Introduction to a PPI claim

With PPI policies being sold alongside mortgages, loans and credit cards since the 1990s, the demographic that would now be eligible for a claim is massive. As a result, a huge number of companies that have formed over the past few years say they can help you with your claims. Their process is quite straight forward; you give them your details and they make the claims on your behalf. Within 8 weeks you could have a substantial refund with little effort. The catch? PPI reclamation companies tend to take a large amount of commission for their services. Roughly 20% of your refund is taken as a commission by the PPI reclamation company (e.g. if your refund is for £1,000, the company will take £200 commission).

Not to worry, this can be avoided! It is pretty straight-forward to make a PPI claim yourself by contacting the lenders directly. All you need to make a DIY PPI claim is the details of each credit agreement you’ll be claiming for and the companies who issue the agreements to you.

There are 3 easy steps to a DIY PPI claim:

  1. Take a look at your credit report, it will list all your credit agreements that have been settled in the past 6 years. Any mortgage, loans or credit cards you may have been mis-sold PPI on will most likely be listed here.
  2. Note down all the potential companies you can claim from and the details surrounding your agreement.
  3. Contact those lenders directly and make a PPI claim. They should get back to you within 8 weeks. If they don’t you can contact the Financial Ombudsman Service to get involved and speed up your claim.

By the end of this process, if any of your credit agreements have mis-sold PPI attached, you will have your refund!

How do I know the lenders will listen?

 Lending companies are obliged to refund any mis-sold PPI until the deadline on 29th August 2019, so any claim you make directly will be taken seriously until that date. This process does take a bit more work than allowing a company to do it for you, but you get to keep the entirety of your refund – bonus!

You don’t have long to start your DIY PPI claims. At the time of writing, you only have 28 days left to start. Start your journey here with Credibble. Register now to see all the credit agreements you have paid off in the last 6 years, so you know where to start making your claims. It’s totally free to do so! It is worth making a claim even if you do not believe you have ever been mis-sold PPI. You have nothing to lose by trying.

Credibble offers two fabulous solutions

If you’re preparing to take a mortgage, never apply until you’ve tried our unique and FREE Credibble Home app. Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We’ve even added your own mortgage broker, so you get the best deals available.

More focused on your credit rating? Well, get started for free with Credibble’s 24- Factor Credit Check to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don’t use your credit score! We’ll show you what lenders look for and how to get your credit report in the best shape possible).

Last updated by Oliver Macmillan, May 2022