FAQs

How long does the process of getting back my mis-sold PPI usually take?
Some claims are paid in as little as four weeks from when the claim is made, others can take much longer. Many lenders and brokers now offer to settle claims rather than allowing them to be referred to the Financial Ombudsman. Lenders and brokers have eight weeks under the rules of their regulator, the Financial Services Authority, to respond to a claim.

I have a loan, but I’m not sure if PPI was included. Where should I begin to find out?
If you have a copy of your credit or loan agreement it should clearly show if PPI was included. If you don’t have this, your lender will be able to tell you.

In what form will I be paid?
This depends on whether your loan has been repaid or is still live. If your loan has been repaid your compensation will be paid in cash. If your loan is still live, part of the compensation may be credited to your loan account, which will reduce the account balance and lower your monthly repayments. The balance will be paid to you in cash. However if your loan account is in arrears the lender may use the cash amount to reduce those arrears.

Do I have to pay tax on my compensation?
You do not have to pay tax on the amounts paid to reimburse you for the PPI premium and any loan interest you paid on it, however if your lender pays any additional interest on the money it reimburses to you (for example because the payment of your claim has been delayed) this additional interest may be liable to income tax depending on your personal circumstances.

What information is required from me at the start?
All we require is the signed Contract, a completed questionnaire and a Request for information form together with the name of your lender and, if you have it, your loan account number.

Is there a fee if my claim is unsuccessful?
There is no fee unless you decide to cancel your contract with us after we have started reviewing your claim but before an offer has been made. In this case we charge £250 plus VAT to cover our marketing and administration costs.

What happens if the lender refuses to pay?
If we think you have a good claim but the lender or broker refuses to pay, we will refer your case to the Financial Ombudsman Service for consideration. The Ombudsman was set up by Parliament. The service costs you nothing and the Ombudsman can make binding awards of up to £150,000.

I took my loan before 2005 and am still paying it off. Can I claim?
This will depend on a number of factors. If you call us and give us the name of the lender and the date you took out your loan, we can advise you whether we can help.

Can I claim if my lender or broker is no longer trading?
In many cases we can still make a successful claim for you even if your lender or broker is no longer trading. We can make a claim on your behalf to the Financial Services Compensation Scheme – a compensation scheme set up by Parliament to pay claims where firms cannot meet their liabilities. If you are eligible, the scheme will generally pay 90% of the value of your claim.