Millions of people in the UK, paid PPI (Payment Protection Insurance) for years. Many of them were not even aware they paid it. If you’ve had a loan or credit card, overdraft, mortgage, other credit products, you could pay PPI as well. You can claim back all the PPI paid plus interest rate, so it is worth checking your documents.
To check if you had PPI, you need to go through your paperwork (credit agreements, statements, terms and conditions for each loan or credit product you ever had). PPI was sold with other products like a loan, credit card, store card, mortgage, overdraft or car finance deal, sometimes without the knowledge of the client.
Look for product names listed below in your paperwork. Information about the policy and your payments may also appear on statements as an additional charge next to repayment information.
PPI or payment protection insurance could also be described by following names. Look for these names in your papers:
- 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
To claim PPI you do not need original documents. If you are not sure if you had PPI, please contact us. Please note that claiming PPI, won’t affect your relationship with bank, loan provider or other company.
What if PPI was not mis-sold?
Even if you think your PPI policy was not mis-sold, you still can claim some money back, as simply having had PPI means you were likely mis-sold. The FCA decided that banks must also consider claims based on a breach of rules regarding fairness of relationship between lender and borrower. To complain about an unfair relationship between lender and borrower the commission for the sale of the product must be above 50%. Typical commission for PPI sales was 67%. New grounds to make a complaint about a PPI policy are based on the Plevin case. The Plevin case suggests almost anyone who has simply had a PPI policy was likely mis-sold, and could be due money back.
How far could I claim PPI refund?
As long as the PPI was active within the past six years (or is still active), then it is possible to make a claim. If the policy was older, the chances of success are lower, but it is worth trying.
Other names of PPI
Payment Protection Insurance is not always marked as PPI in loand or credit card agreement. The other names could be accident, sickness and unemployment (ASU) insurance, account cover, card protection, card protector, credit card repayment protection, credit insurance, credit protection, income protection, loan care, loan insurance or loan repayment insurance, loan protection, mortgage payment protection insurance (MPPI), payment cover, personal loan protection, protection plan, redundancy cover.