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TEMPLATE NO 3 : For Contractors Taking a Loan/Credit Card/Store Card

If you are planning on claiming your PPI payments, you will have to file a PPI claims letter with the banker or broker who sold you the policy. You do not need to write the letter yourself as there are a range of websites that provide standardized PPI templates to choose from. Once you have downloaded or copied the content for the letter, personalize it and mail it to the banks or lenders concerned

Before you start: A few tips

  • List lenders, vendors or banks that you have taken loans from and which charged you PPI payments.
  • Collect the address and telephone numbers of the banks/brokers/ lenders etc and make sure they are current.
  • Personalize the template provided below by copying it to a WORD doc or by downloading it and saving it.
  • Add the contact and telephone details to the areas that are highlighted in red.
  • Send separate letters to each lender, broker or company and keep a copy for your reference


[Your name and address]


The Complaints Department

[Lender’s address]


Dear Sir or Madam,

Reference: Put your loan/credit card/store card number here

This is reference to the £xxx loan/credit card at that I purchased from your [branch name] branch on [date]. At the time of purchase, I consulted with the salesperson called [put his/her names here].

I was told by the salesperson that I also had to purchase a payment protection policy or a PPI policy which would cost me an extra £xxx as a payment that I would be making along with the loan. When I inquired about the need for the policy, I was informed that it [would increase my chances of getting the loan/ was mandatory for getting a loan.] Furthermore, when I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. As a result, I took on the policy and the total premiums plus interest amount of my loan came to £ xxxx.

This was also in contravention to the Financial Services Authority’s advice where a borrower cannot be refused a loan if do not want to buy optional insurance policies attached to loans. By forcing me to buy the policy, the salesperson and your bank, have breached paragraph 8.6 of the Banking Code, to which you are a signatory.

I did inform the salesperson that I was a contractor and that I needed the loan to expand my business. The salesperson knew about my profession and failed to inform me that I was not eligible for payment protection in case I was not able to pay back the loan. This was irrespective of the fact that I was paying for the PPI policy. As a result, I was paying for a policy that totally unnecessary for me. If I had been apprised of all the conditions of the PPI policy, I would not have opted for it

[Here you may add in more information which is relevant to your case and which supports the claim that you were mis-sold the PPI policy.]

As a result, I wish to immediately and urgently cancel my PPI policy. I also demand to be paid back in full the time amount that I paid for the PPI policy, along with any fines, deposits and incidentals that I have made on this policy. I am demanding the full amount of [£ xxx] as a refund of along with incidentals and the full and current interest rates on the payments that I made to you.

I expect you to look into the matter as quickly as possible or within 6-8 weeks are required. Failing which, the matter will be forwarded to the Financial Ombudsman for resolution.

Yours faithfully,

[Your signature]

[Your name]

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