PPI Claims – Reclaim Mis-sold Payment Protection Insurance

PPI Deadline

Welcome to PPI claims hub, a comprehensive resource for Payment Protection Insurance Claims.

PPI was mis-sold to millions of people with their personal loans, credit cards, mortgages, store cards, catalogue accounts and business loans & overdrafts.

Do you have a PPI claim?

If you are one of the many people to have taken out a loan, mortgage or credit card, or have entered into a credit agreement since the 1990’s or earlier, there is a very realistic possibility that you were also sold Payment Protection Insurance (PPI). PPI was sold as an insurance policy to ensure that repayments on credit are kept up to date in the event of an unexpected illness, sickness or any other instance that would leave a borrower unable to work.

PPI was marketed as a very useful, practical and helpful product that provided real benefits and comprehensive cover; however, it was often mis-sold to customers, in many cases being added to the package without their knowledge or consent. It was also common practice for lenders to insist that the policy was compulsory, when in fact it is and always has been, optional. Also, in many cases, the PPI cover was inappropriate or worthless as customers would have been unable to claim due to restrictions put in the policy by providers.

A large number of PPI policies have been described by the Financial Ombudsman Service (FOS) as being totally disproportionate to the amount borrowed and represented poor value to customers.

The PPI complaints deadline of 29 August 2019 set by the FCA has now passed. Generally, if you didn’t make a complaint to your provider on or before 29 August 2019, you can no longer claim money back for PPI by complaining to providers or the Financial Ombudsman Service.

Payment Protection Insurance (PPI) Explained

To help consumers reclaim mis-sold PPI, the site provides information guides to educate and raise consumer awareness about the scandal with easy to read pages explaining:

  1. What is PPI?
  2. What did ppi cover include?
  3. What  PPI cover exclude?
  4. How was PPI mis-sold?
  5. Glossary PPI related terms

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Which Financial Products was PPI sold with?

Payment protection insurance (PPI) was sold with the following types of finance products:

loan PPI

Loan PPI

credit card PPI

Credit Card PPI

Mortgage PPI (MPPI)

Mortgage PPI (MPPI)

Store card PPI

Store Card PPI

Catalogue PPICatalogue PPI business PPI

Business PPI

How many customers are affected?

It is estimated that banks and other financial firms sold around 64m PPI policies from 1990 to 2010. In recent years, many of the lenders have had to pay back huge amounts of money as compensation to those who were mis-sold PPI. However, many millions of people that may be entitled to compensation have not claimed or even checked whether they had been mis-sold PPI.

The mis-selling of PPI has been the biggest and most expensive scandal in the history of UK consumer financial services. UK banks & lenders have set aside billions more to cover an increase in payment protection insurance claims in the past few months, pushing the total cost of the scandal over £44bn. The extra PPI provisions come ahead of the PPI claims deadline announced in March 2017 by the Financial Conduct Authority (FCA), aiming to bring an end to the scandal on the 29th August 2019.

In anticipation of a rise in PPI claims before the PPI Claims deadline, all the big bank’s have all increased their provisions to compensate many more victims of mis-selling.

The cost of Mis-sold PPI Claims

Ever Since 2011, UK banks & lenders have been shelling out billions of pounds to compensate victims who were mis-sold payment protection insurance (PPI). The floodgates for PPI claims from people all over the UK opened after the High Court ordered the banks to reimburse their customers for mis-selling. Seven years later these financial institutions who sold PPI are still paying back the money. Some of the biggest PPI culprits involved in the mis-selling scandal included:

  • Lloyds = £19.2bn
    Lloyds Banking group has spent over £19.2bn on reimbursing customers. In the second quarter of 2017, another £700m of PPI expense was added to its provision to compensate after the scandal. In addition to this in August 2018 Lloyds announced it has put aside a further £460m in costs for payment protection insurance (PPI) mis-selling claims which bring the total provisioned to £19.2bn.
  • Barclays = £9.1bn
    Barclays reported that it had spent £8.4bn in total as a result of the PPI scandal. And after releasing its latest quarterly results in July 2017, Barclays said it had set aside another £700m for customers taking the total to a whopping £9.1bn
  • HSBC = £4.05bn
    The PPI scandal has already cost HSBC £4.05bn, after another £160m provision to pay compensation to customers in 2017.
  • RBS = £5.1bn
    Mis-sold PPI charges for RBS brings the bank’s total funds set aside and paid back to customers to the £5bn mark.

Discover which banks and lenders were involved in the UK’s biggest financial mis-selling scandal and billions of pounds in PPI provisions made by the PPI Culprits to compensate victims of mis-selling.

How much PPI Compensation has been paid out?

The PPI scandal has already cost lenders more than £31bn in compensation payouts since January 2011, with the total bill expected to climb further ahead of the final deadline for compensation claims in August 2019.

Most banks and lenders sold Payment Protection Insurance, commonly referred to as PPI. Many of these banks & lenders were hit with hefty fines as punishment for poorly handling claims, many of which left customers waiting long periods of time or unfairly rejecting them altogether.

PPI Compensation Payouts
PPI Compensation Payouts Since 2011

Figs. last updated Aug 2018

Find out about more how much UK banks and lenders have provisioned and paid out to victims of PPI mis-selling in compensation.

Learn about the big banks and lenders who sold PPI to consumers in the UK’s biggest financial mis-selling scandal.


Banks, Lenders & Retailers Facing Mis-sold PPI Claims

B&Q Warehouse
Yorkshire Bank
Lloyds TSB Bank
TSB Bank
Royal Bank of Scotland
Virgin Money
Natwest Bank
Bank of Scotland
Bank of America
Clydesdale Bank
Co-op Bank

How is PPI Compensation made up?

The Financial Conduct Authority (FCA) found that PPI was frequently mis-sold all over the UK by lenders and banks and ruled that they repay any mis-sold policies plus statutory interest of 8% per annum. If you are one of the many millions of consumers who were mis-sold their PPI policy, it is your right to claim back that money. However, the PPI complaints deadline of 29 August 2019 set by the FCA has now passed.

Whether it’s an old loan, mortgage, credit card, store card or catalogue account you took out. We can conduct searches with the bank or lender all the way back to the early nineties to find PPI policies and identify whether it was mis-sold to you.

What is the PPI Deadline?

After many months of consultation, the Financial Conduct Authority (FCA) has finally imposed a deadline for claiming back mis-sold PPI as the 29th August 2019. The FCA action is to draw a line under what is known as the “biggest mis-selling scandal in UK banking history” which is estimated to end up costing the banks over £44bn as millions of customers have already come forward and claimed mis-sold PPI, with many millions more still left to make a PPI claim.

The FCA also announced that it would run a two-year public awareness campaign, starting in August 2017, in an attempt to flush out the remaining complainants.

Learn more about the PPI deadline and other important dates to do with PPI claims.

How much can I Reclaim in PPI Compensation?

Millions are still owed money from mis-sold PPI and are entitled to make a claim. One of the most popular questions we get asked is, “How much could I be owed?” Without having the exact details of your borrowings, the payment dates, and the interest rate, it’s difficult to put an accurate figure on it. If you believe that you have been mis-sold PPI your complaint must be submitted to the relevant bank or lender before the PPI deadline.

Please use our PPI calculator to get an indication of what you may be entitled to include statutory interest if you were sold PPI on a loan, credit card or mortgage.

FREE PPI Calculator – How much Can I reclaim?

Frequently Asked Questions & Answers About PPI Claims

Read our frequently asked PPI Claims related questions and answers. In the majority of cases the first step to making a PPI claim is to get a PPI check done with the lender. The PPI complaints deadline of 29 August 2019 set by the FCA has now passed. Generally, if you didn’t make a complaint to your provider on or before 29 August 2019, you can no longer claim money back for PPI by complaining to providers or the Financial Ombudsman Service.

You may be able to complain to your bank or other provider, or to the Financial Ombudsman Service, after the deadline if you experienced ‘exceptional circumstances’ that meant you couldn’t complain in time.

Your provider may ask you to explain the circumstances that caused you to complain after the deadline and why you think they were exceptional. You may also need to supply evidence. Your provider will assess this information and make a decision, using relevant decisions from the Financial Ombudsman Service

What is PPI?

PPI stands for Payment Protection Insurance. It is a financial product designed to cover repayments on loans, mortgages and credit cards which you may not be able to meet if you find yourself out of work due to illness, redundancy or other reason.

Having PPI cover would mean that if you fell ill, became unemployed, or found yourself in a situation which meant you were not earning money, your repayments would be covered.
PPI also went by many other names, such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).
These insurance policies were often sold alongside loans, mortgages and credit cards

How was PPI Missold ?

Many sales staff at banks and other financial companies were under heavy pressure to meet certain targets each day in the 1990s. Encouraged to sell PPI wherever possible – due to its strong profitability – many of them sold PPI incorrectly, going against the industry regulations in order to reach their targets.

PPI was mis-sold in many different ways, with some of the most common being:

  1. The bank telling you that it was compulsory.
    Customers were sometimes told by the banks and lenders that PPI cover was necessary in order to receive the loan they were applying for. Sellers would either not mention it was an optional extra, or imply that those in charge of deciding whether you would receive your loan would be more likely to accept your application if you took out PPI cover.

  2. You received it without asking for it, or without knowing you were having it. You might not have discussed PPI properly with the seller, yet they subtly added it to the loan documents without you asking to have it.

  3. It was sold to you for an expensive price
    If PPI was sold to you at a high price, then you may have barely gained any money if you ever ended up claiming on it, even if you were eligible for the maximum payout. Because the policy would not actually benefit you properly, it can count as being mis-sold.

  4. It was unsuitable for you to have it
    Some people had no need for PPI cover. They were either fully covered anyway by another policy, or their personal situation made it impossible for them to ever claim on it, such as having a pre-existing medical condition, for example. You may have reached retirement age during the policy’s timeframe, for example, making the PPI mis-sold.

How do I know if I’ve had PPI

Your statements or other relevant documents should have PPI listed on them, potentially under other names such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).

How do I check and spot PPI payments?

For PPI on loans or mortgages, you will probably be able to find signs of PPI payments on your original agreement. For PPI on credit cards, it should show up on your statements. Generally it would have been charged monthly.

Remember to check for the different names PPI was sometimes called on your documents, such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).

Why should I make a claim?

The Financial Conduct Authority (FCA) – formerly the Financial Services Authority – discovered that PPI had been mis-sold by many banks and lenders across the UK on a major scale.

There were 20 million PPI policies in the UK by mid-2008, with an estimated seven million added to credit agreements annually. Based on this, PPI may have been mis-sold to more than 70 per cent of the UK, with potentially more than 40 per cent of policyholders not even knowing it was attached to their loan, mortgage or credit card.

Considering this, it is reasonably possible that if you took out credit in some form during the last few decades then you may well have been mis-sold PPI on it, or been charged an unfairly high amount of commission on it, and therefore you may be entitled to compensation.

Additionally, many cases which have been rejected by lenders later go on to be overturned by the Financial Ombudsman Service (FOS).

Can I make a PPI claim myself?

While you have every right to deal with your claim yourself, some people may feel like they don’t have the spare time or patience to do this. PPI claims involve completing questionnaires, chasing up banks, and can take various different routes.

Using a claims management company means they can use their knowledge and experience to guide you through the claims process.

How far back can your PPI claim be dated?

PPI is known to have been mis-sold from as far back as 1988 up until 2014 in some cases.

How much could I get back?

If your PPI was mis-sold, the amount of compensation paid out is generally your PPI premiums plus gross interest at 8 percent. If you paid more interest on your loan, mortgage, credit card or other product as a result of having PPI, then you may receive more compensation.

What happens if I’ve missed repayments?

Should you have missed any payments on the loan, credit card or mortgage which you are claiming for, any compensation you receive would be used first to clear any arrears, before the any payment is made to you.

The Financial Ombudsman Service (FOS) offers a free and impartial advice service for consumers, and we recommend that you speak to them or to a specialist debt advisor about your financial situation.

Can I still make a claim even if my PPI policy has expired?

Yes. No matter when the policy expired, provided the PPI was mis-sold, you are entitled to make a claim.

What if I don’t have any paperwork?

Financial companies must keep records of all their customer’s transactions and dealings for the past 6 or more years, so they may still have your records for you. If you paid off your loan more than 6 years ago, there may not be any available records. However, there have been cases in which claims have been made against cases of mis-selling over 20 years ago, often without paperwork.

How long do PPI claims take to process?

Our average timeframe is between 8-16 weeks from the date of the lender’s acknowledgement to a decision being made.

Should your claim be rejected and you then appeal to the Ombudsman, you can expect to wait several months longer. However, many claims that are rejected initially go on to be overturned by the Ombudsman so it is generally worth the wait.

The more details you can recall about your agreement, the more likely it will be that your lender can locate and verify you against their systems. This can help avoid requests for further information which can delay a decision being made.

I am currently in a Debt Management Plan Can I still claim?


Being in a debt management plan (DMP) does not have any effect on your right to make a claim. However, your own situation may differ, depending on your agreement with the debt management company you should be aware of the following:

  1. You may be required to let your debt management company know that you plan to claim, as well as informing them about any subsequent compensation.
  2. If the loan, credit card, mortgage, overdraft or other account you are complaining about was included in the DMP, your lender may automatically deduct some or all of the compensation and pay it to your debt management company.
  3. If it was not included, then it is possible that you might still be required to make a payment to the debt management company.
  4. It is possible that you may not end up with any money left over after paying back your DMP, however you will still have benefited from making the claim because your outstanding debt will have been reduced.

I have an IVA or have been declared bankrupt, can I still claim?

If you are going through or have recently been through an IVA or bankruptcy, you must speak to your insolvency practitioner or debt adviser before making a claim.

What if the finance company no longer exists?

If your PPI policy was taken out after 14th January 2005 your claim can be taken to the Financial Services Compensation Scheme (FSCS). The FSCS is the UK’s compensation fund of last resort. They may pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This usually takes place when the original lender either no longer exists or is bankrupt.

How will this affect my relationship with the lender?

A claim should not affect your relationship with the lender, because it is the lender’s duty as part of the FCAs “Treating Customers Fairly” (TCF) initiative to ensure that all customers are treated fairly.

The FCA are very serious about this being carried out, saying: “TCF remains a vital part of our supervisory approach and as such, it has been fully integrated into our core supervisory work. This will help to safeguard the legacy of the significant effort made by the FCA and by firms on their TCF programmes, in terms of improved outcomes for consumers. Where we find failings, we will use our full range of regulatory powers to take action.”

What you can do If Your PPI Claim has been Rejected?

If you have made a claim that has been rejected by your lender, it may be necessary to pass your case onto the Financial Ombudsman Service (FOS) who would be able to review your case from an independent position. The FOS has the power to overturn a rejection should they decide that the lender had sold the PPI policy unfairly. This is usually a free service and will cost no extra money.

Learn more about your options available and appealing against a rejected PPI claim.

How to Make a PPI Claim Under the Plevin Ruling?

A new ruling, called ‘Plevin’, came into effect on 29 August 2017 and deals with high levels of PPI commission charged.

A ‘high level of commission’ typically means it was more than half of what you’ve paid for your PPI policy.

The rule means that banks must now consider a Plevin pay-out in all mis-selling cases as well as writing to 1.2 million people who have had their claims rejected in the past.

You’re eligible to claim for undisclosed high commission on PPI if:

  • More than 50% of your PPI premium was commission for the lender, and you didn’t know; you may be due the extra commission above that;
  • Your PPI has been active at some point since April 2008;
  • You haven’t already made a successful PPI claim.

Learn more about the Plevin ruling and undisclosed high commissions

Starting a Free PPI Check** with Us

Following the FCA’s announcement of the final PPI Claims Deadline you now only have until 29 August 2019 to make your PPI claim. Don’t miss the deadline!

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