We can help you claim a PPI refund on all your mis-sold loans, credit agreements, store cards, credit cards and even mortgage agreements if you’re unsure whether you are eligible for a refund please read the information below.
If you have had a loan, credit card or mortgage agreement in the last 12 years is very likely that you have been paying into a payment protection insurance policy. In many cases greedy banks and loan companies mis-sold these policies or included them in the credit agreements without the borrowers knowledge.
The original idea of payment protection insurance (PPI) was to help a person repay the loan payments if they became ill, was involved in an accident or became unemployed. The problem was unscrupulous banks and lenders began to sell PPI to people that really didn’t need it such as the self-employed and retirees. Another common practice was to tell the customer that the only way a loan could be agreed was if they took out payment protection insurance.
The banks have now been forced to set aside billions of pounds after a court ruling stating that they should refund with interest those people that were mis-sold PPI. Over £6.5 billion has been paid out in successful PPI claims since January 2011 (fsa.gov.org) with an average of around £600 million being paid out each month.
You may have be entitle to a PPI Refund if:
- you put under undue pressure to take out PPI
- it was not made clear to you that PPI was optional
- you are advised to take a PPI even though it was not suitable for you
- you are under the impression that payment protection insurance was a condition or increase your chances of getting a loan
- exclusions were not explained to you such as pre-existing medical conditions and being self-employed
- PPI was added to your policy with actual knowledge
- It was not stated that the PPI cover on the loan would end before the credit was repaid
- It was not made clear that you pay interest on the PPI if it was added to the loan
If you feel you have been mis-sold payment protection insurance we can help you reclaim any money you are owed including interest. We have many years dealing with bank complaints such as bank charges, PPI and PBA Claims and have been successful where others have failed.
Making a claim using our PPI Claim Company is completely free as we only work on a no-win no fee basis, we will not even need your original paperwork or policy number just tell us the name of the lender, your name and address at the time the agreement was taken out and we will do the rest.
Our small specialist team will use its comprehensive knowledge of previous PPI claims to make sure you receive the full amount that you are owed from the lender.
If your case is successful you will be asked to pay a flat fee of 25% with nothing to pay to start your claim.
If you would like to reclaim a full PPI refund please fill in the form on this page alternatively you can e-mail us any questions you may have.
Your PPI Claims Questions Answered
Payment Protection Insurance (PPI) is a scandal that has rocked the financial industry since 2009 when an investigation by the Financial Conduct Authority (FCA) (as it is now known) detailed in its report that a vast majority of Payment Protection Insurances sold by the Banks and other lenders were in effect mis-sold, and that this spanned over several decades, running certainly from the 1980s through to the 1990s and into the 2000s. As a result of the investigation and subsequent court action, the Banks agreed to look at claims. They have paid out in total (up to the end of 2015) approximately £30billion in relation to refunds following the mis-sale of Payment Protection Insurance.
The scandal continues to rumble on, but there is an end in sight. The Financial Conduct Authority is setting a time limit for some time in spring 2018, when claims are to stop. Of course, there will still be a number of years of claims in the system, which will be managed and resolved with the final conclusion of PPI being at some point in 2021/2022.
What is PPI?
Payment Protection Insurance is a cover that was attached to all forms of borrowing in order to allegedly protect clients from particular accident, injury or ultimately death. Unfortunately, (and this is particularly relevant with the unemployment element of the cover) the vast majority of the protection was indeed of no use, in that it did not cover clients. There were also so many exclusions that in the event of a potential claim, it was likely to be unsuccessful.
In addition to this, the Payment Protection Insurance was incredibly expensive. Payments were taken from clients as a lump sum upfront in the case of the majority of loan facilities. This had the added disadvantage that any premiums would also be charged interest. Therefore, you would be paying back not only the premium, but also interest on the premium. The other form of collection of Payment Protection Insurance was on a monthly basis, which took place on some loan facilities and mortgages, but was mainly relevant in the case of credit card facilities, where the PPI was calculated on the residual monthly balance and charged at a flat rate per £100.
Why was PPI Mis-sold?
PPI was mis-sold, and this is down to the fact that the Banks became greedy. They forced people to have the Payment Protection Insurance in order to secure borrowing. They conducted rigorous training exercises with members of staff to make sure that they were well attuned to selling (or demanding) that Payment Protection Insurance was attached to any facilities that the clients had. Basically any customer looking to borrow money in the 1980s, 1990s and early 2000s had to have Payment Protection Insurance! Sadly, if they did not have Payment Protection Insurance, the facility was either not agreed, or behind the scenes the member of staff who failed to sell it was formally chastised. Therefore, it was an impetus, not a financial drive, but of one to protect their employment for all staff to make sure that any customer “fair or foul” had Payment Protection Insurance, regardless of the type of borrowing that they had.
When did PPI Start?
Payment Protection Insurance has been around for several decades, but became extremely popular in the late 1980s, through to the 1990s and early 2000s. The Banks saw Payment Protection Insurance as a fantastic way to generate huge profits and revenue, without any risk and without any potential claim against them … or so they thought.
The policy itself was extremely expensive and “as a second-hand motor dealer’s warranty” was not worth the paper it was written on! From recollection, at one point, any person looking to make a claim on the policy for one of the elements was likely to be dismissed, where claims themselves were only successful on under 10% of occasions.
Coupled with this, most of the facilities were over several years and the cover itself would only kick in for a maximum of 12 months. Therefore, after a 3-month hiatus of not making any payments, when most people, if ill, got back on their feet and started to work again. So therefore, the cover itself was extremely thin on the ground so far as substance is concerned, and high value in terms of profit as far as the Banks are concerned.
What type of Financial Products had PPI?
Payment Protection Insurance could be attached to a number of different products and these ranged as follows: –
- Credit Cards
- Hire Purchase (HP)
- Car Finance
- Store Cards
In fact, one of the only forms of borrowing that did not have PPI attached (mainly due to the incredibly high interest rates and the majority of these types of lenders sprung up after the PPI scandal broke) are pay-day loan lenders and the small loan lenders, such as Wonga.
PPI paid on monthly account facilities, such as credit cards, is normally calculated on a monthly basis with premiums taken and calculated on the balance of any outstanding month, whereas loans would normally have a lump sum charged on the facility upfront.
How do I Know if I had PPI?
To be honest, if you are asking yourself the question how do I know if I had PPI? then the answer is that you do not. The vast majority of people we are working for do not know, or do not believe that they have Payment Protection Insurance attached to any of their facilities.
The main reason for this is that due to the passage of time, most people have forgotten, and also they believe that they are more financially shrewd not to have been naïve enough to have taken PPI years ago. Being naïve has nothing to do with taking Payment Protection Insurance. Unfortunately, the culture in the 1980s, 1990s and early 2000s meant that the Banks (who were at that time trusted a lot more than they are now) would be trained to rip people off. As a customer, why would you be aware that they would want to, or even think about doing this?
There is no way, if you went in for any form of facility, that you were going to leave without taking the Payment Protection Insurance. Therefore, it is in no way, shape or form financial naivety at all if you did take the PPI.
The vast majority of people do not have records or paperwork, or even any details to confirm if PPI was applied. This is what we specialise in. In particular, we specialise in cases where people do not know if they have had PPI or have no records to prove it either way.
As long as we know the name of the Lender, we can work on behalf of the client to establish if PPI was applied, regardless of how long ago it was. Our oldest successful claim was in 1987 and this was without any information.
If PPI has not been applied, then there is no fee to pay. We only charge a fee if we are successful and that fee is 20% plus VAT (equivalent to 24% inclusive).
What is a PPI Claim?
A PPI claim is one where you have asked us to look, on your behalf, to establish if PPI was applied to a facility. You may or may not have any records whatsoever and the facility may be 10, 20 or even 30 years ago. As long as we know the name of the Lender, we can work on your behalf to establish if PPI was applied. If it is established that PPI was not added onto any facilities, or that for some reason the lender is unable to track or locate facilities on their records, then there is no fee to pay.
If Payment Protection Insurance is found, we would then work to recover this on your behalf. Again, should we be unsuccessful, for whatever reason, there is no fee to pay. Our fee would only be charged if a refund is agreed and the PPI claim is successful. At that point we will charge our fee which is 20% plus VAT (equivalent to 24% inclusive).
This system protects yourself and makes sure that you have the opportunity to establish if PPI was applied on any facilities historically, that you want us to look at.
How Far Back can you Claim PPI?
Payment Protection Insurance has been going since the late 1960s, but we find that the majority of our clients like us to look at any facilities in the 1980s onwards. We do have a number of facilities which we have found and located in the 1980s, and we are more than happy to do this for our clients.
The largest selling exercise of PPI was in the 1990s. This is particularly relevant for High Street personal loans and also credit card facilities with all the numerous credit cards which were available at the time.
It is certainly worth racking your brains if you have had any facilities in the 1990s (or in fact the 1980s) onwards and if you have not looked at whether Payment Protection Insurance has been applied, that you do so – without delay.
Is there a PPI Time Limit?
Until recently the Payment Protection Insurance scandal was due to rumble on for a number of years. However, the Financial Conduct Authority has now decided that it is going to work with the Banks to make sure that the PPI scandal is brought to a satisfactory conclusion. They have agreed to look at putting a time limit on Payment Protection Insurance claims. Whilst this has not yet been set, as at the beginning of 2016, it is likely to be at some point in spring 2018.
Therefore, there is over 2 years before claims will not be accepted any further. Obviously a number of claims will still be ongoing and these will continue to run until concluded.
Therefore, it is essential, if you have a facility which you have not looked at or you have not looked at any facilities that you have had in the past, that we are given the opportunity to ascertain if PPI was applied and, if it was, look at making a claim on your behalf.
If I have already claimed PPI successfully, can I do the same again?
As mad as it sounds – yes, you can. At the end of 2014 a Legal Ruling was passed which was heard by the Supreme Court. This basically means that anybody who has made a successful claim in relation to Payment Protection Insurance, can now look at making a further claim in relation to hidden commission costs associated with the taking of the PPI premium.
Basically all lenders, when taking PPI premiums, paid a commission to a third party. Under the Consumer Credit Act, this commission should have been detailed and discussed with you at the time the facility was being taken. If it was not discussed (and I cannot imagine there is one instance when it was discussed) then any commission that was paid, is potentially recoverable.
There is an argument at present that means that maybe not all of the commission is refunded, but that a proportion is. This is not necessarily relevant, but only a factor that needs to be considered when making this particular claim.
We are working with our clients at the moment and taking on many other Firms’ customers who have had successful claims in relation to Payment Protection Insurance. We are working on their behalf, again on a “No Win No Fee” basis to secure any potential refund in relation to the hidden commission, if hidden commission was in fact paid.
Can I Claim Back PPI Without the Original Paperwork or Policy Numbers?
We specialise in working for clients where they would like us to establish if Payment Protection Insurance has been applied on any borrowing that they have had in the past, regardless of the sort of borrowing, regardless of how long ago, and those without any original paperwork, policy number or details.
We have a wealth of experience borne from dealing with financial institutions in relation to complaints for almost 20 years. This means we are able to spend time and energy in establishing if Payment Protection Insurance was applied without this information.
Despite the lenders’ reluctance, we do find on the majority of occasions, that with persistence this information can be located, and there have been considerable refunds as a result of our work.
Therefore, if you are reluctant to look at making any form of claim due to the fact that you do not have any original paperwork or policy numbers, then do not feel put-off by this. We will work on your behalf and, if we are unsuccessful, there is no fee – so you are protected.
Using a PPI Claims Company
If you have no paperwork or information regarding PPI, then it can be a daunting task contacting the Banks, as their main way of deflecting any customer is to confirm that information is only held for a certain period of time, and that period of time corresponds with the Data Protection Act of 6 years.
The Banks are adept at putting-off clients from making any potential claims. Therefore, if you do not have any information in relation to the Payment Protection Insurance, or are unhappy to deal with the Banks as you feel uncertain how to take any potential claim forward, then using a Claims Company is a viable option.
We work for clients in order to establish if PPI was applied, and of course guarantee that if there was no Payment Protection Insurance, or there is no refund of any sort, that there is no fee to pay. This means that the client is protected should we be unsuccessful in locating PPI, or ultimately if there is some reason once PPI is established, that it cannot be refunded.
We only charge a fee if a refund is agreed, which is 20% plus VAT (equivalent to 24% inclusive). Therefore, as a client you are protected should, for whatever reason, the claim be unsuccessful or no PPI be established.
All Claims Management Companies have a Claims Management Regulation Number (CRM) to confirm that they are authorised by the Ministry of Justice (MoJ) to work for clients. This number can be found either on correspondence or on the Company’s website addresses.
Who We Are
RYM Claims Director, Martin Knipe, has been working in the industry of dealing with clients’ disputes and difficulties with Banks for almost 20 years, acting on cases as an expert witness. His experience has been built up over a number of years, following time with a main High Street Bank, which has enabled Martin and his small team to be able to look at claims. He primarily deals with claims without paperwork or information in relation to PPI. Each of these claims is fully investigated and researched, in the majority of cases, to the satisfaction of the clients, in particular where others have been unsuccessful.
As a Firm we specialise in looking at Payment Protection Insurance where no details have been kept, such as paperwork or policy numbers, and where the client only knows the name of the Lender. We then investigate these thoroughly, whilst protecting our clients, if we are unsuccessful, with our No Win No Fee scheme.
On the vast majority of cases however, we are able to ascertain from the lender if PPI was applied and, if it was, look to obtain a full refund.