulting in financial difficulties that in the worse instances can lead to the loss of a consumer’s home.

If you have repaid your mortgage you can still look at a claim with the advisor or lender if the mortgage was mis sold leading to you suffering financial loss.

 

How do I know if my Mortgage was Mis sold?

The best way to think about this question is to ask yourself. If you knew what you know now would you have still taken the mortgage and if not why not?

A mis sold mortgage.

Advised to take a fixed rate or discounted mortgage and told that at the end of the term for the rate a consumer can just re mortgage.

A mortgage taken which will take the consumer into retirement without factoring income.

A re mortgage to consolidate debts without an explanation that the debts will be over an extended period of time.

Sold an interest only mortgage to keep expenditure down when capital and repayment was appropriate.

Wrongly recommended a subprime mortgage incurring greater fees and interest where a borrower could have had a regular product.

Advised to proceed on self-certificated basis even if proof of income could be provided.

Encouraged by the advisor to manipulate income.

Your ability to afford the mortgage was not properly assessed and your home was reposed.

You switched or re mortgaged a number of times at the same property.

You had to pay early repayment charges to switch lenders.

You paid high early repayment charges

You paid high arrangement or borrowing fees.

The mortgages affordability was not assessed properly when vulnerable or low income.

Advised to switch lenders without being told about penalties or fees.

If you have repaid your mortgage you can still look at a claim with the advisor or lender if the mortgage was mis sold leading to you suffering financial loss.

 

Take the Mis sold Mortgage Test?

If any of the following apply to you please contact us today.

Did you re mortgage to consolidate debts?

Did you re mortgage from a high street lender to a subprime lender?

Was it suggested that you choose a lender because of their speed of decision?

Was your income correctly used when assessing affordability?

Did you have a self-certified mortgage when you could obtain a high street mortgage?

If you had an interest only mortgage was it explained that you would need a repayment vehicle at the end of the mortgage term?

If you have repaid your mortgage you can still look at a claim with the advisor or lender if the mortgage was mis sold leading to you suffering financial loss.

If you would like us to look at your current or past mortgages ( from 2004 onwards) as you feel that they may have been mis sold please either email your name and telephone number to info@bankcomplaints.co.uk or telephone 01752 840623.

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How Far Back Can PPI Claims Go?

how far back can ppi claims goMost people are aware of the PPI scandal, but are unaware of how far back can PPI claims go.  Payment Protection Insurance (PPI) is a commonly used form of insurance that provides protection from missing payments on mortgages, credit cards and the like. Most often, PPI is used when an unexpected event such as an accident, illness, unemployment or other event happens which prevents the borrower from making their loan payment. As long as the event is covered by the PPI, they should be able to cover the payments until you are capable of paying the loan yourself.
However, the recent scandal involving lenders who either overcharged PPI rates or wrongful told borrowers that PPI was mandatory for their mortgage, loan or credit card has allowed thousands and thousands of people to claim back PPI.
In the past few years, it was discovered that some bank and lending institutions have sold PPI to their customers under false pretenses.

What follows is a short list of some of the abuses that lenders placed PPI on their customers

  • Borrowers were told PPI was mandatory when it truth it was not required.
  • Borrowers were not fully informed of all of their PPI options.
  • Lending institution overcharged monthly PPI rates.
  • PPI was added to the loan without the borrower’s knowledge.
  • Borrowers were informed that PPI could only be purchased from that lender.
  • The PPI term of coverage did not match the length or value of the loan.
  • Remaining PPI payments were not refunded when the loan was paid off early.

The resulting scandal which made nationwide news has allowed thousands of borrowers to successfully reclaim their PPI payments though the process set up by the courts and government. Naturally, the process to claim back PPI is somewhat complicated and making a single mistake or not following the procedure when filing may potentially have a reclaim PPI case rejected.

How Far Back Can PPI Claims Go?

Most companies will help you claim back around 6 years of mis-sold PPI, we however have been able to claim back for our customers up to 15 years .  If you would like more information, would like to make a claim or are simply unsure whether you even had PPI on your loan agreement, please contact us using the form on this page and we will get back to you within a few hours.

 

 

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PPI Claims Time Limit

ppi claims time limitWhat is the time limit on a PPI Claim?  Across the UK, millions of people are looking over their loans, mortgages and credit card payment information to see if they have been overcharged for PPI or payment protection insurance. The recent scandal involving many UK banks and lending institutions has resulted in thousands of PPI claims being filed every day at the Financial Ombudsman Service and that number is growing.

What is PPI?

Payment protection insurance is basically paying for security if you should be unable to make your regular loan payments due to an unforeseen event. PPI covers such unforeseen events as becoming suddenly unemployed, injured or suffering from an illness where you cannot earn a living. When these unexpected events that are covered by PPI occur, then the insurance takes over the payments of the loan until the borrower recovers or finds new employment.

What is the scandal involving PPI?

For years, many banks and lending institutions were taking advantage of potentially millions of UK citizens by mis-selling, mis-representing or overcharging interest rates for the PPI. There were a number of ways that these lending institutions took advantage of their customers;

  •           Overcharged on PPI rates
  •         Charged PPI for customers who did not request such service
  •           Informed customers that PPI was mandatory when it was not
  •          Misrepresented what PPI could do for their credit score
  •          Informed customers that PPI could only be purchased at their institution for their loan

These represent only part of the scandal as there were other ways that banks and lending institutions took advantage of their customers.

How do I know if I’ve been victimized in this scandal?

The first step is getting a copy of your loan or credit card contract and a copy of your monthly bill. Next, any copy of the contract where you were explained the services of PPI if one exists. Now, if PPI was not part of your original loan and your monthly bill reveals that you are being charged, then you have a very strong case.

However, other than that it can be much harder to define on your own if you have indeed been taken advantage of by the lending institution. Barring finding inconsistencies, the actual interest rates compared to what can be legally charged may require a little research and assistance.

Is there a PPI claim time limit?

This is a growing question for many UK citizens as they discover more about this scandal and that it goes back for several years. First, it is important to know that while the government program that is designed to rectify this situation may not be unlimited, currently there is no set time limit on filing for a PPI claim.

This means that if you have paid off the loan and even used the PPI at some point, you may be entitled to getting money back if they misrepresented or overcharged you. However, it is important that you act now to get your PPI claim filed properly. By taking action now, you can get your money back sooner.

 

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How Far Back Can You Claim PPI?

How far back can you claim PPI?  This will depend on when the loan or credit agreement was taken out the standard amount of time usually quoted by claims companies is six years.  We have been able to claim much further back than this with some of our clients reclaiming up to 15 years of their mis-sold PPI. 

Don’t worry if you no longer have the paperwork or documents, we are able to make a claim on your behalf without any kind of paperwork or even the policy number. Please fill in the form on this page for a free no obligation consultation.

I tried to make a claim for my PPI but was told it was too old

There are time limits which apply to making a complaint and you usually need to raise the complaint within the past six years of the policy being sold to you. (Again contact us if you want to claim futher back)

Lots of people who are currently complaining about PPI are in time as it’s only recently that they have known that there has been a problem with the miss selling of these policies.

Usually if the policy was sold a long time ago, the banks may not hold the records for the borrowing or the policy itself, which is why they have said that it is too old for them to look into.

But if you do hold information regarding the policy or have a loan or credit card statement showing PPI payments, then the banks should look into the complaint, where you can send them proof of this.

If the banks still decline the claim, they should send you a letter stating the reasoning behind this and then you can send the complaint to the Financial Ombudsman Service for them to review.

If you do not want to go down this route then we would be happy to look into the complaint for you, all we would need to know to start a claim is the name of the lender and if you have moved house, then the address that the lender would most likely have on record for you.

We work on a No Win No Fee basis, so if no PPI is found or if a refund is not agreed by the lender then there is no fee to pay. Don’t delay, email your name and postal address to info@rymltd.co.uk or call 01752 840623 to talk to someone about your situation.

 

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Making a PPI Claim With No Proof of Account

Payment protection insurance commonly referred to as PPI is an insurance cover that aims to help the consumer in making payments in case of illness, loss of income, or death. It basically cushions a consumer when in distress. However, over the years banks took advantage of the cover and grossly mis-sold it to millions of consumers. Mis-selling PPI means that the consumer does not qualify for the cover thus cannot make a claim, or was not provided with all the information or the cover was made mandatory so as to obtain a loan among others. Today, PPI complaints take up the bulk of all bank complaints (62%) in the UK.

ppi claim yourself

Making a PPI Claim With No Proof of Account

Making a PPI claim with no proof of Account numbers or account details is no problem at all. We can look into any claim as long as we know the name of the lender who you took the finance with. The finance can be anything from Loans, Credit Cards, Mortgages or HP. The most important information is the name of the lender and your name and address this pretty much opens all the doors we need to look into whether PPI was applied or not.

It maybe that after contacting the firm they could want some additional information but in the vast majority of cases it can be located from your name and address. The other information a firm may ask for is a date of birth.

The vast majority of people do not know account details or whether PPI was in place or not which is not a problem and we gladly look into claims of this nature on a no win no fee basis. If there is no PPI or for some reason that the lender cannot find the details there is of course no fee to pay.

I don’t know if I have had PPI and how can I find out

If you don’t know if you have had PPI and want to find out we can help. The vast majority of people are unaware if they had PPI in the past or present and are confused as to how to find this out and whether the firm is going to provide the information to allow them to do this.

This is where we can easily step in and take the problem of establishing this away from you. As long as you know the name of the lender or lenders that you want us to look into over whatever period you have had facilities with them. A number of cases we have concluded are into the 1990’s and several although more unusually the 1980’s. We can then with your agreement contact the lenders and establish with them whether PPI was applied on any of the facilities. If it was applied we can then contact them with a view to recovering the PPI by way of a claim.

About 50% of people are unaware if they had PPI applied to any accounts particularly in the past and with there being over 3 million policies unclaimed just since 2001 it is certainly worthwhile checking

I have no proof I have had PPI

If you have no proof you have had PPI that is no problem. The majority of people who have had any form of finance in the past are unaware if PPI was applied. This is particularly true with credit cards but also involves Loans, Mortgages, HP or car finance. The reason why the vast majority of people don’t know is because it was missold and not properly explained so any payment to it will be ignored as you are likely to believe it is just required to have the facility which you applied for.

We are always delighted to help anyone who has no paperwork or they just cannot remember if any PPI was applied. After receiving your instruction we contact the lender or lenders and establish the facilities you had and whether PPI was added. If it was not added or for some reason the lender cannot locate the details then there is no fee at all to pay. Our success fee of 25% inc the VAT is only payable if we are successful in recovering any PPI. With this in mind it is certainly worth checking.

We can still help you make a claim even if you have no paperwork

We can still help you make a claim even if you have no paperwork; in fact it is the bread and butter of our business. Because we have a small team been dealing with bank complaints for 15 years we are used to tracking information down from banks and not taking any excuse for a final answer. About 80% of people have no paperwork relating certainly to old facilities with banks, particularly old loans and credit cards so there is no way of knowing if PPI was applied on any particular facility.

This certainly does not stop you from finding this out through us. What we look at doing is contacting any lender you want us to look into; this is the only information we do need. When we contact them we establish any facilities that you may have had and in turn whether any of these facilities had PPI applied or not.

If the facilities that you want us to look into and we can go back over 15 years in some cases we can then approach the firm regarding any missale that took place with a view to a recovery of the PPI premiums paid and interest

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