PPI was mis-sold with numerous financial products. Using our guide, check for any evidence of PPI payments.
The PPI deadline is looming, so consumers need to act soon if they want to make a claim for any mis-sold PPI. The Financial Conduct Authority (FCA) declared that all claims to banks and lenders must be submitted before 29th August 2019.
This means if you are unsure whether you made any PPI payments, now is the time to find out. The first step of making a PPI claim is to find evidence from old financial paperwork. 64 million PPI policies were sold. The majority of these were sold in the 1990s on mortgages, loans and credit cards. If you had one of these it’s likely you were sold a PPI policy.
Below, we explain how to check your paperwork and what to do to ensure your claim is submitted before the deadline.
Identifying PPI Payments on Old Financial Paperwork
To find evidence of your PPI payments, you will either need the initial agreement you signed when taking out a loan, credit card or other product, or a statement with evidence of PPI payments.
If you kept your paperwork or statements, find them and look carefully for anything listed as insurance or cover. Although Payment Protection Insurance was the most common name, it could be listed as any of the following:
- Accident, Sickness and Unemployment cover (ASU)
- Loan protection cover
- Card protector
- Redundancy cover
- Account cover
- Payment cover
This is just a handful of common names for PPI — if you see anything listed and you’re not sure what it is, investigate. When you have this information, use our free PPI claims calculator to receive an estimation of how much you could be owed from the bank or lender.
Once you have the evidence of the PPI, you can contact the bank to make a claim. You have the option to either get a PPI claims company to handle the communication at the bank, or contact the bank yourself. You must include details, such as the PPI policy number, relevant names and addresses and how the insurance was mis-sold to you.
The insurance was sold in a number of ways, including, but not limited to:
- excluding the full terms and conditions
- being told that it was compulsory
- being told it would improve your credit score
- undisclosing high levels of commission (see Plevin rule)
Once submitted to the bank, it should reply and acknowledge that it has received your claim. From this date, it should reply with an outcome within eight weeks. However, some cases have been known to take longer.
What if You Can’t Find Evidence of PPI Payments?
Many people no longer have their financial paperwork. Despite this, it’s still possible to make a successful claim, because the bank may have a record of any PPI policies sold to you. You can contact the bank yourself or use the services of a reputable PPI claims company, such as Canary Claims. Once you have this information, you are able to start your claim.
It is only possible to make a PPI claim after finding evidence, as this will determine how much you paid and on what accounts. The process of finding evidence of PPI can take a while if you had multiple accounts. This is why we encourage you to start as soon as possible to avoid missing the PPI deadline. Don’t miss out on your opportunity for a refund.
Canary Claims is the leading PPI claims company. We operate a no-win, no-fee policy and can handle your claim from start to finish. Start your claim with us online today.