Obtaining a PPI refund if you have not already looked

Obtaining a PPI refund if you have not already looked 

Despite huge numbers of adverts and publicity over recent years regarding mis-sold Payment Protection Insurance (PPI), there are still vast numbers of policies (running into the tens of millions) which have not yet been claimed.  These can stretch as far back as the late 1980s.

What is PPI? 

PPI is an insurance that was added onto credit cards, mortgages, loans, store cards, finance facilities and so on in the past.  They were extremely expensive and very profitable for the banks and lending institutions.

Most PPI was in fact mis-sold and, it is for this reason that we have had a tremendous surge in claims, resulting in the banks having to pay out billions of pounds in compensation to reimburse clients.

Why have you not looked to obtain a PPI refund in the past? 

There are still millions of people who have not yet looked into obtaining a PPI refund or to establish whether PPI was applied to any of their facilities in the past.
I believe the main reason that people have not considered this is because they are put off by all the adverts and bombarding of information which, in effect, has confused people into apathy.  People are concerned that they do not know whether they had PPI, they may not have any paperwork or account details and so they do not quite know what to do, or how to proceed.

Are you worried that you do not have any paperwork or even know if PPI was applied? 

The vast majority of people who have not applied for a PPI refund is because they are unaware of any PPI being applied to any of their facilities in the past.  A lot of people had credit cards in the late 1990s, all of which had a lot of PPI added.  However, due to the passage of time, the belief that the claim would be too long ago to consider and concerns that there is no paperwork or certainty over whether PPI was applied, people can be reluctant to proceed.
I can certainly understand any reluctance which is why, when dealing with our clients, we do so on a no win no fee basis.  This way, if there is no PPI or there is no information that can be obtain from the lender, then of course there is no fee to pay which means the client is protected.

Are you worried that you cannot remember if you had PPI or not? 

Apart from not having any information, people are concerned that they are instructing a firm to work on their behalf on the pretence that there is PPI when a client is unaware themselves of whether they have PPI or not.  This is the main problem with PPI.  People were not aware of it and did not know that it had been applied.  This is why we work purely on a no win no fee basis – for that exact reason.

The client can approach us and we will work on their behalf.  If, after a couple of months no PPI can be found, whether it is too old or cannot be located or none was applied, then there is no fee to pay.  This takes out the worry of instructing a firm and we are more than happy to do this!  We can help you look into whether PPI has been applied all on a no win no fee basis.

If you have not looked into any of your previous facilities, whether they are credit cards, loans, store cards, HP, mortgages in the past (and it does not matter how far back as we can certainly go back into the late 1980s, 1990s and early 2000s when PPI and the mis-sale of it really came to the fore).

It does not matter if you do not have any paperwork, it does not matter if you do not have any account numbers or details, we can obtain this all for you, as long as we know the name of the lender and we can take it from there.

There are of course no guarantees with anything.  Therefore, if PPI cannot be located or the details cannot be established then there is of course no fee to pay for that particular claim.

Martin Knipe