FAQs
How do I know if I have payment protection insurance?
There have been many successful claims made by consumers that were not aware that they had PPI. Sometimes your PPI payments will show as a separate line on your statement. If you no longer have access to the statements simply identify the names of the organisations that provided you with financial products and we will contact them to ascertain whether or not you were sold PPI. Remember that PPI insurance can apply to loans, mortgages, credit cards, store cards, hire purchase agreements and even investments. Try and check all the financial products that you have had over the last 12 years as you may be entitled to multiple payments.
What if I don't remember who the lender was?
Not to worry, with your permission, we wil get a copy of your credit report from a credit reference agency. The credit reference agency will provide a list of all the financial products you have had over the last 6 years. We can then check with the lender to know whether or not you had PPI on any of the financial products listed on your report.
How much will I get?
The amount of the payment will depend on the type, amount and duration of loan or mortgage or the balance on your credit card, as wells as other factors relating to whether or not the loan has been repaid. PPI premiums can range between 15% and 30% of the loan amount. However a five-year loan of £5000 at 7% Apr would typically attract PPI payments of £25 per month. A successful claim would result in a refund of £1,500 PPI premium payments plus a further £600 compensation, a total of £2100. Calculating the amount you will receive is difficult but the bank or lender will do this when we file the claim
What if I have made a claim on my PPI policy?
If you have made a claim on your PPI policy this does not automatically prevent you from making a mis-selling claim. You may still be eligible for a refund.
How long will a claim take?
Completing the claim form will take around ten minutes. We will submit your claim within 48 hours and would expect all claims to be resolved within 56 days as per the guidelines issued to lenders by the FSA. Appeals may take a couple of months longer to process but we will try to complete your claim as soon as possible.
What proof of PPI will I need to provide?
If you have the lenders statement and can provide the lenders name, address, postcode and telephone number as well as your policy, account or reference number for each financial product that should be enough for the lender to identify your policy
What if I cannot remember all the details for the questionnaire?
Please try and remember as much information as possible and complete the questionnaire as completely as you can. However, missing information will not defeat your claim as the lender has the burden of disproving the validity of the claim.
How do I claim my refund and compensation?
To claim your refund and compensation all you need to do is to click the link and complete the 10 minute questionnaire, Ask Solicitors will do the rest! Alternatively, call 01706, 217774 to speak to a fully qualified solicitor. Starting a claim will cost you nothing!
