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PPI Claims FAQ

What is PPI?

“PPI” known as “Payment protection insurance” is a financial product that offers protection in the event that an unforeseen event occurs, and you find yourself unable to meet your monthly payments on a given finance agreement, be it a credit card, loan, mortgage, store card, or something similar.

What is the best way to claim it back?

This is highly debatable and it really depends on each persons needs, if you feel confident enough that you know what to do in the event that the banks reject your claim, or potentially if the claim needs to be sent to the FOS or any other potential issues then it may be in your interests to handle the claim yourself.
However most people in general would much rather have a claims handler process the case for them because they would like the expertise and the added convenience of having an expert work on the case for them, on a *no win no fee basis.
In summary it really is up to yourself to decide, however we have a team of experts on hand and ready to start your claim today.

What exactly do you mean by “*No Win No Fee”?

ClaimLion operates on a ‘*No Win No Fee’ basis. This means that there are no upfront costs to pay. Our fee only becomes payable on the successful outcome of a claim. A cancellation fee is payable if you decide to cancel your agreement after 14 days of having instructed us. Please see our Terms & Conditions.

How Long Do The Claims Take To Complete?

Your first action is to complete the claim form and send back to us we start to prepare your claim immediately most institutions we deal with respond back to us within 8 to 16 weeks
Cases can take different lengths of time for completion from case to case, which means giving an accurate representation of an average timeframe can be awkward.

How Big A Payout Can I Expect?

If you have many agreements ALL with ppi on them you can expect a substantial payout, it depends on size of finance, number of agreements, and the length of the time the agreement has stood for….
Simply put, perhaps the best way to find out is to make your claim today or call us on 020 7112 4963

What is this Financial Ombudsman I Keep Hearing About?

The financial ombudsman (FOS) was set up by parliament to sort out individual complaints that consumers and financial businesses aren’t able to resolve themselves. They have dealt with a huge volume of PPI complaints; indeed they have thousands still awaiting assessment due to the scale of the problem with some people having to wait over two years for an outcome. Their service is free to consumers. ClaimLion will fight to achieve your refund directly with the company that sold your PPI and try to achieve the best outcome for you as quickly as possible, only referring to FOS as a last resort.

What is the Ministry of Justice? (MOJ)

The Ministry of Justice is a department of the united Kingdom Government
The claims Management Regulator is a unit of the Ministry of Justice and they regulate the companies that offer a service for people hoping to claim compensation for amongst other thing mis sold financial products and services

They work to protect and promote the interests of consumers and the public, and to ensure that the firms they regulate understand and comply with the conditions of their authorisation

What Is The FCA?

The FCA is the “financial conduct authority” they are the regulatory body that controls financial services and ensures that the companies trading within the finance industry do so in a manner that is fair and just to the consumer, they have recently been appointed to replace the “FSA” who previously held the post, this replacement took place back in April 2013.

What Is The OFT?

The “OFT” is the “office of fair trading” these are another regulatory body that oversee all financial and other services and their mission is to ensure that all companies large and small trade fairly and adhere to the ongoing regulations regarding what is just and unjust for the consumer.

How Far Back In Time Can PPI Claims Go?

For more information on how far back in time PPI claims can reach, please see this page: Further Reading: How Far Back Can You Claim PPI?