Making a Claim for PPI Compensation – The Steps to Take
20 April 2015
For many, the prospect of making a claim for compensation after
being mis-sold payment protection insurance (PPI) is a daunting
one. But, with our guide, you will have a far better idea of how to
go about it, as well as what is involved…
Every claim starts the same - finding your policy!
In order for you to have a claim, you need to verify two things
right at the start:
- You have a PPI policy on an account
- You were mis-sold the policy
Finding a PPI policy
PPI was sold alongside loans, credit cards and other 'credit'
type accounts - in other words, in most situations in which you
borrowed money from a UK lender, bank or financial institution. In
many cases, this will be loans but check catalogue accounts and
store cards too, as these accounts could also have fallen victim to
the PPI mis-selling scandal.
Were you mis-sold the policy?
There are many mis-selling reasons when it comes to PPI and here
are just a few:
- Not being sure why you needed to buy the policy
- The bank or lender not checking if the policy was suitable for
- Telling you or giving the impression that the purchase of PPI
- Again, telling you or giving the impression that should you buy
the policy, your application was more likely to be successful
- In some cases, the PPI policy was added to the account without
your knowledge or say-so, hence it is always worth checking!
- There are other reasons too, such as your financial position at
the time the PPI was sold to you; for example, those people who
were self-employed or retired would not have been covered by the
- If you have a medical condition, the representative may not
have explained to you that this would not be covered by the
IF you cannot find a PPI policy or you don't have any paperwork,
there are other options to take to check that you have a policy or
- Contact the bank or lender direct - they do have records as to
who they sold PPI policies to and thus, they are now beginning to
give this information to customers
- Check with credit reference agencies such as Experian - these
kind of agencies can sometimes have the original or copies of
paperwork that may have a record of the PPI policy too
- Your bank may write to you - from 2013 onwards, banks were told
to write to customers, informing them that they have a claim for
PPI compensation, and effectively invite you to start the ball
If you would like help with your PPI compensation claim, Scottish PPI Claims may
be able to help; why not call us to find out more?