A written document is more powerful than a verbal agreement. It is in the records for everyone to see and it has the affirmation of the person or parties who had reached an agreement with you. The receipt is the ‘shortcut’ version of such.
With a receipt, you could purchase your item and you could keep the documentation of your purchase for future trouble, such as a malfunctioning item or if the shop can assist you with warranties should they know you purchased the item from them.
The same is true with insurance. While it’s fairly easy to replace items with receipts, mis-sold insurance policies aren’t so easy.
When making a PPI claim, the consumer approaches the bank and talks to them about their finance having payment protection insurance added without their consent. The process becomes difficult if one does not have their original receipts or billing statements from the beginning of their financing.
Consumers could use a Data Access Request for just £10, which would reveal the account number and the date the financing or mortgage was taken out and the instances it were repaid.
This information can be useful to calculate your PPI refund, your interest rate, possible compound interest rates and more.