With only eight months left to claim PPI, find out how you can identify a mis-sold policy on your mortgage.
If you haven’t yet made your PPI claims, you must do so soon. The Financial Conduct Authority (FCA) has set 29th August 2019 as the cut-off date for all claims. Don’t worry — even if you have no idea whether you had PPI, you still have time. But it’s important to act soon to make sure you don’t miss out.
PPI was systematically mis-sold to thousands of UK consumers. It’s believed that over 60 million policies were sold. It’s not known how many of these were mis-sold, but hundreds of thousands of individuals have made successful PPI complaints to their bank. To date, over £33 billion has been refunded to customers.
One of the largest PPI payouts resulted in a couple receiving over £150,000. This was due to them having 12 mis-sold PPI policies. Many individuals have successfully identified more than one PPI policy. This means you could find evidence of mis-sold PPI on your mortgage, loan, credit cards or store cards.
If you had a mortgage in the last 20-25 years, you might have been mis-sold a PPI policy alongside it. Perhaps you remember being told it was compulsory or don’t remember the full terms and conditions being explained? If so, you could be eligible to claim PPI.
Find out below how to check for PPI on your mortgage and make a claim before the impending deadline.
How Do I Find Out if I Paid PPI on My Mortgage?
The easiest way to check if you paid PPI on a mortgage is to find the old paperwork, such as your mortgage agreement or previous statements. A PPI policy will be listed here, but be aware that it could be listed under another name. Other names PPI was commonly sold under include:
- Accident, Sickness and Unemployment cover (ASU)
- Redundancy cover
- Mortgage payment protection insurance
If you successfully identify PPI on your mortgage paperwork, you can make a complaint to the bank if you believe that it was mis-sold. Common mis-selling tactics were:
- Telling customers it was compulsory
- Adding it automatically
- Not explaining the full terms and conditions relating to sickness and employment
For example, if you were self-employed or had a pre-existing medical condition, PPI couldn’t be used and, therefore, should not have been sold.
If you can’t locate your mortgage paperwork, this doesn’t mean you can’t make a PPI claim. However, you will need to obtain the paperwork before making a claim.
There are two main ways to find out if you had a policy. You can contact the bank or lender yourself, which may still have a record of any policy from your mortgage. Alternatively, a PPI claims company can investigate for you to try to identify old policies.
If the bank or a claims company can find your paperwork with evidence of PPI, you can reclaim PPI.
Making a Mortgage PPI Claim
Once you have evidence of a PPI policy, contact the bank with evidence and explain how it was mis-sold to you. The bank will acknowledge your claim and should offer a response within eight weeks — however, it may be longer for old or complex cases.
If you can’t be bothered to do it yourself or find it too complicated, hiring the services of a reputable claims management company is a good idea.
If you’ve made a mortgage PPI claim before but it was unsuccessful, you have the opportunity to claim again thanks to Plevin. The Plevin rule means that you can now complain about the commission on your PPI policy. If the bank or lender had over 50% commission on your PPI policy but you were not aware of this, you can claim again. Note that you can only claim again if your claim was rejected the first time.
The clock is ticking — start your claim today.
Canary Claims can find out if you paid PPI on your mortgage. Contact us today and, with a few details, we can start your PPI journey before the August 2019 deadline.