The PPI deadline is just five months away, so if you’ve yet to claim, you need to act fast. But if you were sold PPI on more than one product, can you make multiple PPI claims?
The Payment Protection Insurance (PPI) scandal has dominated the headlines for over a decade, with major banks and lenders strategically mis-selling policies on mortgages, loans and credit cards. It’s estimated that over 60 million PPI policies were sold to more than 18 million consumers between 1990 and 2010, and while it isn’t clear just how many of these were mis-sold, it’s highly likely that many consumers have multiple PPI policies they are eligible to claim on. In this post, we look at whether it’s possible to make multiple PPI claims and the steps you need to take to claim before the 29th August deadline.
How Was PPI Commonly Mis-Sold?
PPI was commonly mis-sold on financial products including loans, mortgages and credit cards. PPI itself is not a bad product — this premium is designed to support those who are unable to work due to illness, hospitalisation or redundancy. However, banks and lenders quickly realised that this was a lucrative product and began systematically encouraging their employees to sell as many policies as possible — even if an individual was not eligible for it.
PPI was commonly mis-sold by:
- Telling customers it was compulsory
- Explaining that it would increase a customer’s likelihood of getting a loan
- Adding it without the customer’s knowledge or consent
- Making more than 50% commission on the policy and not telling the customer
If you had multiple products — for example, if you took out a mortgage from your bank and later had a credit card — you may have been mis-sold PPI more than once. If this is the case, you may be eligible to make multiple PPI claims.
Can You Make Multiple PPI Claims?
If you’ve been mis-sold PPI on more than one product, can you make multiple claims? In short, yes!
To date, more than £34 billion has been paid out to millions of consumers who were mis-sold PPI policies. Many of these involved multiple policies and, in fact, some of the biggest PPI payouts were to individuals who successfully made multiple PPI claims.
In what is believed to be the biggest PPI refund since the scandal came to light, one couple successfully reclaimed an extraordinary £153,000 from 12 mis-sold policies on loans and credit cards.
While this is an unusual case, the average PPI refund is a far-from-measly £1,700 — if you have multiple policies, you could receive a significant sum of money.
The process for making multiple PPI claims is no different from making a single PPI claim. But how can you make one or more PPI claims?
Find out if You’re Eligible to Claim
If you think you are due refunds from multiple PPI claims, the first step is to identify that you were mis-sold the policies.
For each financial product — or every claim you want to make — you need to dig out your paperwork to identify evidence of PPI. When looking at your paperwork, be aware that PPI may also be listed under another name, such as Card Protector, Accident, Sickness and Unemployment (ASU) or Payment Cover.
If you can’t remember whether you had a PPI policy or you can’t find your paperwork, you can contact each bank or lender and ask them if they have records of your previous accounts, or you can contact a reputable claims management company to investigate for you. You can also do a credit check, but it’s important to note that this will only outline any accounts you’ve had in the past six years. A credit check also won’t show you if you had PPI policies, but it can be valuable if you’ve dealt with multiple banks and lenders and aren’t sure who to contact.
Make Each PPI Claim with Your Banks and Lenders
Once you’ve found out you were mis-sold PPI and you have the evidence to support your application, it’s time to make your multiple PPI claims. For each PPI policy you were mis-sold, you will need to make an individual claim, but there is no limit on how many simultaneous PPI complaints you can lodge.
You can choose to claim PPI yourself or use the services of a PPI claims management company, which will make each claim on your behalf. If you opt to do this yourself, you may be able to claim online by submitting a form. Other lenders will require you to write a letter and complete paperwork. When making your claim, you will need to state how you believe PPI was mis-sold to you, as well as provide evidence of the policy (such as a bank statement).
Once your banks and lenders have confirmed they have received your PPI claim, they should respond with an outcome within eight weeks, although this may take longer.
While claiming PPI yourself will allow you to keep your entire refund for each successful claim, many opt to use the services of a claims company. The whole PPI claims process can be time-consuming and frustrating. If you don’t want the hassle of having to find evidence of multiple PPI claims, make the claims and then chase each bank and lender for updates, a claims company will do this for you. Our team at Canary Claims can find evidence of any PPI policies you may have been mis-sold based on just a few pieces of key information, as well as make multiple PPI claims and keep you updated of the outcome.
If any of your claims are rejected and you believe you have a strong case, we can also refer them to the Financial Ombudsman Service (FOS), which will review each case and determine whether the bank’s decision should be upheld or if you are entitled to a refund.
With the PPI deadline creeping ever closer, it’s important to act quickly. If you want to make multiple PPI claims, don’t delay — contact Canary Claims to start today. You could be due a large payout. We charge a low fee of just 15% + VAT.