If you have found that you have been mis-sold PPI on some or all of your loans or credit cards, you have the option of hiring a firm that specialises in PPI claims or you can handle the claim yourself. Here are the steps you will need to take when filing your own claims.
- First you need to go through all of your loans and credit cards to see if you have PPI on them. You also need to see if you might have had it on the account at one time and cancelled it. Once you get the names of the banks or credit card companies you should give them a call to see if they can confirm if you ever had PPI. If your account is still open they can go through your account and let you know right away; if it is closed you may have to wait for them to research your account which could take a month or so.
- Next you need to determine whether the PPI was mis-sold or not. Consider the following points:
- Were you told that the policy was optional or mandatory?
- Was there a period of time where you could cancel the PPI if you changed your mind?
- Was the lender intimidating making you feel like you had to purchase this insurance
- Was it implied that if you did not sign up for this insurance you would not get the loan?
- Was the coverage explained to you thoroughly?
- Were you unemployed, retired, or self-employed at the time of the loan? These conditions are exempt from coverage.
- Did you have pre-existing medical conditions? These would make you ineligible if you were to become ill and unable to pay on your loan.
- Did you already have similar coverage through your job or other insurance policy?
- Once you can establish that the PPI was mis-sold you can call the lender or register a complaint by mail. You can also complete a questionnaire by the Financial Ombudsman and send it to your lender. Go to their website and you can download the questionnaire. If you dealt with any of the major banks, such as Barclays or Lloyds, you can go to their website as well for more information.
- If you receive an offer of a refund you should confirm the amount.
- If you have found that the amount is incorrect (by checking your own statements) you will need to get in touch with the Financial Ombudsman Service (FOS) to file a complaint. This is a free service.
- If you do not receive positive results by using the ombudsman you can still challenge the results. You can consult an official ombudsman and request a formal decision. You will be entitled to a full investigation but again, this will take time as they may require even more information.
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