You can start your claim for mis sold payment protection insurance by completing the quick and easy online form (opposite), calling us free on 0808 126 3130 or by email: firstname.lastname@example.org
Our telephone Claims Executives will help to assess your circumstances and to consider if you might have a valid claim or not. We can establish the likelihood of whether you might have been mis sold payment protection insurance and talk you through the steps of how we can work with you to claim back potentially mis-sold PPI. If you wish to pursue your claim we will send out the completed paperwork for you to sign and return.
Once returned this documentation will then be passed on to our experienced PPI Claim Handlers. Who will investigate your claim and provide you with any update on your claim. We will also keep your claim moving as quickly as possible and make sure that any offer you receive is appropriate.
We never charge any upfront fees and operate on a no win no fee basis for PPI refund claims. If your claim for mis sold PPI is successful, we will charge a fee of 20% plus VAT of any amount recovered on your behalf.
The ABC Claims Timeline
What can you expect when claiming back mis sold payment protection insurance? PPI refund claims can take some time. The claim can range from potentially just six to eight weeks to many months and this often depends on the approach that the bank or lender takes when assessing your claim.
Here is ABC’s claims timeline which helps to explain things.
Our experience telephone Claims Executives will discuss your claim and determine the likelihood that you might have been mis sold payment protection insurance. When assessing your claim ABC will look to determine whether there is appropriate proof that PPI was mis sold to you. This generally takes around 15 minutes depending on the information available and the amount of claims you may be able to make.
Receipt of Paperwork/ Initial Assessment
Our experienced Claims Handlers will review your paperwork and assess the eligibility of a potentially mis-sold policy and request a subject access request notice (SARN) to gather supporting evidence from your bank/lender to make sure your claim is assessed correctly to ensure we obtain the correct amount of compensation for you. This request can take on average 6 weeks for a response to be received. On receipt of the SARN we will reassess your claim to make sure we have valid grounds to make a formal complaint to your bank/lender.
Claim Submitted to the Bank/Lender
ABC submit the assessment of a complaint specific to your case to the bank/lender we do this by completing a fact find over the telephone with you to put forward the grounds on which we feel you were mis-sold . If the bank or lender is still trading they are required to acknowledge this claim, if we haven’t heard back in four weeks we chase this up until we receive confirmation the complaint is under investigation.
Reply from the Bank /Lender
Following the bank or lender’s acknowledgment that they have received your claim they have eight weeks to respond. This response can vary in its nature and the time it takes for your claim to be resolved then depends on the stance taken by the bank or lender. The bank or lender might confirm that there was no PPI sold as part of the lending or that the PPI was sold fairly. In these cases the claim will not proceed.
If the bank or lender disputes the claim or if you don’t agree with their decision ABC can escalate the claim to FOS (Financial Ombudsman Service) who will settle the dispute. This part of the process can take a long time and we can’t give any exact timeframe due to the number of claims for mis sold payment protection insurance that FOS are currently processing but if we believe you have grounds for a claim it is often well worth pursuing.
If the bank/lender advise the policy was sold by another 3rd party. Eg – A Broker or Intermediary and the 3rd party is no longer trading it’s possible we can still pursue this complaint on your behalf with the Financial Services Compensation Scheme (FSCS). This scheme is only available for single premium policies that were sold after the 15th January 2005. These claims can also take a longer time than the norm due to extra paperwork that is required to process theses. Again we can’t give an exact time frame
If your claim succeeds the bank or lender will make payment directly to you in most cases. This may be a payment into a loan or by other means. When ABC has checked that your award has been made we will ask you to pay our fee of 20% + VAT from the compensation you were awarded by the bank or lender. The fee is always charged on the full amount of compensation recovered. Below are some fee examples:
- If we obtain an offer of £1,000 compensation, (including any statutory interest payable by the lender which is normally calculated at 8%), our fee would be £200 plus £40 VAT = £240 (VAT calculated at the current prevailing rate).
- If we recover £1,000 compensation and part of the redress is credited to your finance for example £300 is paid to settle your outstanding loan balance and the remaining £700 is paid direct to you, our fee would be £200 plus £40 VAT = £240
- If we recover £1,000 compensation and all of the redress is credited to your finance for example £1,000 is paid towards your outstanding credit card balance and £0 is paid direct to you, our fee would be £200 plus £40 VAT = £240