26 February 2018
We are asked many questions about payment protection insurance (PPI) and how much money customers could potentially claim back. And so, we thought we would answer some of those questions here.
Read on and if you think you have a claim for PPI compensation why not call us to find out more?
No, there is no minimum amount to claim and no maximum that can be claimed. The amount you will be compensated if your claim is successful depends on the cost of the product (premiums), how long you paid them for and for how long. It also depends on how many PPI policies you have and how many are considered to be mis-sold.
This figure is a 'guide only', calculated taking into account the value of the many thousands of policies sold across the UK and the number of policy holders affected.
Credit card PPI compensation payments tend to be a less than loans or mortgages, simply because the amount customers borrowed tends to be lower.
Limits on credit cards, for example, hoover around the £2,000 to £3,000 mark although some people have a higher limit.
However, customers have claimed enormous amounts when they had PPI on more than one credit card and paid for it for many, many years.
When it comes to credit cards, store cards or catalogue accounts, the amount you claim back will depend on:
People who have claimed large PPI compensation pay outs had more than one credit card, which they had active for over many years. The addition of interest also significantly increased their PPI compensation claim.
If you intend claiming PPI compensation, you have until 11.59am on August 29th to lodge your complaint. After this time, claims for mis-sold PPI compensation on policies sold before summer 2017 won't be considered.
This doesn't mean you should wait until 2019 to make your claim. In fact, if you have PPI or want to find out if you do have PPI, we suggest you start the process NOW.
For more information on how we can help, why not give us a call?