CHECKING FOR PPI IS FREE**
There's no time limit on how far back you can make a claim.
As many as 64 million PPI policies have been sold in the UK mostly between 1990 and 2010, some as far back as the 1970s.
Customer Service Reviews
What is PPI?
PPI was an insurance product which covered your repayments in circumstances where you couldn’t make them yourself. These included unemployment if you were made redundant or where you couldn’t work due to an accident, illness, disability or death.
PPI was usually sold with products that you need to make repayments on, like a loan, credit card, store card, mortgage or catalogue accounts.
As many as 64 million PPI policies have been sold in the UK, mostly between 1990 and 2010, some as far back as the 1970s.
The FCA has found that PPI was often mis-sold. More than £31bn has already been paid back to people who complained about the sale of PPI.
In August 2017 and following a court case known as ‘Plevin’ the FCA annouced a new reason to complain, this was about the commission earned by a provider on PPI policies where the buyer was aware,
Which Products were sold with PPI?
You might have had PPI if you’ve taken out or used loan or credit products, such as:
- Loans – including personal loans, business loans and student loans
- Credit cards
- Store cards – usually from a high street stores
- Catalogue credit accounts -
- Mortgage including any second charge mortgages e.g for a conservatory
- Any secured loans on a home in addition to your mortgage
- Car finance
- Hire purchase agreements to buy things like as a bedroom furniture, sofas and other big purchases (as known as finance agreements)
- Home shopping accounts – including catalogue accounts
- Home improvement loan - again for items such as for a kitchen, bedroom or sofa
Whilst you don’t need your paperwork to check, it may help to speed up the process. Look for ‘PPI’, or the product names listed below, on original documents, credit agreements, more recent statements, and the terms and conditions for each.
How can you tell if you had PPI?
PPI was usually sold with other products like a loan, credit card, store card, mortgage, overdraft or car finance deal – so check your paperwork for loan or credit products you’ve had.
As well as ‘PPI’ or ‘payment protection insurance’, your paperwork might include other names for PPI and similar products, such as:
- accident, sickness and unemployment (ASU) insurance
- account cover
- credit insurance
- credit protection
- loan care
- loan insurance
- loan protection
- loan repayment insurance
- mortgage payment protection insurance (MPPI)
- payment cover
- protection plan
Claiming for mis-sold PPI
If you find that you had bought PPI then there are 2 reasons you might be eligible to claim back money you’ve paid for the PPI policy:
- PPI was mis-sold to you
If you experienced any of the following its highly like that you have been a victim of PPI mis-selling:
- The bank or provider pressured you into buying PPI or advised you that you must have the PPI
- That you were promised a cheaper rate if you bought PPI with the finance credit
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- The bank or provider added PPI to your credit agreement without telling you
- you believe you were misadvised to buy PPI that did not suit your circumstances or needs
- Even though you status was self-employed, unemployed or retired you were advised to purchase PPI
- At the time when you bought the PPI you had a pre-existing medical condition, which would have affected your ability to make an insurance claim
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
- you were told that having a pre-existing medical condition was covered in your PPI policy
- The other reason for being mis-sold PPI is covered under the new Plevin ruling where the bank or other provider had earned a high level of commission from the sale of PPI, but didn’t tell you at the point of sale.
The Deadline for Making PPI complaints
The FCA has set a deadline of 29 August 2019 to complain about Mis-sold PPI.
This means that you must refer your complaint to your financial provider before the 29 August 2019 deadline (by 11.59pm) or else lose your right to have your complaint assessed.
You shouldn’t wait until 29 August 2019 - act sooner rather than later to check if you had PPI and decide whether to complain.
Store Card PPI Checks
A store card is quite similar to a credit card but can only be used in a high street shop or department store or a particular store, or in the case of national chains multiple stores in the same retail group.
In order to complain about PPI sold with a store card, you should check your store card agreement and other relevant paperwork you have, to try to find the name of the financial business that provided the store card to you.
Once that has been identified It will usually be quicker to complain to the financial business directly rather than contacting an indivdual store about it.
If for any reason you can’t find or simply don't have any supporting paperwork you can also contact the relevant store to ask:
- which financial business name provided the store card
- whether a store can take your complaint and forward it to that financial business
- You should then be able to follow the steps explained on the following pages.
Store Cards Examples & their Providers
|Store Card||Credit Provider|
|Argos||Home Retail Group|
|Karen Millen||Ikano Financial Services|
|Miss Selfridge||NewDay Ltd|
|New Look||Ikano Financial Services|
|Oasis VIP||Ikano Financial Services|