Financial institutions have set aside billions in compensation for the mis-selling of financial services such as Payment Protection Insurance (PPI). Supreme Law Solicitors can help you recover any money that is owed to you. We will offer practical advice and support while investigating your case and work hard to get the compensation you deserve.
Read through our FAQ section below for more details and get in touch to arrange a consultation.
What is PPI?
Payment Protection Insurance (PPI) is a financial product sold alongside credit cards, loans and other finance agreements to insure payments are made if the borrower is unable to make them due to sickness or unemployment. However a number of these products were mis-sold by banks, credit card companies and other lenders. Possible scenarios included clients not knowing they had PPI, not wanting it but having it included, or simply being told it would offer protection against certain situations when in fact it would not.
What if I cannot find any PPI documents?
You can still make a claim for PPI compensation if you cannot find your PPI documents or remember your lender. Our legal team will make every effort to investigate your claim.
Is there a time limit on making a claim?
There is no deadline to make a claim, but PPI policies taken out within the last 6 years will be easier to pursue as banks are legally obliged to keep records for this period. Claims against older policies can still be successful but may take longer to process.
Can I make more than one claim?
Yes, you can make a claim for each PPI policy you were mis-sold, even if it was with the same financial institution.
How much compensation will I receive?
You may be able to reclaim £1000s but this will depend on a number of factors; including the amount of PPI and interest you paid, and the amount of time since you took out PPI.
Do I need a solicitor to claim PPI compensation?
While it is possible to claim PPI compensation yourself without legal assistance, the process can be time consuming and become daunting. Having a team like Supreme Law Solicitors fighting your case can be a welcome relief, especially if your case is initially rejected by your financial institution. We will use our specialist knowledge and expertise to help you reclaim what is owed to you.
Bank Swaps / IRHPs
The UK banking industry has set aside over £3.9billion on claims to pay for mis-sold Interest Rate Hedging Products (IRHP or “Swaps”). However, thousands of businesses may be disappointed with the outcome of the Review Scheme where the bank has determined:
- The hedging product was not mis-sold.
- The hedging product was mis-sold but no redress is due.
- The hedging product was mis-sold but an alternative hedging product reduces the amount of redress.
If your case has been rejected for either of these reasons, it is not the end of the road and Supreme Law Solicitors may be able to launch an appeal using the FCA (Financial Conduct Authority) IRHP Review Scheme’s in-built Appeals Mechanism.
Get in touch to see how we can help.