Are you eager to make a PPI claim but wish to know if you’ll be successful?
The aim of the deadline is to put an end to the mis-selling scandal and encourage those who haven’t yet made a claim to do so. 64 million PPI policies were sold but the exact figure of how many of these were mis-sold is not certain. Millions of consumers could be due a substantial refund from their bank but not realise it.
Those wishing to make a claim may be keen to know how many PPI claims are successful. Below, we explain how likely your PPI claim is to be successful and how to make a strong case to the bank.
How Many PPI Claims are Successful?
It’s difficult to measure exactly how many PPI claims are successful as the banks do not keep a record of this. We can, however, look at how much has been paid to consumers to understand the extent of the mis-selling.
To date, over £32 billion has been paid to consumers. Lloyds Banking Group has paid the most to consumers, putting aside over £19 billion for payouts. This could indicate that the bank has more successful claims — or that it mis-sold the most policies.
Between January and June 2018, the Financial Ombudsman Service (FOS) upheld 29% of PPI claims in favour of consumers. But, when taking a closer look at the statistics, some of the banks have a much higher percentage of ruling in favour of the consumer. For example, 71% of HFC complaints ruled in favour of the consumer and a staggering 89% of Shop Direct Finance claims resulted in the customer being refunded.
If your claim is rejected, it’s worth checking the percentage of successful claims upheld by the FOS and consider sending it your case.
There is no evidence to demonstrate that using the services of a claims management company is more successful than an individual, or vice versa. However, the benefit of a claims company is that it knows the process inside out and will know what to send to the bank.
How to Make a Successful PPI Claim
In a perfect world, every legitimate PPI claim would be successful. But, some banks have been known to overlook cases. The FOS figures reveal that some banks and lenders are much less willing to refund customers.
Unfortunately, you won’t know if your PPI claim is successful until you receive a refund from the bank. If you want to have a good shot at making a successful claim, are some of the essentials you will need:
- Relevant name and address — This might seem obvious but some consumers will have changed both name and address since the policy was taken out. You’ll need evidence of your name and address at the time of PPI policy.
- The policy details — This includes the loan, mortgage or credit card that it was attached to and evidence of payments. This evidence can be found on your old paperwork (if you have it) or a PPI claims company can try to identify it for you.
- Details about how the insurance was mis-sold to you — You must explain what mis-selling tactic was used. For example, if you were self-employed the insurance was not relevant, you can give evidence of this. Or, if you are complaining about high levels of commission (Plevin), note this instead.
We want everyone to make a successful claim before the deadline. Don’t delay and miss your opportunity to receive a refund.
Canary Claims has been handling PPI claims for over a decade. Offering one of the lowest fees of just 15% + VAT (18% total) on successful claims, you can start your PPI claim today.