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Payment Protection Reclaim

Every lender has its own payment protection reclaim policy but one thing is common to all. If it can be proven that a consumer was mis sold PPI cover then the lender is required to issue a PPI refund.

What is the Average PPI Refund?

So many people are asking how much they can expect to get back and what exactly the average PPI refund is. There is actually no definitive way to say what you will get back without carefully examining what you have already paid into the PPI cover. With that being said, the 'average' PPI refund is generally between £1,700 and £2,500. Payment protection reclaims are all different because each is based on the amount the borrower paid for the cover.

Since guidelines are written in such a way as to clearly state what constitutes mis selling of PPI cover, it should normally be fairly simple to prove. However, there are a few times when it may be difficult to prove that the lender did not disclose pertinent information or that you in fact didn't know that you were being sold payment protection insurance. On the other hand, there are times when it is easy to verify such as the lender selling PPI to an individual who is over 65, self employed or a temporary worker. In most cases, these groups are not eligible for PPI cover and shouldn't have been sold the insurance.


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