Did you have PPIwith MBNA?

MBNA – Claiming a Refund For PPI

MBNA are a trusted creditor. Many customers chose to take out credit cards and loans with this bank, primarily because MBNA were the World’s largest credit card issuer, a very trusted lender who offered attractive deals and low interest rates. During the last decade or so the UK financial sector has come under intense scrutiny. A good proportion of this was because of what turned out to be the biggest and costliest financial scandal to ever hit the UK, of course we’re talking Payment Protection Insurance.

Banks have so far paid out £24bn in compensation. The five biggest banks in the UK have set aside a further £32 billion to deal with the compensation bill. Mis-selling PPI has meant that MBNA has been forced to pay back millions of pounds to customers who were mis-sold faulty policies and we’re here to help any MBNA customers claim refunds for money that is rightfully theirs.

What is Payment Protection Insurance?

PPI is a form of insurance that covers repayments on finance products like mortgages, loans and credit cards if the holder is for any reason unable to meet the monthly repayments. This could be down to a few different reasons, these include:

• Involuntary Redundancy
• Long-term Sickness
• Injury

On paper the policy sounds quite useful, however MBNA and the other big lenders have tarnished Payment Protection Insurance and what it stood for by mis-selling the policies.

Banks and lenders were deliberate in the way that they wrapped PPI up in a cloud of mystery, this is because making things more complicated and deliberately confusing people made it easier to mis-sell policies and hide the evidence.

How Did MBNA Mis-Sell?

In a lot of cases, PPI was added onto a policy without the customer’s knowledge, hidden away within the monthly repayments. Sales Advisors would often use dishonest sales tactics when it came to attaching policies. This was used as a tactic to push customers to buy a policy. In other cases, some sales staff, at the request of the banks, were told to use whatever techniques they could in-order to sell PPI to consumers. The policies sold in a lot of cases wouldn’t cover the individual and would leave them unable to claim on a policy even if they needed to. Sales Advisors also failed to clarify to the customer that a PPI policy was optional and they were free to opt-out or even purchase the insurance elsewhere if they wanted to.

You don’t need your account details to claim your refund!

We only need your name, date of birth and address

You may not have all the required paper work or account details available to you, this is the case for many people, but all is not lost. PPI.co.uk have been helping customers to get refunds for what is rightfully theirs for years. Because of the name we have built in the industry we have brokered a deal with all the major banks and lenders, meaning that we’re required to only provide a name, date of birth and address. Once we submit this information to the banks they’re able to access their databases and determine if any PPI was added onto any finance you may have taken out.

This agreement is only available to select PPI companies and reinforces our credibility within the industry.

Alternatively, you can make your claim to MBNA directly however you will be required to provide more detailed information about your borrowing, according to MBNA the following information is a necessity when processing the claim:

• Any PPI account policy numbers.
• Details of the key dates of the policy.
• Information about how the policy was sold.
• Employment status at the time the policy was sold.
• Details of any savings or other insurances you had when you took out the policy.

If you have tried to claim before and got nowhere you could still be entitled to a refund.

When the mis-selling of PPI policies hit the news it became a national banking scandal, MBNA customers were sent letters informing them that they may have been mis-sold their policy and could be entitled to compensation from the bank, who were responsible for pushing these overpriced and often useless products. People could then contact MBNA directly and send details of their circumstances at the time of sale, and any evidence (paperwork) to back up the information they provided.

MBNA provided customers with the PPI forms to fill in to ensure that making a claim was as straightforward as possible for the customer. However, it came to light that banks were not always processing the claims in a thorough fashion and a high percentage of claims were being wrongly rejected. In 2015 the Financial Conduct Authority (FCA) allowed customers who had their initial complaints rejected the right to appeal to the Financial Ombudsman Service. This meant that thousands of people who initially had their claims rejected were allowed a second chance in claiming back mis-sold PPI.

If you have previously tried to claim and were unsuccessful we are happy to re-submit your claim. You could still be rewarded a refund.

Time could be running out to make a claim for your refund

The industries governing body, the FCA are imposing a 'Claim by' deadline of 29th August 2019, meaning etc.

How Was PPI Uncovered?

MBNA, like most financial institutions, have had their fair share of financial scandals worldwide which have included controversial interest rates and charges for 0% credit card borrowers, however PPI has always been at the top of the list, both in controversy and cost.

The issue over PPI was first flagged as an issue in 1998, by the well-regarded consumer magazine Which? – who questioned the credibility of the product due to the expenditure and the way it was being sold to people.

Despite this concern PPI mis-selling continued unabated right through the rest of that decade and well into the next. It took until 2005 for the Financial Services Authority to step in and make some real changes, releasing a report about the way banks had gone about selling policies.

After thorough investigation that took almost a year, the smaller finance companies who wrongly peddled PPI to customers were beginning to feel the sting of big fines and reprimands from the governing bodies. In 2007, the big corporate banks were also coming under pressure; thinking themselves untouchable, they continued their activities unabated. They soon found that this was never a realistic plan and the big banks were also being fined millions of pounds. It was estimated in 2008 that more than 2 million people in the UK had been shelling out for PPI policies that they had zero chance of being able to claim on. They were sold the insurance on the basis that it was the only way they could be approved for their credit.

The Financial Ombudsman Service (FOS) finally got involved in the scandal in summer 2008, and ordered the FSA to review how firms were handling their PPI complaints.

The Competition Commission recommended, and eventually ruled in 2010 that PPI should not be sold at the point of sale for credit cards, loans, and other finances. This came alongside much objection from the banks, who protested that the new measures imposed on their standards.

MBNA from Then to Now

1982 – Maryland Bank, N.A. is founded

1989 – Now dubbed MBNA America Bank

1991 – MBNA Corp separates from Maryland National and becomes an independent company

1993 – Maryland National was obtained by NationsBank

1995 – MBNA moves its headquarters to Rodney Square in Wilmington, Delaware. This move was credited as an investment into Wilmington’s real estate market.

2005 – MBNA is acquired by Bank of America for an undisclosed amount

2006 – MBNA is renamed to FIA Card Services, however the name MBNA is still retained in Canada and Europe

2016 – Rivalling Apple pay; Samsung pay is offered to MBNA customers in the UK

MBNA PPI Claim

If you have taken out a loan, credit card, mortgage or any other finance from MBNA, you may have been mis-sold Payment Protection Insurance (PPI). As a result, you now may be able to claim back £1000’s in compensation.

Payment Protection Insurance was designed to cover your loan or credit card repayments in the event of you being unable to work due to an accident, sickness or unemployment. Although people are finding out that they have been paying for a policy they cannot claim on, the issue wasn’t with the policy but the way that it was sold. It was sold with credit agreements to protect both you and the bank in the event that you were unable to make your repayments, many people who paid for PPI didn’t get the protection they thought they had. For instance, people with pre-existing medical conditions while taking out their cover may find that they are not entitled to claim on their policies despite having paid for PPI. Even some self-employed people will find that they have been paying for cover that is not actually suitable for them.

How Long Has This PPI Mis-Selling Been Going On For?

The Times reported that over 16.1 million policies have been sold since 1995. Citizens Advice made a complaint about how PPI was being mis-sold in the year 2005 and since then there has been a rapidly growing number of claims for compensation, and complaints to the Financial Ombudsman Service (FOS).

In January 2008, HSBC-owned Beneficial Finance was fined around £1m for PPI mis-selling, followed by a record £8m fine in October for “Alliance & Leicester” for serious failings in its telephonic sales of PPI.

By 2009, the Ombudsman was dealing with more than 800 complaints a week. Latest reports say it is now receiving more than 5,000 every week. In July 2010, Lloyds stopped sales of all PPI products in a tacit admission that it was an inherently flawed product.

So why has PPI been in the news so much this year?

Since the complaint made by Citizens Advice in 2005, banks across the country have been heavily criticised in various reports by the Financial Services Authority, the Office of Fair Trading, the Financial Ombudsman Service, and the Competition Commission. Yet, majority of banks refused to admit they had done anything wrong and even continued to reject many legitimate complaints by unsatisfied customers. This eventually led to the Financial Services Authority (FSA) issuing instructions to the banks in August 2010 for them to improve the way they were handling complaints about PPI.

The banks took the FSA to court in October 2010 to challenge these instructions. They then used the court case as an excuse to stop paying out on complaints for seven months – despite their own British Banker’s Association stating that “The only people who can put complaints on hold are the FSA, the Ombudsman or the courts." However, the judge threw out their claim. This was announced to the public on 20th April 2011.

Post it, the banks had until 10th May 2011 to appeal against the court decision. Quite unbelievably, they were seriously contemplating doing so. Then Lloyds TSB broke ranks with its peers on 5th May, announcing that it was withdrawing from the legal action against the FSA. Barclays soon followed and eventually the British Banker’s Association confirmed on Monday 9th May that it would be dropping the legal action entirely.

This meant that every bank that mis-sold PPI had to now process it in due course according to the guidelines issued by the FSA. Unfortunately, the legal action by the banks means that there is a massive backlog of complaints. This is why you should submit your claim as soon as possible to stay ahead in the queue to get a refund. No-one knows exactly how long the backlog is but the FOS has received more than 200,000 complaints to date.

How to Check If You Have a Mis-Sold PPI with MBNA?

• The first thing you should do is look for the paperwork which was sent to you when you took out your loan, credit card and mortgage or finance agreement from MBNA.
• The PPI payment may be shown on your agreement or statement as payment protection insurance, loan protection cover, card protection cover or something similar.
• If you do not have the requisite paperwork, you could check with MBNA and ask whether you have PPI.
• If you have a credit card from MBNA, check your credit card statements as you may have payments that have been charged for PPI shown on it.
• If you have a personal loan and you are unable to locate your loan agreement you may have to contact your Bank to find out if you have it.

Checklist For Mis-Sold PPI By MBNA

The list below sets out a number of reasons where the policy may have been mis-sold to you by MBNA

• You felt pressurised into taking out the insurance by the MBNA sales person.
• You were not asked by the sales person if you already had sufficient cover or any employer's benefits that would cover your repayments.
• The MBNA officials did not tell you that the PPI would not cover the full term of your loan.
• The PPI was added to your account without your knowledge.
• You were told by the sales person that the loan was fully protected and given no other explanation or any other details.
• The sales person did not tell you that the PPI was a single premium added to the loan, increasing the interest charge.
• You were not informed by the sales person that some sickness such as back problems and stress related illness could not be claimed for.
• You were not warned by the salesperson that pre-existing medical conditions may affect any claim under this insurance.
• You were self-employed or retired at the time of signing the agreement.
• You were only provided with a quote for the loan with the PPI included. No one gave you a quote without the PPI attached.
• You applied for a loan online where the box for PPI was automatically ticked.
• You were aged under 18 or over 65 when the PPI policy was sold to you. The insurance should not be sold to people outside of these age ranges.
• You worked less than 16 hours a week when the PPI policy was sold to you.
• You were employed on a temporary or contract basis when the PPI was sold to you by MBNA. PPI policies do not cover temporary or contract workers.

If your answer is 'yes' to any of the above questions, then you could be entitled to make a claim for PPI refund as you have been mis-sold the policy by your bank that may be worth thousands of pounds to you.

If you are missing info or lack paperwork, don't worry – it's easy to find out

Lots of people worry about reclaiming PPI because they don't have full details or can't remember, but don't let this put you off. Here's what you need to do...

• Don't know if you even took out PPI?

First, you can try finding out by going back through all your old mortgage or loan statements and check for any mention of an insurance fee or product to cover your payments if you lost your job through accident, sickness or unemployment. You can look for something that may be called 'payment cover', 'ASU', 'protection plan', 'loan protection', 'retail payment protection', or 'loan care'.

• Think you had PPI but don't have the paperwork? Contact your bank for details

If you've lost your paperwork, don't panic: there's a way to still get a hold of it. If you don't have a copy of your agreement or terms and conditions you can contact your bank to ask for a copy (make sure the terms and conditions date back to the time of your agreement, as terms will change over time).What to ask depends on whether your account is still open or closed.

• Is your account still open?
  • Here banks can ask for £1 to provide a copy of your agreement but not all do so. You could include a £1 cheque to speed it up a little.
• Is your account now closed?
  • You can ask for a full breakdown of your whole account, specifically including the insurance. If it takes longer than 40 days, report it to the Information Commissioner. This breakdown can cost £10, so you could include a £10 cheque to speed the process up a bit.
• Got your old bank paperwork but not sure if you had PPI? Call your bank to ask.
  • The easiest way to check is to contact your bank. Most will be able to tell you whether you've had PPI, either now or at some point in the past.
  • If this doesn't work, what's needed is likely to depend on how old your policy is. Some lenders only need a name and address (remember to let them know if yours has changed) others may need more details.
  • It may be easier if you have the original agreement and terms. Under the Data Protection Act, if your account's still open, you've a legal right to get your agreement from the lender for £1.
  • If your account is closed and the bank can't find your PPI policy terms, it'll be harder to process your complaint. Contact your provider with as much detail as you can, or ask for a full breakdown of your account. It can cost £10 to get this. One option is to have a claim management company do the work of finding out and claiming from your side.

How to Make A PPI Claim?

Thousands of people across the UK have already made successful PPI claims worth thousands of pounds and even you can do the same. However, despite the extensive media attention that the mis-selling of PPI has garnered, there are still millions of people who are yet to reclaim their PPI payments.

If you are wondering how you can go about making a claim, here are two ways by which you can try and reclaim PPI:

Making the Claim Yourself

You could pursue the claim on your own directly with your bank and then if your claim is rejected, you would then need to complain to the Financial Ombudsman Service (FOS). Although most banks lost their High Court case regarding their handling of Payment Protection claims, they can still take their time in handling claims by missing deadlines and making incorrect offers to the PPI mis-selling victims.

The bank should get back to you regarding your complaint within 8 weeks. At this stage, you might hear back from your bank with an offer to compensate for mis-sold PPI. It is important to check if you have been awarded the full compensation or whether you have been underpaid by your bank.

Understanding your offer letter: what is the Money you are being compensated for?

If your bank has upheld your complaint, it means you will be compensated since you were mis-sold PPI. The compensation amount will comprise of three main parts:

• Premium- You will be reimbursed the amount you paid for your PPI policy.
• Interest- You will be reimbursed the interest that was charged because of the PPI policy.
• Extra 8%- You will also be reimbursed interest on both the above amounts at a statutory compensation rate of 8% per year.
• Check all the factors that affect the compensation amount
• Go through your offer letter sent by your bank thoroughly and verify that all the details specified in it are accurate. If not, then inform your bank or it could affect your compensation amount.
• If you had multiple credit cards, then check if it was specified in your offer letter. Cross-check all the information and contact your bank if there are any disagreement.
• Check if the final offer has been altered because of comparative redress. Verify if the assumption made by the bank is true. If not, inform it to them.
• If you find any discrepancies in the offer letter by your bank, then inform your bank first. If it’s a case of error, allow your bank to rectify that mistake and send you a recalculated offer letter.
• If you are still not happy with the bank’s final offer, then you can upscale the complaint and contact the Financial Ombudsman Service. There is no cost in asking the Ombudsman to adjudicate your dispute. However, due to the volume of PPI complaints, this process can be time-consuming.

An individual claim and associated paperwork has to be submitted for each PPI that you are claiming for. In the event you have to take your complaint(s) to the FOS, an individual complaint has to be submitted for each of the policies you are claiming for.

Financial Ombudsman Service (FOS)

The Ombudsman is the official, independent service for settling disputes between financial companies and their customers. It is completely free to use and will pass judgment on whether your complaint should be paid out or not.

The FOS will also decide whether your policy was sold unfairly or unreasonably. It can only do so, once eight weeks have passed from the date of your first complaint letter unless your bank sends a final letter within the 8 week period.

While the process of using the services of FOS is easy and the amount of money you could receive is massive, it's not usually quick. Your case may take a couple of years to be settled depending on the details of your case.

How Does FOS Operate?

The ombudsman treats each case differently and makes decisions on the basis of what it believes is fair and reasonable in the particular circumstances of each case. In making decisions on individual complaints, the FOS is required to take the relevant law and regulations, regulator's rules, guidance and standards, and codes of practice into account to operate.

While FOS deals with all types of consumer complaints, PPI claims are the most common types of complaints that they receive. Recently, the FOS reported that it had more than 400,000 unresolved cases in which banks had refused compensation when customers complained to them.

The question here is that why PPI claims are so common and are in majority? It is because PPI (Protection Payment Insurance) was sold widely across the UK by big banks, often using misleading sales practices, alongside personal loans, mortgages and credit cards. The policies were meant to cover payments if customers were sick, unemployed or in a situation where they could not pay their debt. But eventually, upon requirement, the banks did not pay out or the buyer did not qualify in the first place for receiving the money covered.

There are still millions of mis-sold PPI policies out there amongst the general public which are left unclaimed. As an ombudsman, FOS wants to ensure that they do everything possible to ensure that the consumers claim back their mis-sold PPI before it is too late.

Getting Professional Help From A Claim Management Company

Your second option is securing the services of a claim management agency like us. The easiest way to make a claim is to secure the services of an organisation such as ourselves that specialise in making a PPI claim on your behalf. We can remove the burden and fear of making a claim and help you get back the right amount of compensation that you are owed.

There are numerous Claim Management companies out there, so why should you choose us?

We are a Northampton based company that specialise in claiming for people living in Northampton and its neighbourhood. We have extensive experience in dealing with creditors on behalf of our clients.

Since our launch in 2007, we have managed many successful PPI claims. So far, we have recovered many millions of pounds for our customers, who were mis-sold PPI.

You can trust us to handle your case with honesty as iSmart Consumer Solutions is regulated by the Claims Management Regulator in respect to regulated claims management activities CRM2506; its registration is recorded on the website - www.justice.gov.uk/claims-regulation .

Remember, in order to be able to help you, we need to establish the basics, which would include what PPI you have on what finance. This is something we do for free using our free check service.

Free PPI Check Tool

If you are unsure about whether you were mis-sold a PPI policy by your bank, try checking it with our free ppi check tool. All you need to do is provide us with the basic information and we will check with your bank whether you have PPI. These accounts can be open or closed, going back 10 years. This is 100% Free to you.

Once we have established you have had PPI, we will contact you to let you know.

What do you want to do next?

Once we get back to you with results, it’s upon you to decide what you want to do.

• You feel that the PPI was mis-sold to you and ask us to take on your case.
• You feel that the PPI was not mis-sold and ask us to end the process.
• You choose to use the information we have provided to take the case ahead of yourself. We will forward you the information you need and that would be the end of our commitment to you

Engaging ISmart to Handle Your Claim

If you feel that the PPI was mis-sold to you and ask iSmart to take on the case, we will take your complaint over the phone or by post and send you out the paperwork to sign. You will be entering an agreement with iSmart. If you want to accept our services, please return the paperwork and we start your claim using the details you have provided.

While it may seem that the deadline is far away, there's likely to be an enormous number of people rushing to make their claims. Additionally, the FCA has also confirmed new rules surrounding what's known as the Plevin ruling which means millions more could be caught in the PPI's web. They will also be claiming by the deadline, so it is best to act as soon as possible.

What Is Plevin Rule?

Now, due to Plevin, even just having PPI means most were mis-sold

A whole new route has opened up for millions of people in the UK who either didn't think they had been mis-sold PPI or who have had their claims rejected.

In 2014, a court ruling held that customer “Susan Plevin” was treated unfairly because she wasn't told about a large amount of commission (71.8%) taken from her PPI payment. The Financial Conduct Authority (FCA) has now confirmed that this can be used as a new reason to claim for compensation.

The Plevin rules mean if over 50% of your PPI’s cost went as commission to the lender, and that wasn’t explained to you by the bank official or sales person, you are due back the extra amount above that. For this to count, your PPI had to still be active at some point since 2008.

Staggeringly, with a loan PPI, an average 67% of what you paid was pocketed by banks, as commission from insurers and banks almost never had their customers’ consent attached to it. So, millions of more people are owed possibly billions of more pounds even if they have got their refund. On a £10,000 loan over 5 years, your 'Plevin' compensation would usually be £500.

Here's a quick timeline related to Plevin Rule.

• March 2017- Regulator tells banks to start preparing for Plevin complaint rules. You can put in a Plevin complaint now with assistance from us.
• 29 August 2017- From this point, banks must consider a straightforward Plevin complaint case from consumers. They must also automatically consider Plevin as part of any other PPI mis-selling complaint, even if it's not mentioned.
• Aug - Nov 2017-Banks should be sending out a letter to two types of consumers:
  • The 1.2 million who were previously rejected for a PPI-mis-selling complaint, and
  • To the ones who have a mis-selling claim currently in a process or
  • To the ones who make a PPI claim between now and August 2017 - So-called back cases.
• 29 November 2017- All the above types of PPI mis-selling victims must have been contacted by the end of the month at the latest.
• 29 August 2019- All PPI mis-selling complaints and Plevin complaints to have been made to the relevant banks

How far back can you go to make a claim?

There is no time limit on how far back you can go to make a PPI claim. The only problem may be the paperwork. It's easier if your insurance was active in the last 6 years, but don't let this put you off. You can complain about a product sold at any time, though here are some guidelines which may help.

• Insurance started in the last six years: There is no issue here at all as you can request information from the banks going back six years. Even if the loan's now paid off, you can start a reclaim.
• Older insurance that's still active, or ended within the last 6 years: You can start a reclaim. The six-year rule applies to active insurance, so a policy taken out 12 years ago but paid off 5 years ago was still active within the key six-year period.
• If your policy ended over six years ago: The 'statute of limitations' means banks don't need to keep records that are over six years old. However, there is no official cut-off time so if you've still got the paperwork while your chances of having it are a little lower with older loans – many still do successfully reclaim. We've had many successes going back to the early 1990s

The PPI story is always changing and we hear new stories of bad practice all the time – many banks have been fined for not treating customer’s claims fairly.

If your complaint was rejected by your bank in the last six months, you've got a right to take your case straight to the Ombudsman.

If it's been more than six months since your complaint was rejected and you didn't go to the Ombudsman, you may find it might not be as easy to start a complaint with the Ombudsman. So, what you'll have to do is restart your claim unless, for example, a severe illness may have prevented you from being able to write to the Ombudsman or you couldn't find original documents as part of a claim and later found some.

So, for most, the only choice is to restart the case. Whether you're allowed to do that or not is complicated. Generally, as stated above, you'll need a major reason why you didn't - but the Plevin case may help you here. If you're not sure whether you can restart, the best thing to do is call the Ombudsman helpline or speak to us if you wish to seek our assistance in making a reclaim.

The fact you were rejected in the past does not mean that you weren't mis-sold. So, don’t give up on claiming for the money that rightfully belongs to you

You can Even Reclaim PPI for a Deceased Relative or If You Live Abroad

Many families only discover a family member or a parent had taken out PPI when they die, during the onerous task of sorting through their paperwork but their death doesn't mean the end of the compensation they're owed.

Any monies owed become part of their estate, so the person who inherits is entitled to reclaim for it. If there's no will the PPI compensation amount will become part of the deceased person’s estate and will then be distributed as per the rules of intestacy. Yet it is worth noting that there may be problems proving what happened at the time of the sale if only the policyholder was present.

And if you live overseas, the fact you now live abroad is neither here nor there, you can always reclaim.

FAQS about PPI Claim

• How much can I claim?
  • If your claim is successful, you should get back all of the premiums you have paid with interest being added. In many cases the amounts being repaid amount to many thousands of pounds, with the average claim being in the region of £3000.00.
  • Each claim is different and we cannot comment on your own until we’ve spoken to you and looked at your finance documents. As a broad rule of thumb, PPI on loans tends to be between 15% and 30% of the loan value. So, if you borrowed £20,000, that’s up to £6,000 in PPI compensation, plus statutory interest at 8%.
• How Long Does It Take?
  • Since losing their High court case, many creditors have assigned funds to cover PPI repayments and the time scale involved in completing the process is now on an average around 8 weeks, with many lenders settling the claims sooner.
• Can I make a claim even if I have fully repaid my loan?
  • You will be able to make a claim if your last repayment was made within the last six years
• Can I make a claim if the finance and policy were taken out in joint names?
  • You can make a claim if the other person also agrees to make a claim.
• Will making a claim have a negative affect on my credit rating?
  • No, making a claim will not affect your credit rating
• Can my claim be used to reduce my outstanding balance on my credit agreement?
  • Yes. If your account is in arrears or you are involved in a Debt Repayment Plan and your claim is successful, your refund can be used by the lenders to reduce the amount owed by you.
• How many claims can I make?
  • You can claim for a refund for every single PPI that was mis-sold to you.
• Will my claim automatically cancel the PPI I have taken out?
  • Although you have the right to cancel the PPI policy and although most lenders will cancel the PPI you should advise them in writing that you want the policy to be cancelled.
• Can I claim on a closed account?
  • Yes, although if it’s been closed for more than 6 years, you must have a copy of the original documentation as it will not be possible to obtain a copy from your lender.
• Will this affect my credit rating?
  • Your credit rating is a reflection of your creditworthiness, whereas a PPI claim is to regain what belonged to you in the first place (your money). We have claimed back more than £2 million in the last two years alone, and none of our clients have complained about their credit rating being affected because they claimed PPI on a closed account.
• My lender has contacted me with an offer, what should I do?
  • Please beware before signing anything. Lenders are notorious for making a ‘goodwill’ offer that is only a fraction of what you are entitled to. Our claims team have analysed thousands of PPI compensation claims and will be able to work out what you are owed. If the offer does not come near this, we can advise you to reject it.

Myths Related To PPI Claims

Here at iSmart, we talk to many people who feel aggrieved that they may have been mis-sold PPI and are concerned that they may never get their money back. While every person with a valid case has every chance of securing a PPI refund, many myths perpetuate as to why a PPI claim may not prove successful or be the best route to take. Here are some of the misconceptions we come across most frequently.

• “I can’t make a claim because I agreed to take out a PPI policy”

True, you might have known about it, but you may still have been misled and therefore mis-sold PPI. For instance, you may have been wrongly told that it was compulsory or have purchased it despite being ineligible. Therefore, we advise you that a claim should still be pursued as an unlawful practice may have occurred during the sales process.

• “I can’t claim as I don’t have the necessary paperwork”

If you have lost or destroyed paperwork, which many of you undoubtedly will have given that cases of mis-selling began some 10 years ago, there’s no need to worry. We at iSmart can advise on how you can get important documentation back from the bank as they have a duty to provide it.

• “Making a PPI claim will affect my credit rating”

This is a common misconception which is totally false as providing your payments don’t lapse during your claim. In fact, you can even make a claim against your bank and your relationship shouldn’t change as a result.

• “A list of people with PPI is held on a central database”

No, it’s not. This is just a claim made by companies who cold-call. In fact, the database they are using is probably just a list of names and phone numbers purchased from a marketing company. Banks are not allowed to pass on such information and why would they gave, as it would just prompt thousands of more claims against them. Therefore, if a company is prepared to mislead you from the outset then the question you should be asking yourself is “do I trust these people with my PPI reclaim?”

• “It’s just not worth it”

We understand that people are caught up with their busy lives and there isn’t always enough time to dedicate towards what can potentially be a time-consuming process. This is why we encourage people to hand everything over to us as we can process the claim on your behalf. Our team of specialists can get a full refund back to you as quickly as possible. Use our Free Check Tool now for a peace of mind and if you have a mis-sold PPI, we will handle your claim to get the money that rightfully belongs to you.

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