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Payment Protection Insurance (PPI) FAQ’s

Click on the plus icon to view the answers to the questions below:

What fee is charged for the service?

The first point to make clear is that no fee is payable unless we are successful in winning compensation for you. Therefore, we work on a strictly no win, no fee basis. In the event that we secure you a positive outcome leading to compensation, our fee will be 25% of any redress payment. 

Please note a fee is payable if the case is not pursued at client request. The fee is calculated by multiplying the number of hours worked on the complaint by our hourly rate of £30.00.  

What amount of compensation will I receive?

Redress would commonly comprise of a refund of premiums plus interest at 8%. Please refer to our redress calculator on the home page of the site to establish how much this could total. The main factors to keep in mind are the premium amount, the length of time premiums were paid and the start date of the policy. As interest is normally added to any refund, your payment is likely to be higher if the plan was started a long time ago.    

Can I make a complaint myself?

Yes, you can go directly to your provider and lodge a complaint if you wish. However, our service has been specifically designed to take the hassle and stress out of doing this by yourself. Our process will help you to present a complaint that reflects all your key complaint points to aid you win any potential redress. The aim is to make sure that your complaint is taken seriously. Please note that the Ombudsman Scheme could be used or any other mechanism such as legal expenses insurance to pursue a claim.    

How do I know if I have PPI?

Bank statements are helpful in that they would normally record the debit from your account. Finding any documentation from the point that the policy was sold is another good place to start. However, in some instances the policy might have been added without knowledge. If after your own research you are still unclear a request can be made to the provider to establish if PPI was ever applied. Don’t worry if you cannot find any original paperwork regarding the policy, a complaint can be made without this information.   

How long will it take before I get an answer regarding my complaint?

The regulator states that an outcome to your complaint should be provided within 8 weeks. In reality, while the provider will aim to produce a response within this time frame it can vary according to the workloads they are encountering. Different providers will have varying levels of complaints and this can have an effect.  

Are there any upfront fees to pay for the service?

No upfront fees are payable, unless we win your case nothing is payable.

Please note fee payable if case is not pursued at client request. The fee is calculated by multiplying the number of hours worked on the complaint by our hourly rate of £30.00.  

Will a complaint affect my policy or the relationship I have with the bank?

The complaint will not affect the relationship you have with the provider. The provider has a duty of care to treat you fairly and therefore you would not be treated any differently for having made a complaint. If your complaint is successful normal practice would be to cancel your policy if it is still live. The policy is cancelled when a complaint is upheld in recognition of the fact that it should not have been sold in the first place.  

Why should I use the service provided?

We are claims professionals who have experience of the industry and will work on your behalf to obtain the optimum compensation amount for you. Having experience in the industry we know how to tackle the providers and will not be deterred if the outcome is not viewed to be reasonable.  

How do I get started with my claim?

Simply complete the contact box on the home page and we will ring you back or ring us on 01202 240968.  Alternatively, you can complete the on-line application and return the relevant documents to us at mark@rapidreclaims.com. 

If I have arrears or outstanding debt with the provider, how will this affect my complaint?

The complaint would still be processed as normal. However, if redress is payable the procedure would normally be to clear any outstanding balance you owe first and pay any remaining balance to yourself if applicable. Please note that in these circumstances you would still be liable for the fees. Rapid Reclaims will advise you to pursue a complaint where it is felt to be in your interest to do so. Unfortunately, if you are currently in an IVA (Individual Voluntary Arrangement) or DMP (Debt Management Plan) Rapid Reclaims would not wish to pursue your complaint. However, this could still be pursued by yourself or another third party of your choosing.   

I have heard of the Financial Ombudsman, can they help with my complaint?

In the event that a claim is unsuccessful and we feel that there were grounds to uphold your complaint we can refer to the Financial Ombudsman. They are an independent service who will settle disputes between the provider of a product and a customer.  This service can also be used if the provider of the policy fails to give a full response to a complaint within the 8 weeks allocated by their regulator.