The Financial Services Authority (FSA) has pressured banks to write letters to past PPI customers. Although most Payment Protection Insurance (PPI) was sold with loans and credit cards, PPI claims can be
lodged on catalogue accounts, life insurance policies and business accounts. Mortgage PPI may not have been widely miss-sold, but the PPI associated with loans and credit cards may have been miss-sold for some time. If you got your PPI on credit card(s), this should be clear on your statements. It is often charged on a monthly basis and should be itemized. If you had received PPI on mortgage or a loan, the sale can be located on the original agreement.
· A successful claim
If you have a PPI policy running or if you were sold one over the last 6 years and it has not expired, you have grounds for claiming a refund. Nevertheless, you can claim a refund if you acquired the policy further than 6 years ago. However, you will be required to give the original paperwork because businesses are not obliged to keep business records for 6 years and above. A successful claim often depends on how the sale was done. Some businesses insist that buyers have no option if they want a loan, while other businesses do not disclose whether they have offered the plan. Nevertheless, the fact that the contract was signed at the point of sale or you have previously made claims under the plan does not mean the policy was not miss-sold.
· Supporting documents
If you are not sure whether you were miss-sold PPI, call the business that sold you the plan. It should be in a position to confirm your suspicion. However, businesses are not expected to keep all their information indefinitely. Therefore, it can prove challenging for the ombudsman to make the right decision where little or no supporting documents are available. Alternatively, check to see whether you have papers relating to sale of loan, mortgage, credit card or PPI. For example, check the credit file because they may contain important details pertaining to the credit card or loan.
· Tracing the business
Although the FSA is consulting with banks to write to people about miss-sold PPI, if you suspect you have a claim, you do not have to wait for a letter. Get in touch with the organization in question and make your complaints. You need to bear in mind businesses change names regularly or merge with others. Therefore, it can prove difficult tracing the business. In such circumstances, hiring a claims manager can help you out. If a business has been liquidated or is no longer operating, you can lodge your PPI claims with the Financial Services Compensation Scheme (FSCS). If your claim is upheld you can expect to get a refund of all premiums paid, as well as interest on the premiums.
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