It’s worth looking into whether you have payment protection insurance (PPI), if you have taken out a loan or purchased something on credit.
You can complain to the PPI company if they didn’t follow proper steps when you purchased PPI – even though you bought it long ago.
Verify if you have PPI
PPI may have been an option if you took out a loan, bought something on credit (e.g. overdrafts, credit cards or mortgages). It might Campaign Finance Attacks also be available if you have paid instalments for items like a sofa or car.
Take a look at any documentation you have, such as statements, terms and condition or the original agreement. You should check if the terms are:
Credit insurance or protection
Loan insurance, protection or care
- Protection plan
- Account Cover
- Payment coverage
- ASU, accident, sickness, and unemployment insurance
- Mortgage payment protection insurance (MPPI)
If you aren’t sure if you have PPI, you can ask the lender or creditor you received the loan from. You can also find the contact information for your PPI company at the Financial Conduct Authority (FCA).
Contact Citizens Advice if you have difficulty getting a response from your PPI company, or if you don’t have all the paperwork. An adviser can help you work out if you’ve had PPI.
Verify if you were mis-sold your PPI
- If the company from which you borrowed PPI didn’t inform you or pressure you into it, you were likely to be mis-company without a patent PPI.
- If the company doesn’t follow the correct steps, even if you were informed about the PPI it could still be mis-sold.
- If you aren’t sure, it’s worth complaining to the company. They will investigate and inform you.
You were not covered if the company did not check your identity.
You should have been able to verify that the policy was valid. If you are not satisfied with the policy, you can always complain to the company.
- They were self-employed
- were unemployed
- They were retired
- You have a medical condition that might make it difficult for the policy to cover you
If they don’t know enough about you, such as your job, finances and health, you can complain. This is sometimes known as an “eligibility check” or a phone conversation.
If the company did not explain the policy
You should have been provided with all information by the company before you purchased it. If they don’t, you can sue them.
- What the PPI covered and what it didn’t
- How much does the PPI cost separately from the loan
- You would pay interest on PPI if it were added to your repayments
- If your PPI coverage would expire before you have made the repayments
- If the company doesn’t respond to your inquiry, you can still complain.
- The main points of PPI policy are usually called a “summary of insurance policy “
- If the policy doesn’t cover you under certain circumstances, it’s called a statement of needs and demands’
- If you are unsure what to do, you can ask your nearest Citizens Advice for help. An adviser will talk with you and help you to decide.