“I got £9,000 back from mortgage PPI in 5 minutes” – how to reclaim cash as deadline for compensation ends at the end of next month
IT took just a few minutes for flying instructor Ian Stevenson to fill in PPI reclaim forms - and a few days later £9,000 appeared in his account.
The 60-year-old had taken out a Payment Protection Insurance (PPI) policy alongside his mortgage with Barclays in 2002 after splitting with his then wife.
But in 2006 Ian, who lives in Coventry, West Midlands, cancelled the policy after realising that he was already covered for many of the perks it offered as part of his job as a management consultant.
Ian is just one of millions of customers who can claim cash back - and there’s just under one month left for to claim compensation for PPI mis-selling on products such as mortgages, credit cards, loans and store cards.
“I got the payment into my account before I got the letter from Barclays,” Ian told The Sun.
“I thought it was a mistake but then I realised they had also paid me back interest.
How to claim a refund for mis-sold PPI
FIRST you need to contact the business that sold you the product and they must respond to your complaint within eight weeks.
If they reject your claim you can then go to the Financial Ombudsman Service to have your case reviewed.
It doesn’t cost anything to complain. There are free template letters you can download from websites such as and
There are plenty of claims handling companies who are trying to get people to complain through them because they can charge a fee, but there's no need to do this.
Processing the claim yourself means you'll get to keep all off your compensation.
If your claim is successful, the amount you get depends on your circumstances.
Ultimately you should get back all your premiums plus interest.
Between £300 million and £400million has been paid out per month in recent years and the average payout is around £2,000.
“It was a very easy process, very slick. I was delighted with the speed and it’s great to gt all the money back, plus interest.”
Ian was owed back £5,200 in fees - but the additional money was the result of interest.
Between 1990 and 2010 and estimated 64million PPI policies were mis-sold. Customers were pressured into buying PPI even if it wasn’t right for them or they didn’t need it.
He added: “At the time I definitely felt vulnerable and didn’t look at the detail of what I was being sold.”
“It was definitely an unsuitable policy.”
Have you been mis-sold PPI?
ACCORDING to the regulator, it is likely you were mis-sold PPI if you experienced any of the following:
- You were pressured into buying PPI or told you must have PPI
- You were promised a cheaper rate if you bought PPI
- You were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- You were advised to buy PPI that did not suit your circumstances or needs
- You were self-employed, unemployed or retired but advised to buy PPI
- You had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- You were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- It was not made clear that you would pay interest on the PPI if it was added to your loan
- It was not made clear that the PPI would end before the loan or credit was repaid
“I haven’t used the cash for anything exciting, just paying off some of my mortgage.”
A Barclays spokesperson said: “We are sorry Mr Stevenson was mis-sold PPI and were pleased to refund the payments he made.
"We aim to thoroughly investigate all claims and resolve them to our customers’ satisfaction as quickly as possible.”
Customers can also claim compensation if 50 per cent of PPI costs were compensation and the PPI lender didn't tell you, thanks to a 2017 court ruling known as "Plevin".
Victims are encouraged to submit a complaint again even if they have had a previous claim about mis-selling of PPI rejected.
The Financial Conduct Authority's (FCA) website includes a list of providers that have sold PPI - you can if your lender was one.
Any claims submitted after the 11.59 deadline on August 29 2019 won't be considered for compensation.
It's free to claim - but some firms will charge you a fee for processing your application.
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You don't need any of the original paperwork but you will need to handover your date of birth and previous home addresses.
Those who've already received compensation are advised to claim back tax on the payout because you could be owed hundreds.
For more information about claiming PPI, see our guide to what is payment protection insurance and how do I make a claim?.
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