PPI Refund - UK

An average PPI refund will total around £2,500 and it may be that you have two or more policies waiting to be reclaimed. Fortunately, banks and lenders have had to put systems in place to ensure that you are able to reclaim that money relatively quickly and easily. While some banks have recently received fines for failing to comply with deadlines and not providing the simple claims process they should, it is still possible for you to claim back this money, which is rightfully yours to claim.


How Do I Claim PPI Refund From Major Banks?

The five major banks are those that have been hit the hardest by this scandal because they are guilty of having mis-sold the largest number of policies between them. Most, if not all, have taken on additional employees and put aside large pools of money in order to provide claimants with the refunds they require. Some banks have written to PPI policy holders, others provide details on their website, and some may offer other means of access to the required information n PPI reclaims.
What If The Banks Reject My Claim?
You can always appeal your decision with the bank itself and they should take another look. One of the biggest reasons for banks rejecting a claim is that they say you have not paid PPI. Some lenders do not have records that date back more than a few years so these cases may take more investigation. If you still have no joy with your lender then you can contact the Financial Ombudsman Service who will take up a claim on your behalf in most cases.


How Do I Claim PPI Refund From Companies That No Longer Trade?

A number of companies have sold their credit card, mortgage, or other credit business on. It is still possible to reclaim your PPI Refund. In some cases you should contact the company that initially sold you the policy while in others you will need to contact the company that has taken over your account instead. Again, check for details on lender websites to find out which is the most appropriate for your requirements.
What Will My Claim Be Worth?
Every claim is treated individually because every policy is slightly different. The length of time you have been making payments and the amount of your monthly repayments will be taken into account and the lender will use these figures to calculate a settlement figure. If you agree with this figure you can accept it, or you can challenge it if you believe it falls short of the actual amount you are owed.
Is There A Time Limit To Making A Claim?
The banks have asked that an April 2014 deadline be introduced so that all claims must be filed by then. However, while the FSA and FOS has said that they will consider the idea, no final decision has yet been made on this proposal. For now, at least, there is no deadline and you can certainly still claim now to have your PPI payments refunded.