What is Payment Protection Insurance?


Payment Protection Insurance or PPI is an insurance policy usually taken out alongside mortgages, personal loans, credit cards or finance for high value products.

A PPI policy is designed to cover your monthly repayments if you are unable to pay them because you have been made redundant or you are unable to work due to an accident, illness or injury. PPI is also sometimes known as loan protection insurance or Accident, Sickness and Unemployment (ASU) cover.

Over the last ten years, loan and credit card providers have routinely sold this insurance to many people for whom the insurance policy is inappropriate. As a result, well known lenders such as Alliance & Leicester, Egg, Capital One and HSBC have been fined millions of pounds.

The Lloyds Banking Group, which includes the Lloyds TSB, Halifax, Bank of Scotland, Cheltenham & Gloucester and Black Horse brands, has now stopped selling this type of insurance while other lenders such as Santander, Barclays, HSBC and Natwest/RBS are either restricting the product to certain types of finance or are gradually phasing it out.

Millions of people who have been affected by the mis-selling of PPI are now receiving refunds, you could be next. My Reclaim are here to help you get your money back!

We do not pass your claim to other companies; the entire claims process will be handled by My Reclaim from start to finish on your behalf which means you deal with the same people throughout the process and won't be called by anyone else asking you to repeat information you have already provided.

PPI Deadline

You may have seen recent advertisements from the FCA raising awareness of the deadline by which any outstanding PPI claims must be submitted. You have until 29th August 2019 to make your claim failing which you will lose the right to do.

No Win No Fee* - PPI Claims Service

We provide free initial advice and will deal with your PPI claim on a 'No Win No Fee*' basis if we are successful in recovering compensation from the financial institution for your PPI claim, you pay the charges of 20% of the compensation awarded to you plus VAT for the work done by us on your PPI claim.

We can confirm that you do not pay any upfront fees for pursuing your PPI claim and there are no hidden charges.

In relation to PPI claims it is extremely difficult to estimate at the outset exactly how much you will receive by way of compensation for your PPI claim from the opponent financial institution. By way of an illustration, if you were to receive compensation for your PPI claim of £5,000 credited to your account or sent to you by cheque then you pay 20% of this compensation award plus VAT in respect of their charges, namely you pay them £1,200 inclusive of VAT with the balance owing to you of £3,800.

However, if you were to lose your PPI claim and we were unsuccessful in recovering any compensation for your PPI claim, you do not pay anything under the terms of the 'No Win No Fee*' Agreement for the work that we have done on your claim.

When we assess your case we will consider all the options open to you, including the possibility of you making your PPI claim yourself by accessing the help available including the Financial Ombudsman Service (FoS) consumer helpline. However, people choose to instruct us to handle their PPI claim instead as they want to save themselves the time and effort involved in pursuing it themselves or because they have difficulties in communication or understanding financial matters. If you are such a person, our staff will be happy to assist you on a 'No Win No Fee*' Agreement basis.

In order to start the process, fill in your details and answer the questions or just call us on our phone number: 01617915566. One of our dedicated team will call you to explain the next steps and take you through the process.

*Other costs could be payable
Help you

Request a Callback