It is of course no problem whatsoever for anyone to look into recovering mis-sold Payment Protection Insurance (PPI) that they have suffered in the past. The biggest problem that many of our clients have experienced when they have tried to claim themselves, prior to using us, is that the Banks are very experienced in deflecting the clients request to look at mis-sold PPI. They do this in a number of ways. The most important is that in the majority of cases people do not have details in relation to the PPI. They do not know whether it was applied as they have no paperwork, account numbers or account details at all. Therefore when they ask the Lender or Bank if they could have the historic details of their files, the Bank responds by saying that they only keep this information for a certain period of time, and therefore no insurance has been located.
In addition, if the Banks have located PPI and do look at the claim, they will then write requesting considerable amounts of paperwork to be completed. Once this has been submitted you are likely to receive telephone calls, and finally what is called a letter of deadlock or conclusion letter. Most of the conclusion letters (approximately 60%) are sent declining claims. Therefore, in order to take the claim forward, and after the initial period of 8 weeks in order to obtain this information, the Financial Ombudsman needs to then become involved. The Banks have useful tactics for delaying claims by answering negatively in their final reply, so as to avoid paying out considerable sums of money. Approximately 80% of those people who receive a letter declining their claim will not take the claim further. Therefore it saves the Lender a tremendous amount of revenue.
We have been dealing with Banks in relation to complaints since the late 1990s following time working for a major High Street Bank. It is therefore with this experience that we can take on clients’ claims, not only for Payment Protection Insurance, but also for a whole host of other problems that they may have experienced in the past.
We are therefore used to the way that the Banks have dealt with clients, and we in turn employ our own strategy in order to firstly recover information, so that we may look at the potential mis-selling of Payment Protection Insurance by establishing whether it has been applied in the past, regardless of how long ago this may have been. Unfortunately we do not have an invaluable magic wand and, on occasions we are unsuccessful in tracking down whether payment protection insurance has been applied, but this is after considerable work to make sure that the Lender has looked thoroughly.
Our oldest successful claim (without information at the outset) was in relation to a claim in 1987 in which we were successful. This was also through the Financial Ombudsman and we have experience dealing with their various procedures, which have been established since they began in 2001 (previously dealt with by the Banking Ombudsman).
We work purely on a “No Win No Fee” basis. Therefore our fees, once a refund is received, would be charged at a rate of 20% plus VAT of any payment received. However if we have been unsuccessful in locating the PPI in the first place or establishing a refund, then there is nothing to pay. Therefore, the client is protected from having any costs whatsoever, unless we are successful.