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Payment Protection Insurance Claims PPI


Beware of claims companies who say they will get your money back

A number of claims management companies are advertising that they can get a refund for you on your policy if you were mis-sold PPI. You do not need to use a claims management company if you are entitled to a refund. These companies will charge you a fee, which can often be a large proportion of what you are refunded, sometimes 30% or more plus VAT. For example, if you were refunded €1,000, the company could charge you up to €300 plus VAT. If you use a claims management company, you will be charged for something which is free for you to do yourself or which may happen automatically under the Central Bank’s review.

If you use a claim company the compensation is paid to the claim company, the claim company takes their fee and you get the rest. If the lender uses the compensation to offset arrears you may owe then the claim company will still bill you for their fee.

Claim companies also have cancellation fees. If the claim company makes any mistakes you are not covered.

There are instances where PPI has been sold properly and where the consumer has full cover. In the UK there have been cases where policies have been cancelled in error leaving the persons without and unable to get cover.


What to do if you think you were mis-sold PPI

  • If you think you were mis-sold PPI and you are not contacted by the financial services firm that sold it to you, write to the firm and ask them for details of your policy, including all terms and conditions. You will need to read this information carefully and if you still think you were mis-sold a PPI policy, you should make a formal complaint to the firm and ask for a refund. If you are not happy with the company’s response, you can complain to the Financial Services Ombudsman. Even if you had PPI on a mortgage, loan or credit card that is now closed, you can still make a complaint.
  • If you took out a loan, mortgage or credit card in the past five years and you are not sure whether you have PPI or not, contact your provider to check. Ask them to give you written details of your PPI policy, including the terms and conditions of your policy and ask them whether your policy is included in the review required by the Central Bank. If it is not and if you believe you were mis-sold PPI you can still make a formal complaint to your provider and ask for a refund. If you are not happy with the company’s response, you can complain to the Financial Services Ombudsman.


The National Consumer Agency phone number is 1890 432432

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