GWlegal PPI Return




At PPI Return we want you to have all the information you need to make an informed decision. Below we have set out some of the more common questions we are asked to help your understanding of PPI and the claims process. 


What is PPI?

PPI is short for Payment Protection Insurance and for many years was offered by banks and other financial institutions. It is an insurance policy designed to meet the repayments of certain financial liabilities such as loans should you be unable to maintain those repayments due to accident, sickness or redundancy. You would take out PPI at the time the loan was set up with the cost of the insurance often being included in your monthly loan repayments.

Which types of products was PPI sold with?

PPI was often sold when you took out a loan, credit card or mortgage and it is quite possible that you may have such cover sometimes without even knowing that you have.

What is wrong with PPI?

Actually, in principal, there is nothing wrong with Payment Protection Insurance when it is sold correctly to a suitable borrower. However, there are a number of conditions within the policy that would make it unsuitable for certain customers. The problem was that PPI was sold to numerous people that would never have been able to claim on the policy or did not even realise that they had been sold it.

Who has mis-sold PPI?

A lender would make more money on a loan that was sold that included Payment Protection Insurance. Therefore, it is quite possible that many of the financial institutions involved in the sale of the likes of loans, mortgages and credit cards were involved in the mis-selling of PPI including a number of banks and building societies.

What does the mis-selling of PPI involve?

There are many examples such as being persuaded by a bank employee to include PPI when taking out a loan if you were not in paid employment due to permanent health problems and living on incapacity benefits which would mean that the policy would not pay out. On occasions, some customers have even been incorrectly told that it will help get their loan approved if they take out PPI. These are just some examples of PPI mis-selling.

How do I find out if I was sold PPI?

As already stated, many customers were unaware that they were sold PPI when taking out a loan. It will be mentioned in the original loan documentation so you could check those papers. You could also check your bank statements to see if there is any mention of a regular payment going out that you are unsure what it relates to. PPI can also go by other names such as debt protection or personal loan insurance.

However, we have many years experience in establishing if someone was sold PPI so we will be able to find out from the lender even if you don’t hold any of the loan documents. If you were not sold PPI we will not charge you for finding this information out so you have nothing to loose – we operate on a no-win no-fee basis.

How much am I likely to get back?

The refundable amount is based upon a number of things such as the PPI premiums that have been paid and the cost of providing the loan that will have been based upon the likes of the amount and term of the loan and the interest rate. You would also receive interest.

How long will it take to make a claim?

Such is the volume of customer’s submitting PPI claims that many of the banks have set up teams of staff just to deal with claims. The lender has 8 weeks to provide a response to you in which they must state if your claim has been successful or not or if they need longer to investigate the matter. Therefore, the sooner that you submit your claim the better.

You will be pleased to hear that we have a streamlined process in place that should ensure you receive a speedy response. All you need to do is complete our form or ring us on 0800 877 8888 and then leave everything else to us.

What happens if my case is referred to the Financial Ombudsman Service?

You have to await their decision.