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PPI Claims - What Refund?

How much can you expect back?

When we submit a PPI claim, we ask for the following:

  1. A full refund of the PPI premiums;
  2. A full refund of interest incurred on the PPI (i.e. if the premium was added to a loan, or if your credit card continued to have an outstanding balance, you would have paid interest on this debt).
  3. Additional interest at the rate of 8% per annum on the PPI and interest incurred.
  4. Potentially additional sums and charges.

The amount you can expect back depends on your personal circumstances and is affected by the following:

  1. The amount you borrowed (the higher the borrowing, the more you will be due back).
  2. The lenders PPI rate (usually a 5 year single premium loan insurance charge is between 20% and 25% of the amount borrowed, so if you borrowed £10,000 then the PPI premium was almost certainly between £2,000 and £2,500).
  3. When the PPI started (the longer ago it started the higher the refund could be).
  4. For how long you have paid PPI (if you repaid the credit after a short period, such as a year or two then your claim will be lower).
  5. The interest rate on the debt (if you had a high rate, above 10%, then there will be a higher refund).
  6. Any outstanding arrears you have on the debt (which will be repaid first, before any additional payment is made).
  7. Any insurance benefits paid out from the policy (which will be deducted from any refund).

If you would like us to estimate the amount due, please email us with the above details.

Since our fee is a percentage of the refund, we always aim to get the maximum amount possible.

WARNING: Some lenders will try to get away with paying a lower amount than they should, so always contact us before accepting any offer, in case we can get you more. We aim to check all offers before you accept them.