If you had PPI and are unhappy with how it was sold, you can complain about it and claim back money you’ve paid. Find out about mis-selling of PPI and why you might be eligible to claim a refund.
If you had PPI there are 2 reasons you might be eligible to claim back money you’ve paid for the policy:
- PPI was mis-sold to you – as explained below
- the bank or other provider earned a high level of commission from the sale of PPI, but didn’t tell you this when you bought it – as explained on the next page
Claim for mis-sold PPI
We have found that PPI was often mis-sold.
It is likely you were mis-sold PPI if you experienced any of the following:
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
There may be other reasons you were mis-sold PPI.
If you think you experienced one of the examples listed above or were mis-sold PPI in another way, it will make it quicker for your bank or other provider to review your complaint if you say why you think PPI was mis-sold.
If you still aren’t sure if PPI was mis-sold to you, you can contact us.
Claiming for commission earned on PPI
Even if you don't think you were mis-sold, you may be able to complain about commission earned by a provider as a reward for the sale of PPI, often called Plevin. You do not need to know or explain how much commission was paid for your PPI.
For more information on Plevin and how to complain, read Complain about commission earned a provider.
I made an insurance claim on a PPI policy – can I still complain about mis-selling of PPI?
If you made a successful insurance claim on your PPI policy, such as if you were made redundant, you can still complain about mis-selling of PPI.
But any money you are owed for the mis-selling of PPI will be reduced by the amount you received from your successful insurance claim.
If you made an insurance claim on your PPI policy that was rejected by your insurer, you can still complain about mis-selling of PPI.
But if it has been more than 3 years since your insurance claim was rejected by the insurer, your complaint about the way PPI was sold may also be rejected.
Deadline for PPI complaints
We have set a deadline of 29 August 2019 to complain about PPI.
You need to refer your complaint to your provider or to the Financial Ombudsman Service on or before the 29 August 2019 deadline (by 11.59pm) or else lose your right to have your complaint assessed.
You shouldn’t wait until 29 August 2019 - act sooner rather than later to check if you had PPI and decide whether to complain.
29 August 2019 is the last possible deadline for consumers to make PPI complaints, but for some consumers time will run out sooner than 29 August 2019:
- you will generally run out of time to complain about mis-selling 3 years after you received a letter from your provider warning you about it
- or 3 years after you made an insurance claim on the PPI policy that was rejected by the insurer
You will need to obtain an acknowledgement that your complaint was received by your provider or the Financial Ombudsman Service. We suggest you do this before the deadline.
Remember if you complain via:
- post - allow enough time for the complaint to reach your provider before the 29 August 2019
- telephone - be aware that phone lines will close before midnight
- online - please submit your complaint in advance to avoid any delays because of an increase of submissions close to the deadline