Three Usual Questions About Payment Protection Insurance

December 17, 2015
by admin in PPI News

Britons have known about mis-sold PPI after consumer champion Which? filed a collective complaint to bring the FSA to light about payment protection insurance in 2007. The PPI claims process became final in 2011 after the Supreme Court ruled in favour of the FSA.

There were three questions in many Britons’ minds during the time about PPI.

Do I Have PPI

It seems like basic knowledge, but it isn’t easy to tell a mis-sold insurance from a legitimate one.

Your statements should clearly indicate the amount you are charged on a monthly basis. This is true for all PPIs on loans, mortgages and credit cards. Banks and lenders are bound legally to tell you about your insurance policy.

I Lost All My Paperwork

It is true that all banks and financial institutions may only keep your records for six years. This explains the six-year claims deadline from the purchase of PPI.

Losing all your paperwork will make it difficult for you to prove that you were mis-sold your insurance policy. This also nullifies the fact that you’ve been paying for it from the start.

What you can do is to check your credit file to know more about your loan or credit card’s details.

Contacting the institution is the best option you have. A Data Access Request can cost about £10. Once you have your information, it will make filling out your claim form easier.

My Bank/Lender/ Insurer Has Shutdown/Merged

It isn’t impossible to trace the institution that sold you the policy despite having shut down or merged.

The government provides facilities where you could call regarding a business’ fate. They may also point you towards the Financial Services Compensation Scheme, which handles liquidated business debts and other troubles.