Are most PPI claims successful?

What are the chances of my PPI claim succeeding? Will I be able to claim back my PPI? Or will my PPI claim be rejected?

These are very good questions and the answer is – It Depends…Banks and other financial companies have to examine the individual circumstances in every claim. Technically every person who has ever had Payment Protection Insurance could make a claim. But will they be successful? No.

For your PPI Claim to be successful, you need to have valid reasons for why you believe your PPI was missold.

Missold is the key phrase, not just sold. Many people were sold PPI perfectly legitimately and if they claimed, their claim would be rejected. But there are many people out there who were unwittingly missold their Payment Protection Insurance. Those people have a valid complaint and their claim should succeed.

To know if most PPI claims are successful would mean knowing what proportion of claims were valid and how many people were just ‘chancing their arm’ and putting in a phony claim.

But everyone who was genuinely missold Payment Protection Insurance should be successful with their claim – in theory. The problem can sometimes be proving that you were missold your PPI. You need to fill in a PPI questionnaire and state your reasons, with proof where possible, about the facts of your complaint.

Even if you do everything right, your bank can still be unsatisfied and reject your PPI complaint. This is where the Financial Ombudsman comes in.

If you have complained to your bank, they have rejected your PPI claim and you are not satisfied and want to pursue it further, you must forward all the relevant information to the Financial Ombudsman Service for them to review. This can take quite a long time, they have quite a backlog of PPI complaints to look at.

Eventually they will make a ruling in your case. If they agree with the bank, that’s it. It’s over. Your claim was unsuccessful. Move on.

But if they agree with you and disagree with the bank, they can force the bank to pay up, even though they didn’t want to. In this case you can still receive your PPI payout, even if it takes time and hassle.

So whatever happens, don’t give up. Your PPI claim could still be successful, in the long run, even if your bank initially rejects it.