Can I claim PPI back directly from the bank?

Last Modified 16th of February 2021

PPI always seems to be in the public eye and if you have had any loans in the past few years there is a good chance you may have money owed to you.

You can claim back your PPI money for yourself and if you do it right you can avoid paying some commission to middlemen. Claiming back your PPI should be a fairly simple process, but it may be hard to know where to start. Here are some guidelines:

Start by looking at your past debts

You will need to gather statements for all of your past debts. You can usually go back 6 years, so check that old paperwork carefully. If you don’t have the statements any more you will need to contact the lenders directly and with a bit of work you should be able to get copies.

Look at each statement carefully and pay attention to any charges. You are of course looking for a ‘PPI’ charge, but it may not be called PPI; it may be called Payment Cover, Card Protection or any number of similar things.

Write to your bank

The next step is simple, for each loan that you feel you were mis-sold PPI on, you should write to the lender giving details of the amount owed and why you feel it was mis-sold. In most cases this is enough and you have a good chance of being sent a refund.

What if they don’t agree?

The next step is to go to the Financial Ombudsman and fill in the appropriate forms, providing whatever evidence you can. If you don’t have any evidence (most people don’t) then fill in the forms anyway. Over 70% of claims that go to the ombudsman are accepted, so you have a very good chance, but getting a decision may take some time.