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Archive for tag: Quick PPI Questions and Answers

Quick PPI Questions and Answers

Have a quick query about PPI that you need answering? We have collated some of the questions we are asked and asked our team to come up with quick answers to them.

Questionsandanswers

How far back can a claim be made? I had a car loan a few years, with PPI - will the bank contact me?

The bank may contact you as they are being 'advised' by the Financial Conduct Authority to do so. The easy rule for PPI compensation claim is that if the loan was active in the last 6 years (that is, you were making payments on it), then you could claim. However, there are always exceptions to the rule so if you have a case, why not make a claim?

We have a £7,000 personal loan with Lloyds and were mis-sold PPI on it. How much compensation would we be entitled to?

Without knowing all the details, it would be difficult to be completely accurate but between £1,500 and £2,000 would be a guesstimate. This includes interest at 8% but you could be entitled to more with fees and costs added. And then there is the possibility of commission payments on top.

I am still paying for a PPI insurance product on my credit card with a well-known high street store that also offers banking facilities. I don't recall agreeing to it. Do I have a claim?

The first thing you need to do is look at the details of PPI and see if it covers you. You may also want to look online to see if you can get a better deal from another insurer. Lenders rarely sell PPI these days and so we would need to know more detail about this.

I have an EGG credit card, can I claim?

Yes you can. EGG was one of the companies fined in the past for slow payments etc. so always worth striking while the iron is hot. But EGG itself no longer exists but Barclays bought the company and so they are responsible for refunds.

I have been made bankrupt, can I still claim compensation for mis-sold PPI?

Yes you can, although there are circumstances that you will need to be aware of. For example, you may not receive compensation if you claim is successful, as the money may be used to pay off your debts etc. Cases of debt and bankruptcy when seeking PPI compensation need not be complicated but it pays to get thorough advice on the best way to proceed from an independent source and debt specialist.

We bought a new car through a financial firm who told us that PPI was essential, or we couldn't have the car. Is this mis-selling?

It sure is! The purchase of PPI has never been compulsory!

I closed my credit card and paid it off. Could I still claim?

Whether the account is closed or not is irrelevant. You can claim compensation for mis-sold PPI if it was actually mis-sold to you and the policy was active in the last 6 years.