Frequently Asked Questions 

In what circumstances would I have paid PPI? 
Generally, PPI was sold alongside loans, credit cards, store cards, catalogues and mortgages that were taken out before 2010. Therefore, you must have taken out a loan, credit card, store card, catalogue or mortgage before 2010, otherwise it's unlikely that you paid PPI.  
 
I've got no idea if I paid PPI and I've thrown away my statements - so how do UK Money Solutions find out this information? 
We contact all the banks and lenders (that you request us to) in order to ascertain whether you paid PPI on your loans, credit cards, store cards or mortgages before 2010. We do this by using legislation as per the data protection act. UK Money Solutions reviews the information that your banks provide and the results will depend on what data the bank still holds on their files about you. Banks and lenders are obligated to keep your details on file for 6 years but some institutions keep information for longer. 
 
How do UK Money Solutions establish whether I was mis-sold PPI? 
There are a number of reasons why PPI may have been mis-sold, examples of which include: you were unaware that you took out PPI, you felt pressured into purchasing PPI, the terms were not clearly explained to you, or you weren't informed about alternative products. Also, if your bank or lender paid a high commission to whoever sold your loan, without telling you, then you could be due a refund. 
 
How long will it all take and how many forms will I need to fill in? 
Every case is different and the time it takes to claim can vary significantly from case to case. It normally takes up to 40 days to check for PPI with your lenders. If mis-sold, it usually takes around 8-12 weeks for the claim to complete. If your claim is unsuccesful, you have the right to refer your case to the Financial Ombudsman Service (FOS) and we will assist you with this process as part of our service. Claims referred to the FOS can take up to two years to reach conclusion. 
 
Which Banks mis-sold PPI? 
Nearly all banks and lenders have been found guilty of mis-selling PPI. Major Banks such as Lloyds, HBOS (Halifax), RBS (Royal Bank of Scotland), Natwest, Barclays, HSBC, Santander and others have collectively shelled out Billions in PPI compensation since 2011. Smaller Banks and Lenders such as Black Horse, Welcome, HFC, Beneficial, First National, MBNA, Capital One, First Plus, Picture, Paragon, Egg, Mint, Lombard, AA, Sainsbury's, Tesco and others have also faced massive PPI bills. You can also make complaints in some circumstances against banks that have since been taken over such as Abbey National, Midland Bank and Northern Rock. Also, you can claim against Store Card providers such as Debenhams, Dorothy Perkins, Burtons, John Lewis, Marks & Spencer, aswell as Catalogue providers such as Littlewoods, Very and Kays to name a few. 
 
BREAKING NEWS: *****DEADLINE ANNOUNCED***** If you think you may have been mis-sold PPI then you need to act fast because the regulator has put in place a deadline for making PPI claims. The cut off date is 29th August 2019. 
What is the biggest PPI refund that UK Money Solutions have won for a client? 
To date, the biggest single win secured by UK Money Solutions on behalf of a customer is £43,066.94 (forty-three thousand, sixty-six pounds and ninety-four pence) and this same customer went on to claim over £140,000.00in total across a number of PPI claims. Of course not all claims are this spectacular - your PPI refund, should your claim be successful, will be calculated based on a number of factors which include: the type of credit agreement you had, how much PPI you paid and how long ago you took it out. Any firm that agrees to compensate you for mis-sold PPI is also required to add 8% statutory interest to any premiums you paid as part of the compensation calculation. 
 
What is the Financial Ombudsman Service (FOS)? 
If the bank rejects your claim for mis-sold PPI then you may refer the matter to the Financial Ombudsman Service (FOS) and if you choose to use the FOS then UK Money Solutions will assist you with this as part of our service. The FOS will consider your complaint and decide whether you have have been treated fairly or not by your bank or lender. The FOS have legal powers to put things right if they decide that your bank should compensate you for PPI mis-selling. There are a number of forms that will need to be completed in order to refer a complaint to the FOS, which UK Money Solutions will assist you to complete. 
 
Can I claim back PPI myself? 
Yes you are free to make a claim yourself directly with your lender and if rejected you can take advantage of the free-to-consumer Financial Ombudsman Service. 
 
What if I didn't have PPI or the bank rejects my claims - do UK Money Solutions still charge me? 
No - our claims service is no win no fee*. If your lender rejects your claim, then we will submit your case to the Financial Ombudsman Service. If they agree that you were not mis-sold, then we will not charge you. The only circumstance in which we would charge you if you aren't offered compensation is if the claims are cancelled at your request outside of the 14 day cooling off period. Of course, if you do not proceed any further than the free PPI check then we will never charge you anything at all. 
 
I tried claiming PPI before but got rejected - should I give up? 
No. A recent court case in 2014 involving the parties "Plevin v Paragon" set a precedent that means any previously rejected PPI claims can now be re-submitted under new rules put in place by the FCA. If brokers weren't upfront about the level of commission charged for a PPI policy then you are entitled to claim a refund. You're eligible to complain under 'Plevin' rules if over 50% the cost of your PPI went as commission to the lender, and that wasn't explained to you, and your loan or credit card has been active at some point since April 2008. This doesn't just affect people who have had previous PPI complaints rejected - this ruling opens the door to just about anybody that ever had a PPI policy to make a complaint. 
 
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