How much can you claim?
Payment Protection Insurance was mis-sold by banks and other major lenders and credit card companies. Following a series of court cases, they have set aside hundreds of thousands of pounds to repay claims from those who took out PPI.
PPI was supposed to cover repayments on your borrowing if you couldn't pay because you were unable to work because of illness or an accident or because you had been made redundant.
In many cases borrowers were mis-led when taking out the insurance. Some were under the mistaken belief that they had to have it in order to be given credit. In many cases they didn't even realise they had bought it when they took out their card or loan. Even worse, some borrowers would never have been able to claim under the terms of the insurance policy because the small print meant they were barred from claiming, for instance because they were self-employed or were not UK residents.
Work it out
You can use this calculator to find out how much you might be able to claim back. First you must make a claim to your credit card provider. This will take several weeks because of the huge number of claims the banks are handling - so give it time.
But if your claim is rejected or your credit card company doesn't pay you within the time frame it has promised you, then you can take your case to the Financial Ombudsman Service. It will rule on whether your case is valid and tell your bank to pay you within a few months.
