It is not uncommon to hear about PPI claims everywhere these days. These claims have been ongoing for over six years, but they’ve recently been brought back into the spotlight thanks to a marketing campaign, spearheaded by Arnold Schwarzenegger, to promote the August 2019 deadline. But how do you know if you have been mis-sold PPI and how can you check your PPI history?
PPI was sold alongside financial products including mortgages, cash loans and credit cards between the 1990s and 2010. If you took out any loans during this period, it’s important to check your history to find out if the insurance was mis-sold to you.
What Is PPI?
Payment Protection Insurance (PPI) was introduced in the 1980s as a means for consumers to cover debt payments if they were unable to pay due to illness, injury or redundancy. While helpful to those who needed it, many banks and lenders began exploiting the product because of its profitability. This led to a surge in PPI sales — as many as 64 billion PPI policies — many of which were sold without the customer’s permission or knowledge.
How to Check Your PPI History
The first step in checking your PPI history is finding out if you were mis-sold the policy. Banks including HSBC and Lloyds have already sent letters to millions of customers informing them that they were mis-sold PPI. If you have received such a letter, it means you had a policy and are entitled to a refund.
If you haven’t been told by the bank or lender that you were mis-sold PPI, you can check any paperwork for credit loans or other financial products for evidence of the policy. It’s important to note that the letters “PPI” may not actually be on the document, as PPI was sold under various other names. These include:
- Loan care
- Assurance, sickness and unemployment insurance (ASU)
- Mortgage protection payment insurance (MPPI)
- Loan insurance
- Loan protection
- Credit insurance
- Protection plan
- Loan repayment insurance
- Credit protection
- Protection plan
- Payment cover
If, after going through your paperwork, you still aren’t sure if you were mis-sold a PPI policy, you can contact the bank or credit provider directly. Millions have been put aside by banks to cover new anticipated claims, so they should be ready to help.
Checking your PPI history by getting in touch with your bank or credit provider will not affect your relationship with them, nor will it affect your credit score.
If you have been mis-sold PPI and wish to make a claim, you may want to download the Payment Protection Insurance consumer questionnaire from the Financial Ombudsman (FOS). This is the standard questionnaire used by most financial businesses and it may be useful to refer to, to ensure you have all the information you need to allow your claim to be resolved as quickly as possible. Filling this in will also keep all of your information and evidence in one place.
Hire a Claims Management Company to Check Your PPI History
In the event that you cannot find the necessary paperwork, or you find the whole DIY route too tricky and time-consuming, you can hire a PPI claims management company, such as Canary Claims, to check your PPI history for you. Not only can a claims management company check if you’re eligible for PPI, but it can also claim your refund for you.
Once you have confirmed that you are owed money for mis-sold PPI, the next step is to make a claim. You can contact your lender or bank to request a refund, but you must present your evidence of PPI — your paperwork — along with the reason you believe the policy was mis-sold.
If you do not have the necessary paperwork, then it’s not the end of the road. At Canary Claims, we can help you obtain your paperwork and make a strong case for your claim. In the event your claim is not successful, we can also refer the case to the Financial Ombudsman Service, which has the power to overturn the credit provider or bank’s decision.
Are you looking to check your PPI history? At Canary Claims, our expert PPI claims service can identify if you’ve ever been mis-sold PPI. We have a wealth of experience and can make a claim on your behalf. We’ll follow up with the bank or lender regularly to chase the status of your claim and keep you in the loop every step of the way. Find out if you were mis-sold PPI.