PPI: how to claim if you’ve been mis-soldIf you’re complaint is successful

Refunds should include PPI premiums paid plus any additional interest charged

How much money should you get back?

If your complaint is upheld, then the firm should do its best to put you back into the position you’d have been in if you had never taken out the PPI.

Regular premium policy

If you have a regular premium policy, such as those attached to mortgages and credit cards, then you should receive a refund of any PPI premiums paid by you and, if applicable, a refund of any additional interest charged to you because of the PPI.

Single premium policy

If you have a single premium policy, such as those often attached to personal loans or finance agreements, then the compensation you receive will depend on whether your loan is still in force or not.

If your loan is still in force - your lender should calculate what your loan repayments would have been had PPI not been added to the loan, and how much should have been repaid so far. Any overpayments you have made will therefore be applied to your outstanding loan – reducing the amount of capital you owe.

If your loan or finance agreement is no longer in force - you should still get back any PPI payments you made, plus the difference between the redemption figure you paid and what it would have been had you never taken out the PPI policy.

Statutory compensation for mis-sold PPI

Complain to the firm that sold you the insurance

You may also be entitled to statutory compensation, which is usually set at 8% of the money refunded. This is to make up for the fact that you haven't been able to use the money during the time you held the PPI – after all, you might have saved or spent it elsewhere.

Don’t leave yourself unprotected

If your complaint is upheld and you receive redress as above, then your PPI policy will be cancelled. Make sure you have alternative cover in place in case you’re ever unable to make your repayments. Find out more about better protection and alternatives to PPI.

Feedback

While we aren't normally able to help or advise in individual cases, we’d love to know how you get on with your complaint. Your experiences and feedback are vital to help us improve this site with the latest, most useful advice.

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Please note that this information is not intended as legal advice, and Which? Ltd. cannot accept any liability for individual claimants who may rely upon the information given on this site. Every effort has been made however to ensure that the information is correct at the time of writing.