I Wonder Have I Got PPI?
“I wonder have I got PPI?” has become a common question since the press started reporting on the billions of pounds being put aside by major financial entities to compensate those to whom it mis-sold payment protect insurance over the past two decades.
Indeed, those who discount the question “Have I got PPI?” in the belief that PPI was mis-sold only by banks and credit card companies may be surprised to learn that PPI was mis-sold by many other organizations – including Homebase, Littlewoods, Land of Leather and Argos.
In fact, PPI was mis-sold so systematically in the past six years that any people are unaware if they have PPI at all! Fortunately, there is a service which is available which can determine whether or not you ever agreed – knowingly or unknowingly – to a PPI policy, and whether you are entitled to compensation for being mis-sold PPI.
Why PPI was Mis-Sold
PPI was introduced as a safeguard for people with credit agreements (loans, mortgages, credit cards, hire purchase, etc.) in case they lost their jobs, fell ill, or met with any other misfortune which prevented them from maintaining their repayments.
Originally many PPI policies had an up-front “single premium” that had to be paid before a credit agreement would be authorised, but these later changed to monthly premiums which financial entities could charge interest on if a payment was late.
The monthly payment system was so lucrative to the financial entities that their employees were incentivised to sell as many PPI policies as possible. By May 2008, twenty million PPI policies were in existence and the number was growing by seven million each year.
As a consequence of being incentivised, many employees signed people up for PPI policies whether it was in the customer´s best interests or not, and sometimes without the customer even knowing! Eventually the Financial Services Authority stepped in and reformed the way in which PPI was sold – introducing a procedure through which people could claim compensation for being mis-sold PPI.
Who Can Claim Compensation for Being Mis-Sold PPI?
It is highly probable that anybody who – within the last ten years or so – has taken out a mortgage, a credit card or a store card, made a purchase on HP or bought a new car from a main dealership has got PPI.
Whether or not you are entitled to claim compensation for being mis-sold PPI will depend on the circumstances in which the PPI policy was sold to you and whether it was the most appropriate safeguard for your financial circumstances at the time.
The likelihood that PPI was mis-sold to you will increase if any of the following statements are true:
- I was told that PPI was compulsory
- I did not know I was paying PPI on an account
- I was not told that I could get PPI from another provider
- I was not given the terms and conditions of the PPI policy
- I was told that I would not qualify for finance without PPI
- I was self-employed or retired when the PPI policy started
- I had an occupational sick pay scheme and did not need PPI
- I was sold a PPI policy without being asked about any pre-existing medical conditions
When you claim compensation for being mis-sold PPI, you can recover the payments you have made plus interest on those payments. The premiums on PPI policies can range between 15% and 30% of the monthly finance repayment and can amount to many thousands of pounds.
Wonder no more “Have I Got PPI?”
Despite the massive amount of money that has been put aside by financial entities to pay compensation for being mis-sold PPI, it is important that people who do not know “have I got PPI?” make enquiries quickly to determine whether PPI was mis-sold to them.
Many of the financial entities through which PPI was mis-sold are arguing that there should be a time limit imposed on claims for compensation for being mis-sold PPI and therefore it is recommended that you contact our free claims advice service today to establish whether you are entitled to a refund of PPI.
Not only will we be able to answer the question “Have I got PPI?” but we should also be able to tell you whether PPI was mis-sold on a credit agreement you had in the past or – if you have already made a claim for being mis-sold PPI – whether the settlement you received represented your full entitlement to compensation.
There is no obligation on you to proceed with a claim for compensation for being mis-sold PPI and nobody will ask you to pay an up-front fee. Our service enables you to find out “Have I got PPI?” and provide you with the information you need to make an informed decision about claiming compensation for being mis-sold PPI.