Can I claim PPI if I am in a Debt Management Plan?

If you are in a Debt Management Plan and you wish to make a Payment Protection Insurance (PPI) claim then you are absolutely free to do so.  It does not matter whether you are still in the plan or whether you have been in a Debt Management plan, the Lender can still deal with the PPI claim.

Many people have been in, or have dealt with a Debt Management company with regard to their finances and certainly when you look at how far back PPI can go (which is into the 1980s).  Many people have therefore been affected by this, but have still made successful claims against PPI as it does not prohibit the ability to claim.

The Financial Conduct Authority (FCA) has recently conducted a review of how the Lenders have dealt with PPI complaints in recent years.  Lloyds Bank has been fined approximately £130million this year as a result of the inaccurate way that they have dealt with PPI claims.  However, the FCA is satisfied that the Lenders who have dealt with refunds, which can be in connection with overdrafts, loans, credit cards, mortgages, store cards and hire purchase (HP) now believe that it is time to put an end to the PPI scandal and look at closing claims.  They have suggested a date, at the earliest, being Spring 2018 to close the acceptance of claims.  Whilst this is some time away, if you have not made a claim in the past but have had any of the facilities that are quoted above, then it is essential that you take this time to now look at establishing:-

  1.            If PPI was attached to the facilities and;
  2.            If it was, look to make an effective claim.

We represent many clients and we have dealt with complaints now for almost 18 years whereby they have very little information or have belonged to a Debt Management programme, either at present or in the past, and as such contacted their various Lenders to establish if PPI was applied.  If the PPI was applied then we can look at making an effective claim direct to the Lender.  If successful, we charge our fee which is 25% including VAT.   If there is no refund, for whatever reason, there is no fee to pay.

The vast majority of people do not have paperwork or account details in relation to the facilities that they have had and that they now wish to claim upon.  This is not a problem.  As long as we know the name of the Lender, and in some circumstances, address details that the Lender would have on record for you.  With this information we could look at making a claim.

To date there has been approximately 10 million effective claims made where the total refunds stand at approximately £25billion.  It is calculated that this is still only a relatively small proportion of claims that have effectively taken place.  Therefore if you have not made any contact with your Lender who you may well still be using, or have closed in the past, then now is the time to do so regardless of the information that you have, and whether you had or are still in a Debt Management programme.

With the FCA’s time limit in place, albeit some time away, it is essential to make the decision to contact these Firms to clarify once and for all whether a refund is due.

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