123 Refund

123 Refund

  0333 678 0038  

123 Refund


PPI - Frequently Asked Questions

We’ve created this Frequently Asked Questions guide in order to address some of the most common queries that we receive. This is not a comprehensive list, so as always, please do not hesitate to get in touch with our friendly customer services team should you have any further queries, we’ll be happy to help.

In addition to this list there’s also other impartial resources that we may refer you to such as the Financial Ombudsman Services and The Claims Management Regulator. Both organisations offer comprehensive and unbiased advice regarding claims and the process that surrounds them. Your bank is also obliged to give honest and factual information regarding claims, however please be aware that advice from the financial institutions present a conflict-of-interest and we would recommend seeking advice from a third party or coming to us first

What is PPI ?

PPI is insurance (Payment Protection Insurance) which is sold by banks and loan companies alongside their financial products. It’s designed to protect your monthly payments if you are unable to work due to an accident, illness, unemployment or even death.

Why can I claim back these payments ?

Most commonly people are told that PPI is compulsory or they stand a better chance of getting that financial product or service if they take insurance. Perhaps you were retired or self employed or had a pre-existing illness or medical condition that makes the insurance void.

I’m not sure I have PPI with my credit agreement ?

The majority of loans taken out in the last 10 years included some form of PPI. It’s also known as Personal Loan Protection (P.L.P.), Mortgage Payment Protection Insurance (M.P.P.I.), Accident Sickness and Unemployment Cover (A.S.U.), Life & Accident, Sickness and Unemployment Cover (Life and A.S.U.), or Credit Card Repayment Protection (C.C.R.P.)

Can I make more than one claim ?

Of course! Many people make multiple claims as they have had several financial products that included PPI cover.

How much will it cost me ?

We charge £599 to begin our services and if your claim is successful, our fees are 30% (Inclusive of VAT), this is payable from the amount we win. We will always leave you in either the same or better financial state than when you engaged in our services.

When could I get my money ?

This all depends on the complexity of your Claim. In some cases the turnaround is quick and you could have a claim settled within a matter of weeks. Other Claims, however, can take several months. If a claim is referred to the Financial Ombudsman Service (FOS) for investigation and adjudication, a claim can take 2 years or more.

Is my personal information safe ?

Your data is completely safe. We are registered with the Information Commissioner’s Office and are fully compliant with the Data Protection Act. Your personal information is only ever used in connection with reclaiming your charges. We will not share your information with any third parties.

Will my reclaim effect my credit rating ?

No. Claiming a refund of your PPI has no impact on your credit file.

What do I have to do ?

Contact Us..The more information you can provide us with the faster your claim is processed.

My loan has been paid off can I still claim ?

Absolutely – even if your loan has been paid off you can still make a claim.


Terms & Conditions - Privacy Policy - Complaints

123-Refund Limited of 1st Floor Suite 1s, The Post House, Adelaide St, Swansea, SA1 1SB is a registered company in England & Wales with registration 08203063 and are regulated by the Claims Management Regulator in respect of regulated claims management activities. Its registration is recorded on the website www.gov.uk/moj/cmr. Authorisation No: CRM31181.

Our Information Commissioners Office (ICO) Registration Number is: ZA115110.

123 Refund

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