YOU COULD BE OWED £1,000s IN PPI COMPENSATION ON YOUR BHS STORE CARD ACCOUNT
British Home Stores, often abbreviated to BHS, was a British department store chain before its collapse in 2016.
The company became part of Sir Philip Green’s Arcadia Group in 2009. In 2015 BHS was sold to Retail Acquisitions consortium for £1.
On 25 April 2016 the company entered administration, and the stores and website closed down the same year.
BHS was one of the main operators of store cards and you could be entitled to compensation if you took out one of their cards which had PPI attached to it.
BHS Store Card Accounts
If you took out a BHS store card in the 1990s or 2000s you might be owed money.
Shoppers who signed up to a BHS store card also had payment protection insurance (PPI) available to them but if the PPI was mis-sold, then compensation may be due.
However, there is a deadline from the Financial Conduct Authority of 29 August 2019.
If you have a mis-selling claim with BHS about how PPI was sold to you, it must be received by BHS on or by 29 August 2019.
BHS Store cards were sold as a convenient line of credit for customers who could not or did not want to pay in full in one transaction.
Generally, many retailers made a profit on shoppers who failed to pay off the balance on the card each month, when outstanding balances would attract interest charges of up to 30%.
Strict regulations were introduced in 2011 to prevent shoppers falling into debt and the government banned commission and upfront discounts being associated with store cards.
Grounds on Which PPI May Have Been Mis-Sold By BHS
You were not made aware by BHS that you were being sold PPI on your store card account.
- You were told by BHS that having the PPI policy was a compulsory requirement.
- BHS did not check if you had any exclusions that would make it impossible to make a claim on the PPI policy?
- You were led to believe by BHS that you needed to buy PPI from them to be accepted for the store card account.
- BHS didn’t check to see if you already had this type of insurance cover through your employer or another policy.
- You believe BHS sold you the wrong insurance product.
- BHS did not check your employment status to ensure you were not self-employed, unemployed or retired as PPI does not cover these.
- BHS didn’t check if you had any pre-existing medical conditions before selling you the PPI cover as these can fall under exclusion clauses.
- BHS has already been fined and/or is facing mis-sold PPI queries.
- BHS did not disclose if commission on PPI policy was being paid to an intermediary or how much it was.
What Do I Do To Start My PPI store card claim with BHS?
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember:
- when or why you agreed to it?
- if you were informed that it would be added?
If you can’t remember please don’t worry as this can be done during the PPI check with BHS.
How Do I Start my BHS PPI Claim With PPIClaims.com?
Please Note: The PPI deadline (29th August 2019) set by the FCA has now passed and we are no longer accepting any new PPI claims.
PPI DEADLINE FAQ’s
Plevin Ruling – Making a High Commission PPI Claim with BHS?
If you have raised a previous PPI complaint with BHS which was not upheld, you are now be entitled to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy. Learn more about PPI High Commission claims.
