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PPI FAQs PBA FAQs

PPI FAQs

Why can I claim?

The Financial Conduct Authority (FCA) has found that PPI insurance has been frequently mis-sold by lenders throughout the UK.

If it was mis-sold to you then you can make a claim to get back the proportion of your monthly loan or credit-card payments that represented the PPI payments plus interest and any compensation you may be awarded by the lender(s).

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

If a Payment Protection Insurance policy was attached to your borrowing despite your refusal, without your knowledge or because you had to have it to get the loan then you may have been mis sold PPI. Also, if PPI was sold to you without the terms and conditions being clearly explained, then you have bought a financial product without full knowledge of the cover and the seller may be guilty of negligence.

Other possible mis sells of PPI include:

You were not offered the option of a monthly premium policy

You were told that PPI was compulsory and that your application for a loan / credit card would be refused if you didn’t take the PPI

You were not asked about your medical history

You were not asked about any existing cover you have in place

You were entitled to full sick pay from your employer

When can I reclaim?

If any of the mis-selling reasons apply, you can reclaim. It doesn’t matter that the loan may have been paid off, or is still running or if the credit card is no longer used – we can still start an investigation with your lender.

If the loan or credit card was paid off more than 6 years ago you’ll probably need the paperwork as the bank may have destroyed their copy.

How long does it take to claim?

The average claim takes approximately 16 weeks once we have received your complete claims pack.

We will do everything we can to complete your claims as quickly as possible and actively chase your lenders if they are failing to respond in time. To avoid any unnecessary delays please respond to our requests at your earliest convenience.

Can I do this myself?

The simple answer to this is, yes you can.

PBA FAQs

Will complaining affect my relationship with my bank?

Complaining does not affect your consumer rights; the bank has a duty of care to treat you fairly and therefore you will not be scrutinised for making a complaint.

How much can I expect in compensation?

You could be entitled to hundreds or thousands in fees; it all depends on the monthly cost of your account and how long you were paying these charges for. Normal practice would be to refund all the premiums you have made for the account and add 8% interest on top.

How long does a Package Bank Account complaint take?

On average your claim will take 13 weeks to complete.
(Figures only include claims completed in 2015; accurate as of 07/12/15).

What if I am unhappy with the response?

If the bank does not agree that the product has been mis-sold, do not assume that this is the end of the road for the complaint. We will discuss their response with you and decide whether your complaint is one we can take further. We aim to take every rejected complaint to the Financial Ombudsman Service (FOS) for an impartial review, to see if the bank has acted fairly.

Who is the Financial Ombudsman Service (FOS)?

The FOS is an independent regulator, the official body for settling disputes between financial businesses and consumers. This is a free service for us to take advantage of, and the figures show on their annual review that last year 77% of complaints raised with them were upheld in favour of the consumer (FOS).

How long will it take with the FOS?

Every complaint is unique and we have no way of knowing how long each individual case will be at the FOS for. In some cases it may only take a few months for a complaint to be resolved, however, in more complex cases it can take longer. Because so many people are raising complaints, particularly PPI, it is likely they can take up to 2 years to sort out.

Will my account be downgraded to a free one?

In some instances the bank will downgrade your account to a fee free bank account, however please be aware you will no longer have the benefits on your account. You will have to make alternative arrangements for any of the Insurances. Most of the banks will not automatically downgrade your account, so if you haven’t already you will need to contact your bank or visit your local branch to discuss a more suitable account available to you.