The basics

Hi everyone, I know you are all here to see if you are eligible to claim back your payment protection insurance (PPI) or loan protection insurance (LPI), and what is the process to reclaiming your mis-old payment protection insurance.

Firstly you are not the only ones who car claiming back your mis-sold PPI. According to government statistics 70% of all PPI was mis-sold before 2010. At the moment you can currently make a claim for PPI if you have had:

Mortgage/re-mortgage

Loan

Credit Card

Store Card

Finance

To successfully make an application you must have had one of the stated above before 2010. It does not matter how old the claim is, as long as there was a payment made within the last 10 years. So you may have taken out a mortgage 25 years ago but as long as you have made a payment within the last 10 years you are eligible to make an application to claim.

Secondly you can make a claim if u paid the credit off, you are still paying, or if you failed to pay the outstanding credit and it was passed to a collection agency or debt management, the only claim you cannot make for is if you are bankrupt or in a IVA.

A lot of customers didn’t  know if they have PPI or LPI, this is because they was either mis-sold or not told, or they may have forgot that they have took it out. You can find out if you have had the PPI or LPI by checking old paper work and reading the small print, it is not vital to find out but it would make it easier when making a claim for PPI.

What am I eligible to claim back for?

You are eligible to claim back the whole amount of payment protection insurance (PPI) or loan protection insurance (LPI) if you was mis-sold, you can also claim back for interest and compensation of 8% each year compounding. You may be asking yourself why you can claim back extra money, this is because the banks have had your money and you haven’t been able to spend it, as you may have been able to put your money in a high interest bank account. Also you have had compensation because you have taken the time and stresses of claiming back your mis-sold PPI or LPI.

The hardest part about making a claim is being able to show the banks you was mis-sold the payment protection insurance, although the majority of the major lender are very willing at giving you some of the money back you must be very careful in that, most cases with Lloyd’s which i have experienced they will offer u a settlement fee which is normally half the amount you are might be able to get back. The bottom line is that if you was mis-sold PPI or LPI then you are entitled to claim back the full amount plus 8% per year.