Several years ago, Payment Protection Insurance (PPI) was introduced to loans and credit cards. It was designed to help make any payments if you couldn’t due to illness, accident or redundancy. A useful policy for most people.
However, it soon became apparent that these policies were in fact mis-sold to millions of people around the UK. Meaning that people were then able to make a claim against PPI Scotland or PPI England and receive some money back.
How was PPI mis-sold?
If you took out a mortgage, credit card, loan or any other financial borrowing, there is a good chance that you were mis-sold PPI alongside the policy.
Some people found that the policies were not explained properly to them at the point of sale. Any exceptions or limitations were not made clear, meaning that if you were not actually eligible for the cover. Such as if you were self-employed or had ongoing medical conditions. You wouldn’t have known.
Not only this, but PPI was also mis-sold by being told that it was compulsory or that you were told that it would improve your chances of being approved for the borrowing. Both of which were not true.
How easy is it to make a PPI check?
Many people are put off from making a PPI check because they believe that their claim is too old. If you ask how far back, you can claim PPI then you will find that there is no time limitation on the age of the account.
The only issue is that it can be tricky to make a PPI check if you do not have all the relevant information to hand. Tricky, but not impossible.
The best way to process a PPI check is to go to one of the best PPI claim companies out there and ask them to handle your case.
They will be able to take even the most minimal information that you can provide and transform this into a valid PPI claim. They will speak to the bank on your behalf and ensure that each and every step of the process is dealt with professionally and efficiently.
Be aware of the PPI deadline date
The FCA have advised that no further PPI claims will be paid out after June 2019. This means that you need to ensure that you start your PPI check as soon as possible.
Failing to do this could mean that you do not receive the money that you are owed from your mis-sold PPI claim.