If you believe you’ve been mis-sold payment protection insurance (PPI) in the past, the chances are you are entitled to some form of compensation. However, the process can be a complex one, so let’s take a look at what PPI claims are, how you can make a claim and which team you should trust with your case.

What is PPI?

Payment Protection Insurance (PPI) was a financial product that was widely mis-sold in the UK for many years. It was intended to provide insurance coverage for individuals who took out loans, credit cards or mortgages, but it was often sold to people who did not need or want it.

In 2011, the Financial Conduct Authority (FCA) ruled that PPI had been mis-sold to millions of people, and they ordered banks and other financial institutions to compensate those affected.

About PPI claims

In 2020 , it was reported that 8.9 million deadline complaints were filed regarding mis-sold PPI. Out of this, 5 million were found to have PPI attached, with 87% of cases having been met and upheld. In total, it is believed that roughly 32.4 million complaints have been made about PPI that was mis-sold between 1990 and 2010.

Whether it’s a complete repayment or a partial refund, PPI claims have helped a lot of people gain back some of the money that was wrongfully taken from them.

The deadline for PPI claims has passed, can you still get compensation?

The deadline for making a PPI claim was August 2019, so if you did not submit your claim before that date, you are no longer eligible for compensation. However, if you were not aware that you had PPI or if you were unable to make a claim before the deadline due to exceptional circumstances, such as a serious illness, you may still be able to put forward a case.

You can also make a Plevin PPI claim, which is concerned with the commission that was included in the PPI premium rather than the mis-selling of the insurance policy. And the good news is that it can still apply to anyone who has had a PPI claim rejected in the past. If you meet any of the below criteria, you could be eligible for a Plevin claim:

• Your original PPI claim was rejected
• You’ve never claimed for PPI before
• You had a PPI refund but it was only for the ‘tipping point’ offer
• You had a Capital One or MBNA credit card
• You bought PPI after 6th April 2007
• You bought PPI before 6th April 2007 and it’s still ‘open’ after 6th April 2008

How can a PPI claim company help me?

A PPI claim company will typically take on your case on a no-win, no-fee basis, which means that you will not have to pay anything unless your claim is successful. The company will handle all aspects of the claim on your behalf, including gathering evidence, submitting the claim to the relevant financial institution and negotiating a compensation amount.

What to look for in a PPI claim company

When choosing a PPI claims company, it’s important to look for a reputable and experienced firm. You want to make sure they have a proven track record of success in handling PPI claims and that they have a good reputation in the industry. Don’t be afraid of asking about their fees and charges upfront as well – a trustworthy PPI claims company will always be transparent with you.

The best PPI claims company

At Claims Bible, we are 100% committed to providing you with the most in-depth services possible. Our trained team is dedicated to helping you get the highest amount of compensation that you’re eligible for. That’s why we work closely with you from the start to ensure we cover all of the bases and have the knowledge we need to put forward the best case possible.

What’s more, we have a wealth of experience in this area and have dealt with a number of similar claims before. In fact, our Plevin PPI team covers a range of popular banks including HSBC, Barclays, Santander, Natwest, Lloyds, Halifax and MBNA.

To find out more or to get started with your claim, speak to one of our helpful team members today.