Can you claim Payment Protection Insurance (PPI) if you have defaulted on the loan or credit card that you are trying to claim on? The answer is yes. You can look at making a claim on any facility, despite your financial situation. The vast majority of people have defaulted on some sort of borrowing facility. Certainly in the past, and with the length of time that the PPI scandal encompasses (from the early 1980s through to the last few years) it would be surprising if defaulting on various facilities did not affect most people who have recovered PPI in the past.
The PPI scandal has been rumbling on for a number of years, despite the Banks having so far (up until the end of October 2015) refunded £25billion. Yet there are still many millions of policies which remain unclaimed for, many of which are from in the 1990s and early 2000s where people have been reluctant to make claims, not only because they believe that as a result of defaulting on facilities they will be unable to, but also because they do not have paperwork or account details.
None of these concerns causes a problem. We represent clients who have been, or are in Debt Management Plans and who do not have any paperwork relating to the facilities that they wish to make a claim against. All we need in order to make a successful claim, in the first instance, is to know who the Lender is and thereafter make an application to establish if PPI was applied. If the PPI was applied then we can look at making a claim. If successful, our fee is 25% including VAT on anything that is recovered. If the claim is not successful, there is no fee to pay either upfront or as a result of the claim.
With the Banks making further provisions in their accounts, they are continuing to look at ever increasing numbers of PPI claims. The Financial Conduct Authority (FCA) have issued guidance in dealing with these claims and they have set a time limit whereby claims are to be submitted, which is to be Spring 2018.
Whilst Spring 2018 is some time away, if you have not made a claim so far, for whatever reason, (and this is normally due to the reluctance as a result of not having specific information) then do so without delay. We can look into these claims without fear from you of being charged. If the claim is unsuccessful or if no PPI was located or established with the Lender there is nothing for you to lose. With PPI refunds still maintaining an average level of approximately £3,000, an awful lot can be gained, should PPI be established and a refund obtained.
We have been dealing with banking disputes and complaints since the late 1990s and have considerable experience in dealing with PPI, where we represent several thousands of clients at any one time. We operate with a handful of trained staff to maintain close contact with our clients, should they require information, and in dealing with the complaint as efficiently and effectively as possible with the Lenders who we have been in close contact with for many clients in the past.