Have you been mis-sold Payment Protection Insurance?

Your PPI Misselling Questions Answered

By Aaron Playle | 12 September 2008

PPI misselling can be hard to get to grips with. We've tried to provide a comprehensive knowledge resource for our existing clients and for prospective clients. If there is a question on PPI misselling we haven't answered either on this page, or elsewhere on the site, please contact us and we'll do our utmost to find the information you need.

What is PPI?
Have I been mis-sold PPI?
Are you regulated by any Government Department?

How does the process work?
How much does it cost?
How long will it take to recover my PPI charges?
Will I have to go to court?
Could I reclaim my charges myself?
Do you have a complaints procedure?
How much can I claim?
What will I have to do?
Do you need all my credit-card or loan statements?
How do I start a claim?
Is my information safe with you?
Can I claim if the policy has finished?
When will I have to pay your fees?
I have started a claim myself, can you help me?
Do I have to pay anything upfront?
Who is Forbes Douglas?
How can I find out about the progress of my claim?
How much is PPI misselling costing me?

What is PPI Misselling?

If you have a mortgage, car finance, a bank or building society loan or a credit card then you may also have a Payment Protection Insurance policy.

This insurance is known as PPI, loan insurance or unemployment/ redundancy cover and protects people if they are unable to make payments because of factors such as ill-health or unemployment. These policies are intended to pay the customer's credit card or loan should the customer become unemployed or ill and become unable to pay the monthly amounts themselves.

Many companies sold these PPI policies without informing their clients they were optional, also these companies did not assess the client's employment status or medical history. In many cases these polices have been "mis-sold" as the client could never claim on the PPI policy.

Have I been Mis-sold PPI?

Providers sometimes used aggressive sales tactics and failed to provide full information to customers about policy exclusions. If you answer NO to any of the following questions, you have been mis-sold PPI and can seek compensation.

Q. At the time of the sale, did the advisor make you aware they were selling PPI? Were the PPI Terms & Conditions fully explained to you?

Q. Were you told you could get the loan without PPI?

Q. Were you told that Payment Protection Insurance was not compulsory?

Q. Were you told your existing insurance would cover the loan?

Q. Were you told you could buy a PPI policy elsewhere? Were you employed at the time of the sale?

Q. Were you told if you were self employed or a director of your own company at the time of the sale you could not claim PPI?

Q. Were you asked about any pre-existing medical conditions?

Are you regulated by any Government Department?

Yes. We are regulated by the Ministry of Justice in respect of regulated claims management activities. Our registration can be viewed at www.claimsregulation.gov.uk

How does the process work?

Our professional team will manage the entire claim compensation process, including any appeals to the Ombudsman. We will negotiate the highest possible settlement for you.

How much does it cost?

We charge you 25% plus VAT of the money reclaimed. You do not pay any upfront fees, in the unlikely event you don't win, we pay all the costs and you pay nothing.

How long will it take to recover my PPI charges?

The entire process normally takes between eight and fourteen weeks. However, if your claim is affected by the judicial review started by the British Bankers Association in 2010, it may be seriously delayed pending the outcome of the review. Please ask us if your claim may be affected.

Will I have to go to court?

No.

Could I reclaim my charges myself?

Yes you can reclaim charges yourself. You will need to manage communications with the Banks and Financial Ombudsman Service, but like any legal situation, you can always represent yourself. If you have any questions, please call us and we will point you in the right direction.

Do you have a complaints procedure?

Yes we do. We will acknowledge your complaint within five working days. We will try to resolve your complaint within four weeks. If we can not resolve the matter within four weeks, we will give you a satisfactory explanation regarding the extra time required and of course resolve your complaint within this time. Click here to view our full complaints procedure. Please write to us at our registered office address (see bottom of page).

How much can I claim?

You can claim back mis-sold PPI costs plus interest for the last six years. We calculate this for you once we have all of your papers and contacted the PPI seller. To get an idea of how much you might be able to claim, use our simple claims calculator.

What will I have to do?


  1. Complete a Fact-finding Questionnaire which we provide. This helps us establish the degree of mis-selling.

  2. Complete a PPI Letter of Authority which we provide. This gives us authority to talk to your finance company. If the Claim is a joint claim, then both parties will need to sign. A separate Third Party Authority letter is required for each claim.

  3. Complete and sign a Letter of Engagement which we provide. A separate Letter of Engagement is required for each claim. This is our agreement with you.

  4. Return all of the above to us along with any documentation you have in relation to the claims.


 

Don't worry, we will talk you through each of these steps. Our professional team will then manage the entire claim process, including any appeals to the Ombudsman and, if required, any court proceedings. We will review any offer of compensation and advise you accordingly as to whether this should be accepted.

Do you need all my credit-card or loan statements?

No we don't, but it does help to speed things up. We can write to your lender and use the law provided by the Data Protection Act to force them to inform us of all the PPI charges they've made on your account. Companies are usually pretty slow in responding to these requests however so if you do still have your statements then send them in as you'll get your money back sooner.

How do I start a claim?

You can start your claim by going to the claim now section

How much is PPI misselling costing me?

See our cost calculator

How can I find out about the progress of my claim?

Go to the customer login area (coming soon) or call us on 01763 281000

Who is Forbes Douglas?

Forbes Douglas is a specialist Claims Management Company that concentrates on reclaiming compensation for mis-sold financial policies. Our professional team will manage the entire claim process, including any appeals to the Ombudsman and if required any court proceedings. Forbes Douglas has access to legal advice through a panel of lawyers so we can give you the best chance of winning you claim.

Do I have to pay anything upfront?

No. We charge you 25% plus VAT of the money reclaimed. You do not pay any upfront fees, in the unlikely event you don't win, we pay all the costs.

I have started a claim myself, can you help me?

Yes, in most cases we can continue the claim for you.

When will I have to pay your fees?

Our fees are deducted from your claim settlement.

Can I claim if the policy has finished?

Yes, providing you are within the 6 year time limit, still have all the policy or loan details and did not get any payout during the life of the policy.

Is my information safe with you?

We are registered under the Data Protection Act 1998, number Z1461720. We treat this act very seriously and we take the greatest care to keep your personal information confidential. See our detailed Privacy Policy.

What does No-Win No-Fee mean?

You do not pay any upfront fees. In the unlikely event you don't win, we pay all the costs. Our professional team will manage the entire claim compensation process, including any appeals to the Ombudsman and if required any court proceedings. We will negotiate the highest possible settlement for you. Our fees are deducted from your claim settlement; please see our Terms & Conditions.