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Archive for tag: PPI Checklist

PPI Checklist – Proving You Were Mis-Sold PPI

Claiming compensation for mis-sold payment protection insurance (PPI) is not too onerous a task in many cases, but you still need a certain amount of information to be able to make a claim. Use our checklist to find out more.

checklist

Proof

Even though the Financial Conduct Authority, who regulate the banking industry, and the Financial Ombudsman, who help out the consumer when they have complaints about the banking industry, know that there are hundreds of thousands of customers out there with genuine complaints about PPI compensation, you still have to follow consumer law.

What does consumer law say?

It says that in order to claim PPI compensation - or any kind of compensation for mis-sold financial products and others - the onus is on the consumer to prove that it was mis-sold to you.

Step 1: Proof you have PPI

  1. You need proof that you were sold PPI in the first place and that it was on your account.
  2. You also need to show you were paying for it and that your account has been active in the last 6 years.
  3. You could prove you had PPI on a loan etc. by highlighting it on statements or, if it was part of your monthly payment, you may have a separate document that has a policy number on it.

However, proving you have PPI is only one part of the process

Step 2: Proof PPI was mis-sold

There are many reasons for this, such as;

  • It was added to your account without your knowledge or consent
  • The bank knew your circumstances and still sold it to you anyway, knowing full well the terms and conditions did not cover you
  • You were unemployed, self-employed or retired at the time
  • You were given the impression that you had a better chance of securing your loan if you took out the policy
  • You were told it was compulsory or given the impression it was
  • You were not told you could shop around and get a better deal
  • You were advised to take out the policy but you were not told why, nor given any written details as to why this policy was right for you
  • You were not told of the exclusions under the policy, such as some illnesses were not covered
  • You were not told that any of your pre-existing medical conditions were not covered under this policy
  • You bought your credit card etc. online and did not realise you needed to opt out of the PPI scheme by unticking a box
  • You felt pressured to take the policy…

It could be one or a combination of the above reasons!

Need help? Payment Protection Scotland has successfully helped thousands of people claim compensation for mis-sold PPI. But hurry, the PPI deadline is ticking.