Have I Got PPI?
Where Can I Find Out Have I Got PPI?
It is not surprising that many people are asking “Where can I find out have I got PPI?” The business pages of newspapers are filled with stories of finance companies having to put aside billions to repay PPI payments wrongly charged to customers and throughout the media various help organisations are available to guide people through the PPI recovery process.
However, due to nature in which PPI was mis-sold by finance companies over the past decade many people are unaware of “have I got PPI” and, if so, “do I qualify for the PPI recovery process?” This article cannot answer these questions, but can explain why you may not know that you have PPI (or had PPI in the past) and whether you are entitled to apply to your finance company for them to repay PPI payments wrongly charged to any credit accounts you have.
Why do Banks Have to Repay PPI Payments?
Although it is banks that feature most frequently in the newspapers, any finance company through which you have obtained credit in the last decade is likely to have applied a PPI policy to your account. Banks appear most frequently in the newspapers because they were the worst perpetrators, but if you have taken out a loan, a store card, made a purchase on HP or bought a new car from a car showroom, it is likely that you have been sold PPI – knowingly or unknowingly.
The reason for this is that PPI policies are extremely lucrative to the finance companies who sell them. Consequently the finance companies incentivised their employees to sell as many PPI policies as possible, and sometimes the employees were a little lax with the truth in order to rake in commission payments. In many cases, employees signed customers up for PPI without their knowledge!
Due to the systematic mis-selling of PPI over more than ten years, a PPI recovery process was introduced by the Financial Conduct Authority so that customers who had been mis-sold PPI could get their finance companies to repay PPI payments. Unfortunately many finance companies failed to adhere to the PPI recovery process and in November 2013 the Financial Ombudsman received their one millionth complaints about banks and other finance companies failing to repay PPI payments.
Who Can Claim for Being Mis-Sold PPI?
Not everybody who has been sold PPI will be eligible for a refund of their payments (plus interest). In order to have your finance company repay PPI payments, the circumstances under which you took PPI will be investigated to determine whether it was the most appropriate safeguard for your personal finances at the time.
However, if any of the following statements ring a bell with you, the likelihood is that any claim you make for being mis-sold PPI will be successful:
- You were told PPI was compulsory with your finance application
- You did not realise that you were paying PPI on a credit account
- The terms and conditions of the PPI were not explained to you
- You were retired or self-employed when the PPI policy began
- You were in a sick pay scheme at work and did not need PPI
- Nobody asked you about your health before selling you a PPI
- You were not told that you could get PPI from another insurance provider
How much your finance company will have to repay you could run into thousands of pounds. For example, if you have been paying £500 each month towards your credit card bill, the premium for your PPI could be in excess of £1,000 per year. If you qualify for a refund of PPI payments, the PPI recovery process could recover all of your PPI payment plus 8% interest.
Where You Can Find Out “Have I Got PPI?”
Despite the massive exposure to the PPI recovery process, many finance company customers are still unaware of “have I got PPI?” There is good reason why those who are still unsure should make an enquiry as soon as possible.
Many of the finance companies who mis-sold their customers PPI are requesting that a time limit should be imposed on how long they will have to repay PPI payments. Consequently anybody who is unsure about “have I got PPI?” or “did I have PPI in the past?” should call our free claims advice service today to speak with a member of our team.
Not only will we be able to answer the question “have I got PPI/did I have PPI?” but we will also guide you through the PPI recovery process to determine whether you can claim for being mis-sold PPI.
All calls to our free claims advice service are completely confidential and there is no obligation on you to proceed with a claim for being mis-sold PPI once you have spoken with us. Please be assured that nobody is going to ask you to pay an up-front fee and your personal details will never be passed on to any third party.