About PPI

What is Payment Protection Insurance?

Payment Protection Insurance (PPI) is frequently sold alongside credit agreements and is meant to protect a borrower against the risk of being unable to make repayments in the event of circumstances such as accident, sickness or unemployment.

This is the basis of its sale to you and often the lender insisted that it was taken out. This has now been ruled as bad practice and very unfair to customers by the Government and the Office of Fair Trading.

If you've taken out a mortgage, for a UK or overseas property, a loan for a kitchen or a car, applied for a credit card, consolidated your debts or some other loan, payment protection insurance will almost certainly have been offered. PPI can work in some cases but government figures suggest this is a small minority. Statistics say only 4% of people ever claim on PPI policies and that one quarter of these claims is refused. Small print and difficult administration ensures this low payout rate.

When you take out a loan (secured or unsecured), credit or store card, you're often encouraged to take out Payment Protection Insurance (PPI) at the same time.

Selling PPI is very lucrative for the banks, with some 20 million policies already in force and annual gross premiums of over £5 billion.

Many policyholders find that, if they need to try and claim, they cannot make a successful claim on their policy because of numerous exclusion clauses and administrative hurdles.

Worse still, the policies are very expensive - premiums for PPI policies can add anything from 13% to 56% (CAB research) or more to the total amount to be repaid!

In many cases borrowers don't even realize they have PPI - some lenders just add it to a policy anyway and it's cost disappears into the monthly repayment schedule.

If you have a secured or unsecured loan, there's a 60-70% chance you will have PPI. And with the Ombudsman stating that 85% of all claims are paid out on, it makes sense to act.

You have nothing to lose, and a great deal to gain.

success stories

MONEY RECLAIM can help you reclaim the costs of payment-protection insurance (PPI)

  Mr E from Brighton was offered over £20,000 by Barclaycard in February 2017.

The total amount received by the client was reduced by our fees for handling their case. Our Terms and Conditions give full details of fees payable.

  Mr & Mrs C from Oxford were offered over £20,000 by Lloyds Bank in January 2017.

The total amount received by the client was reduced by our fees for handling their case. Our Terms and Conditions give full details of fees payable.

  Mr & Mrs D from Buckley were offered over £12,000 by HSBC in December 2016.

The total amount received by the client was reduced by our fees for handling their case. Our Terms and Conditions give full details of fees payable.

 Mr & Mrs K from Dunstable were offered over ¶29,000 by Lloyds Bank in November 2016.

The total amount received by the client was reduced by our fees for handling their case. Our Terms and Conditions give full details of fees payable.

 Mr & Mrs S from West Sussex were offered over £10,000*
by Lloyds Bank for their mis-sold PPI in April 2016.

The total amount received by the client was reduced by our fees for handling their case. Our Terms and Conditions give full details of fees payable.

 Mr & Mrs B from Leeds were offered over £13,000*
by Barclays Bank for their mis-sold PPI in March 2016.

The total amount received by the client was reduced by our fees for handling their case. Our Terms and Conditions give full details of fees payable.

 Mr & Mrs L from Sheffield were offered over £12,000*
by the Yorkshire Bank for their mis-sold PPI in February 2016.

The total amount received by the client was reduced by our fees for handling their case. Our Terms and Conditions give full details of fees payable.

 Ms M from Swindon was offered over £13,000*
by Lloyds Bank for her mis-sold PPI in January 2016.

The total amount received by the client was reduced by our fees for handling their case. Our Terms and Conditions give full details of fees payable.

  NO WIN    NO FEE*    NO UP-FRONT PAYMENTS 

* Cancellation fees may apply - see Terms and Conditions for details

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