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If you have taken out a mortgage, personal loan, or opened up a credit card in the last several years, you may have signed up for PPI and not even known what it is. But what exactly is PPI and do you really need it?

PPI is short for payment protection insurance. Financial institutions sell it to their customers as an insurance that will protect them in case they lose their job or become ill and are unable to pay their loan. This type of insurance is sometimes called credit protection insurance as well as unemployment, accident or sickness coverage.

So, how do you find out if you have this coverage and if you do, how do you go about getting your money back? At iSmart we will not only answer all of your questions, we can help you every step of the way in getting your claim submitted and your money returned to you. We will quickly and easily find out if you have been sold PPI on your loan and if you have, we will be able to find out the amount. We can assist you with all of the paperwork needed to receive your PPI refund and keep you informed of the status until you receive your money back.

Banks have set aside money for customers who have been mis-sold PPI so it is worth finding out if you are entitled to it. On the plus side, banks have an obligation to tell you as a customer if you are entitled to any money. However If you believe you have been mis-sold PPI then you do not have to wait for the banks to contact you.

The most important thing to do when taking our any loans or finance was to read the small print. Many people end up signing up for things they do not want or need. The small print and terms and conditions have the most important information about the product and it is important to analyse this information thoroughly to see if the deal is really worth it. Paperwork can be boring but it can save you a lot of money, especially when you are taking out loans and credit cards.

If you are unsure if you have been sold PPI with any of your finances then our Free Check will help you get that peace of mind. We will confirm with your lender if you were sold PPI and once they return the results we will then inform you of the outcome.

iSmart have experience in handling PPI even when the cases are very difficult. Although The Financial Ombudsman service have guidelines available to banks and lenders, they do not always follow them. It is not uncommon for claimants to be underpaid and this is why we negotiate with the banks to refund their customers the correct amount of money.

PPI has been mis-sold to millions across the country, if you are unsure if you have been sold PPI with any of your finances then it is important to check.  We believe that millions of people have not claimed, because they don’t know they have it.  The banks are not going to write to you and offer you your money back. You should also check your bank statements if you have already taken out a loan or credit card. If you think that you have been mi-sold PPI there are a range of products you should check. These include:

  • Credit cards
  • Loans
  • Secured loans
  • Car finance
  • Overdrafts

The larger your loan was or credit card balance, the larger the PPI refund will be.  We are talking an average of around £3000. In simple terms, you will not know until you are made an offer + interest, but it will most likely surprise you how big it is.

If you are not sure whether you are entitled to file a claim, we can help. At iSmart all you have to do is complete the application on our Free Check page so we have the information we need to investigate this for you. You can either complete the application online, or you can call us directly at 0800 862 0571 and we will be happy to assist you.

Make sure that you include all of your contact information on the Free Check application. We will need your full name and address in order to send you the required forms needed to process the claim. We will also need the best phone number to reach you at in case we have any questions.

Let us know all of the places that you took out loans, where you got your mortgage from and any credit cards that you signed up for. We will check each and every one to see if you have been signed up for PPI on your finance.

When retrieving the information regarding whether or not you have possible PPI claims on your loans there are fees for this service. When you use the services of iSmart we will take care of those fees for you. If we discover that you do not have PPI on your loans there will still be no charge to you. And if we do find that you have PPI and you decide not to use our company to file a claim, you will still not be charged.

Filling out the Free Check application doesn’t take long, but it may take up to 50 days to hear back from the lenders. They will have to go back into your customer records and check the history of your account from the beginning. As soon as they provide us with an answer we will let you know.

When the results are forwarded to you, it is up to you to decide whether the PPI was mis-sold and if you would like us to handle the claim for you. You can also decide that it was not mis-sold and do nothing further. You may also decide to proceed on your own in which case we will provide you with the information and you can proceed from there.

The PPI scandal has effected millions over the past 10 years but the majority of people who are entitled to compensation do not know where to start when it comes to making a claim. It is important to understand what you are paying for when you borrow money because there may be hidden fees.

There is no set deadline for returning funds to customers after claims have been proven to have been mis-sold. The average time frames have been around 8 weeks depending on the bank and whether you have previously been rejected or not.

iSmart can save you a lot of time and effort, we handle just about everything for you from checking if you are entitled to PPI to contacting your bank. If you wish, we even engage with the Financial Ombudsman Service if the bank dismisses your complaint. This leaves you to do very little. We keep our clients informed regularly if there are any changes to their claim.

If there is no PPI on your policy, then you have not been mis-sold PPI.  You will not be charged by iSmart if you do not have any PPI.

Many years may have transpired and you may not remember all of the accounts that you opened in the past. Banks can keep your records for up to 5 or 6 years so you have a pretty good chance of finding out if there was PPI on previous accounts.

Other than go through all of your paperwork from the past few years, one thing you can do is to have your credit report pulled. Most reports will have your financial accounts listed for the past 7 years. If you at least have the name of the financial institution or the credit card company, inquiries can be made and your records can be looked into. Just make sure you list everywhere you could possibly have incurred PPI charges.

When you sign up with iSmart you have the peace of mind knowing that we will do everything we can to find out if you have PPI on any and all of your accounts. If we find that you do have PPI we will help you to submit your claims. If we find that you do not have PPI, there is no charge and you have no further obligations to our company.

One of the first things that you should do is to go through all of your paperwork on your mortgage, any personal loans and your credit cards to see if you do have PPI claims on any of these accounts. You may have signed up for it but changed your mind afterwards and had it removed. Or you may not be able to find your paperwork to confirm it.

Millions of people have been notified that they may have been mis-sold PPI insurance on their mortgage, personal loan, and/or credit cards.

If you receive a letter from your bank or other lender, you may have had PPI on your account. If you have your records and can confirm that you did have this coverage added, you may have been mis-sold this type of policy. Here are some ways to determine if you believe you were mis-sold PPI on your loans:

  • If you were never aware of this coverage and this is all new to you.
  • If you do remember the lender telling you about PPI but also telling you that it was something that you had to have in order to get the loan.
  • If you remember not wanting this coverage because you had other coverage from your job or another policy that would pay your debts in case you were unable to.
  • If you would not have been able to use the PPI even if you signed up for it because you were self-employed or worked for your family, both of which would have excluded you from receiving coverage on the loan if you were to become unemployed.

If you feel that you have been mis-sold PPI on any of your loans or credit cards, iSmart can help you file a claim easily and quickly. We can find out whether you had PPI and submit the claim for you.

Most of the accounts in question were sold in the past 5-6 years but there may have been mis-representation going on before this. Some companies state that you can register claims on accounts as far back as 12 years; others say 15 years is the maximum. The truth is there currently is no time limit on submitting a claim on an account if you can prove that it has PPI and it was mis-sold to you at the time you borrowed the money.

Try to gather all the paperwork that you can find on your accounts so that you can document that you had PPI and it was not something you would have signed up for at the time.

You can even submit PPI claims if the loan has already been paid off. As long as you have the name of the lender they should have a history of your accounts.

We would advise you to use our free service to find out if you have been mis-sold PPI. If you are entitled to a claim we will let you know. We then contact your bank to discuss and negotiate whether you are entitled to any money. The banks can take 6-12 weeks to make a decision. If the bank has been taken over then you can still complain to the new provider. Advisably you should act as soon as possible to make your claim. And we can get the ball rolling from there.

Sometimes claims are not successful and a customer may wish to take matters to The Financial Ombudsman Service. This may be necessary because banks or finance firms have rejected their claim. In terms of PPI, if a claim has been dismissed by a bank then you have the right to take things further onto the Financial Ombudsman Service.

iSmart can contact the Financial Ombudsman on behalf of the customer to get things sorted. Customers will receive a FOS complaint form to review and sign and once completed this can be sent off by us. It is important that the forms are returned in good time so that the process can start. Usually the decision is made within 6 months of the banks final letter to the customer.

The FOS base their decision on what they believe is reasonable and fair and each case is treated separately. They will weigh up the pros and cons and both the customer and the lender will be given the chance to raise any points they believe relevant. A decision is then made based upon these points.

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