Customers have been claiming back thousands of pounds in
compensation for mis-sold PPI. And with the PPI deadline set for
August 2019, it is important that if you intend making a claim that
you do so. Check everything from loans to catalogue accounts but
especially credit cards. And here's why…

Back in March 2012, a father of two from Essex spent 16 months
locking horns with Barclaycard to reclaim his PPI premiums. He had
two credit card accounts over for a long period of time. PPI on
credit cards was calculated as a % of the amount outstanding each
month - so the more your owed, the more PPI you paid. As a result,
credit card companies are some of the lenders who have paid out
some of the largest PPI compensation claims.
In this case, the PPI policy was added to his account without
his permission. This is a fairly typical example when it comes to
PPI and credit card accounts. It is one of the main reasons why PPI
payments are at a record high - banks and lenders simply added the
PPI without the knowledge of the account holder.
First Claim Unsuccessful
This customer attempt to reclaim the money back in mid 2010, was
unsuccessful with Barclaycard rejecting his claim. But he was not
put off, convinced he was right and that he was owed money. Not
only was the policy added without his consent or knowledge, he had
ample cover with other insurance policies.
His first step was to contact the claim management company he
had been workingwith for free advice and help. They knew his case
well and they too, felt that his case had been unfairly dismissed.
They advised their client to lodge his complaint with the Financial
Ombudsman. They can do this on his behalf, which they did, but only
after attempting to get the claim paid out with Barclay card a few
more time.
After letters and phone calls this customer by early 2012, was
in receipt of a cheque for£82,000 in PPI compensation. It took some
time because the Financial Ombudsman is dealing with thousands of
cases with the average wait time now around 12 months (unless you
can prove significant financial hardship and they will look at your
case sooner).
3 Important Lessons
- Don't be put off by a refusalfrom your bank or lender - seek
help from your claim management team, if you have one, or talk with
the Financial Ombudsman for advice.
- Be realistic about the amount of compensationyou could claim
back - there are amazing stories of huge pay outs but compensation
as high as this customers' tend to be the exception rather than the
norm. that said, until you launch your claim for PPI compensation,
who know how much you are entitled to?
- This is your money- don't be put off making a claim.
For a no obligation chat, call us today and find out how much
you could claim back in PPI compensation.