How can I find out if I had PPI?
A question that keeps popping up when we speak to people is “Did I have PPI”, or “How can I find out if I had PPI?”. Well, unless you have your paperwork to hand it’s probably impossible to tell. You could contact your lender but we hear so many stories from customers who say that their lender told them they didn’t have PPI, only for us to find out that they actually did. Do not trust your bank or lender!
What are the chances I had PPI?
There have been an estimated 34 MILLION PPI policies sold in the UK, according to a recent report by the Guardian. These policies are worth approximately £50 BILLION suggests the Financial Ombudsman Service. Therefore, if you have had a mortgage, loan, hire purchase agreement, credit card or store card we believe you could well be in a minority if you haven’t had PPI. Furthermore, one of the biggest mis-selling points we see on a daily basis is customers who were completely unaware they had PPI in the first instance. If you have had credit, and most of us have, in the last 20 years we would suggest that it is likely that you have paid towards a PPI policy at some point in time.
How can I check?
Due to our experience and expertise we have built up relationships with many banks and lenders that allow us to check quickly whether you have had PPI on any of your agreements. We don’t need account numbers, just your basic details such as name, address and date of birth. We will then request your lender provides information regarding any PPI policy that has ever been taken out in your name.
How do I know I’ve had mis-sold PPI?
Well firstly, if you didn’t know you had it, this is a huge warning siren to suggest it has been mis-sold. There are numerous other factors that come into play when investigating whether a PPI policy has been mis-sold. Did you ask for it? Were you told the full cost? Were the benefits and exclusions explained to you? Did your circumstances mean you were not actually eligible? The list goes on. We put forward the case to the lender using our legal documentation, we deal with any requests and we fight your corner all the way.
What are my chances of success, and how much compensation will I get?
Overall, the success rate is above 90%. In just over half the cases lenders put their hands up and make an offer of compensation. However, in some instances lenders will reject the case in an attempt to try and make the matter go away. That’s where our expertise comes in again. We counter the rejection and, if required, we escalate the matter to the Financial Ombudsman Service (FOS). The FOS are independent and they review the complaint and make their decision and, in the majority of cases time, the FOS agree with us and instruct the bank or lender to make an offer of compensation.
With regards to what compensation you are likely to receive, this totally depends on how much you borrowed, what the interest rate was and how long ago you took the credit out. The industry average is suggested to be around £2,750 although we’ve seen many offers in the tens of thousands. As a rough estimate though we look at between 10% – 25% of your monthly payments on a mortgage, loan or hire purchase agreement, could have gone towards a PPI policy.
I hope this has gone some way to answering your question of “Did I have PPI”.
Don’t miss out, you could be owed ££££’s