Q. Why can I claim back PPI?
A. If you have taken out a loan, credit/store card, car finance or used catalogue payment schemes which had PPI insurance, it's likely that it's been mis-sold and there is a good chance we can get some of your money back.
The Financial Services Authority (FSA) has recently fined 18 banks and lenders over the mis-selling of Payment Protection Insurance (PPI). In May 2011 the FSA won a large court case against the British Bankers Association (BBA) which means the banks now have to pay back everybody they treated unfairly by mis-selling them PPI.
Q. How has it been mis-sold?
A. The problems often lie with the person or organisation arranging the loan trying to sell you PPI. Some organisations have had an aggressive approach to the sale of PPI. In many cases the person selling the insurance to you did not ask the right questions to make sure that the insurance is suitable for you. This often results, in you purchasing an insurance policy that was actually worthless if you ever needed to claim on it. Sometimes it was added without you even knowing!
Q. Am I eligible to make a claim?
A. If you answer yes to any of these reasons you may be eligible for a refund:
Q. How can we help you claim?
A. Here at ConsumerNet we have No Upfront Fees and operate a No Win No Fee* policy so there is absolutely no risk on your part. Our highly qualified, diligent team of file handlers will do their utmost to ensure that you get back the money this is rightfully yours.
Q. Are there other finance insurances I can claim for?
A. Yes. Payment Protection Insurance is also known as Personal Loan Protection (PLP), Accident Sickness & Unemployment (ASU), Mortgage Payment Protection, Credit Card Repayment Protection or Personal Loan Protection.
Q. Can I claim a charge back, even if it was my own fault?
A. Yes you can. Your bank is only allowed to charge you fees that cover their costs and are not allowed to profit from these charges. The remainder can be claimed by you.
Q. How long will it take to get my money back?
A. It depends on the Financial Institution and claim type. We have had cases settled in as little as 4 weeks and others take longer. However most claims are settled within 3 months.
Q: How do I know my information is safe with your company?
A: ConsumerNet Ltd take your privacy very seriously. We are registered with The Information
Commissioner (number Z1289770) and we comply with all aspects of The Data Protection Act 1998. We will never disclose your personal information to any third parties, without your prior consent, for any purpose other than to process your claim. For more information, see our Privacy Policy.
Q. Can I claim interest on the charges?
A: Yes. By using ConsumerNet Ltd, our legal team will endeavor to claim back interest at the rate charged by the company, plus statutory interest.
Q. Can I claim for a business account?
A: Yes. You can claim for both personal and business accounts.
Q. Can I claim for any amount?
A: Yes. There is no maximum limit on what you can claim.
Q. Can I only claim for charges made in the last 6 years?
A. Yes. You can only claim back six years from the date of your claim.
Q. I have moved bank and no longer have the account. Can I still make a claim?
A: Yes. We can still make a full claim for all charges in the last 6 years.
Q: Will a claim affect my credit rating?
A: No. Making a claim will not negatively affect your credit rating.
Q. Will my bank contact me?
A. They shouldn't do. You will have given us authority to act on your behalf. If they do contact you by post, then you should pass this on to us so that we can respond appropriately.
Q. Can my bank close my account?
A. If the bank closes your account because of your complaint about their charges, then we are happy to raise an official complaint with the Financial Services Authority on your behalf citing retaliatory action against your claim. This is likely to be more damaging for the bank than your claim against them.
Q. Can I still claim PPI if my loan has been paid off?
A. Yes. If your loan has been paid off, you can still make a claim for any premiums paid in the last 6 years.
Q. Where do I send my completed forms?
A. All you need to write on the envelope is FREEPOST CONSUMERNET (in capitals) NO stamp required.
Q. Can I claim independently? Why would you use ConsumerNet?
A. As with anything in life you can elect to "do it yourself" in the same way that you can prepare and file your own tax return without the use of an accountant, or buy and sell your own property without the use of a solicitor. However, most people choose to employ the services of someone who is an expert in their field.
ConsumerNet is a professional, regulated claims management company. The whole purpose of our claims procedure is to take the burden of making a complaint completely off your shoulders. We therefore undertake to manage all aspects of your claim from start to completion, making the whole process as hassle free for you as possible. For example, many high street banks are sending customers questionnaires regarding their potential claims with "trigger" questions that if answered incorrectly will result in them refusing to pay compensation. The Bank's will try anything they can to NOT PAY, so we use our experience in dealing with claims to ensure you stand the best chance of winning your case.
Our track record speaks for itself. To date we have successfully secured more than £10 million in compensation and refunds for our satisfied customers. Currently more than 2,000 new clients a month choose to use ConsumerNet services.
* See Fees Page for a full explanation.