How Do I Know If I Had PPI?
The question “How do I know if I had PPI?” has no straightforward answer. Unless you are definitely aware that PPI was included in a credit agreement, the only way to find out whether or not you had PPI is to review your credit agreements and statements to find out if you have paid a premium for payment protection insurance.
Sometimes the premium for payment protection insurance was a single payment at the beginning of a credit agreement (often added to a loan amount), or – more recently – monthly premiums were added to credit balances, either as a fixed amount or as a percentage of the overall debt. If the paperwork for your credit agreement has been mislaid, it is possible to get a copy from your credit provider for £1.00.
You should also remember that it was not just banks and credit card companies that mis-sold PPI to their customers. High Street stores, car showrooms and insurance companies were also guilty of selling their customers inappropriate insurance policies, and you should also review any credit agreements you took out with these credit providers to determine “How do I know if I had PPI”.
Am I Automatically Entitled to a Refund of PPI?
Once you have found the answer to the question “How do I know if I had PPI”, it does not mean that you are automatically entitled to a refund. In order to qualify for a refund of PPI it must have been mis-sold to you by your credit provider. This means that you paid for a PPI policy without knowing the full terms and conditions of the policy or that you would not have been eligible for the benefits of the policy if you were to fall ill or lose your job.
In many cases, people were told that PPI was compulsory or that it would improve their chances of being accepted for credit (both of which are lies), or not told that PPI could be obtained from other insurance companies because highly incentivised sales advisors did not want to lose their commission for the sale.
People who would not have been eligible for the benefits of their PPI policy include pensioners, students, housewives or self-employed workers. People in an occupational sick pay scheme would have been mis-sold PPI on the grounds that their existing sick pay scheme would have covered the credit repayments (so PPI was unnecessary) and, if you were never asked about any health issues, you are also entitled to a refund of PPI because the sales person could not have known whether you were eligible for the benefits or not when they sold the policy to you.
It All Sounds Very Complicated. Is It Worth Claiming a Refund of PPI?
It is complicated. The mis-selling of PPI was systematic in the finance industry for more than a decade and it affects millions of customers. The leading banks have already set aside £15 billion to pay refunds of PPI compensation and the Financial Conduct Authority believes that the total amount owed to customers is in excess of £20 billion.
Whether it is worth claiming a refund of PPI will depend on your individual circumstances, the type of credit arrangement you had and how long you were paying premiums of PPI. The average value of a claim for a refund of PPI is £3,320, but some people have received much more. The highest compensation settlement we have handled was for £163,614.
Not only can making a claim be complicated for the refund of PPI you receive, but you also have to be aware that banks have been rejecting claims without good reason (thinking that customers would not pursue the claim any further) and been found to under-calculate the value of refunds – something that only became apparent when financial experts looked into the amounts that customers were receiving as refunds.
One customer of Barclays received £82,000 in compensation after Barclays had initially rejected his claim for a PPI refund. Consequently, it is often in your best interests that you speak with our claims advice department about making a claim for a PPI refund on your behalf.
Speak with Us about Claiming Compensation for Mis-Sold PPI
If you would like to find out the easy way “How do I know if I had PPI”, give our claims advice department a call and speak with one of our financial claims experts. Our experts will explain a method of finding out “How do I know if I had PPI” without ploughing through credit agreements and statements, and without having to obtain copies of paperwork and then writing numerous letters to your credit providers.
There is no obligation on you to proceed with a claim for a refund of PPI and no money to pay up front. If our financial claims specialist believes that you have a claim for PPI compensation which is worth your while to pursue, he or she will send you a claims pack through the post for you to return to us. We will then start negotiations with your bank and other credit providers to determine “How do I know if I have PPI” and, if the answer is “Yes”, and PPI was mis-sold to you, we will continue to claim a refund of PPI on your behalf.
Please note that our company operates on a “No Win No Fee” basis, so if our claim for a refund of PPI is ultimately unsuccessful, you will not owe us any fees for our services.