Even if you no longer have your PPI account details, it’s possible to make a PPI claim before the impending deadline.
The clock is ticking for PPI claims. There are now only ten months until the impending PPI deadline. The Financial Conduct Authority has set 29th August 2019 as the cut-off date for all claims. This means you need to act as soon as possible if you want to contact your bank. PPI was commonly mis-sold with mortgages, loans and credit cards. If you bought any of these products before 2010, you could be eligible to make a claim.
But we know there are many questions people have before making a claim, including if it’s possible when you have no PPI account details. The answer is yes! It is possible. At Canary Claims, we tell you how to make a PPI claim with no account details — and even if you never remember buying PPI.
How to Make a PPI Claim with No Account Details
If you’ve got no paperwork, you might be wondering where on earth to start. One of the quickest and easiest things to do is to contact Canary Claims. With some personal details, we can investigate any evidence of mis-sold PPI on your behalf. Many people have been surprised to find a PPI policy attached to multiple products.
Alternatively, you can contact the bank or lender, which may still have a record of it on any mortgages, loans or credit cards. If the bank or claims company uncovers a PPI policy, you can then start your claim.
The account details and policy number act as evidence for when you contact the bank regarding a claim. However, you will also need to explain to the bank how the insurance was mis-sold. Bank employees used a number of different tactics to mis-sell PPI. Below is just a few of the mis-selling tactics used:
- PPI was added to products automatically and without knowledge or consent
- Consumers were told it was compulsory
- The terms and conditions were not outlined in detail
- Consumers were told they would be more likely to be accepted for the loan or credit card
- The PPI was sold with undisclosed high levels of commission*
*This final form of mis-selling is referred to as Plevin, due to a landmark case made by Susan Plevin against Paragon Personal Finance. The result of this case means that if you bought PPI — and even knowingly purchased the insurance — you may still be eligible to make a claim. This is because many banks did not disclose the amount of commission they charged on their PPI policies. On average, lenders took 67% of the PPI as commission. The rules state that anything over 50% classifies as mis-selling and people can make a claim to the bank to receive the rest of the commission back.
With your PPI policy details and an explanation of how you believe the PPI was mis-sold, you are ready to make a claim. The PPI claims company who uncovered your PPI can contact the bank or lender on your behalf, or you can do it yourself.
What Happens after Submitting the PPI Claim?
Once you’ve submitted the PPI claim form, the bank should acknowledge your claim and reply with an outcome within eight weeks. If the bank upholds your claim, you will receive a breakdown of how much your refund is. You should then receive your money shortly afterwards. If the claim is rejected, you can contact the Financial Ombudsman Service and ask for your case to be reviewed. However, it’s important to note that claims referred to the Ombudsman can take significantly longer to resolve due to a long backlog.
Canary Claims is ready to help you make a PPI claim today, even without your paperwork. Contact us online and we can uncover if you ever purchased PPI.