15 June 2015
I keep receiving texts from various, anonymous companies all telling me that I have a claim for mis-sold PPI. One tells me there is a cheque for £3,810 waiting for me to claim, and another tells me they have £2,750 to give back to me.
How do these people know my details? How do they know I have loans? How did they get the money from the bank without my permission?
Many people have been plagued by text message, emails and in some cases, mail too, that tell them they are not only entitled to claim compensation for mis-sold payment protection insurance (PPI) but also how much they could claim.
Unfortunately, this is all based on nothing. These companies have no clues if you have a loan, credit card or any kind of product, neither do they know if you have PPI and they certainly will have no idea how much your claim could be worth.
Our data is protected, and no more so than our financial data. And so, it is really important to understand that no one has access to this information. These texts are a way of 'cold calling' without the phone call, and they are simply trying to get your business.
If you still have it, locate the original paperwork for loans, or any other kind of documentation for accounts that gave your credit; anything from credit cards to catalogue accounts could all have had PPI on them.
Bear in mind, however, that some banks, lenders and financial companies sold you PPI after you had taken out the main product and thus, you may find that you have this as a separate itemised payment on account statements and so on.
If you spot anything that promises - or even guarantees - that it will make repayments if you are unable to do so through unemployment, illness, accident and possibly redundancy, this is a PPI type policy.
Not every company called their PPI policies the same name, so don't be surprised if it called something different than PPI!
However, there are time when we lose paperwork and thus, many people think that their claim is dead in the water before they even start.
Back when the process of compensation for mis-sold PPI started, some banks were not keen on supplying copies of paperwork but, the attitude of the banks and lenders towards compensation has changed. They now recognise they need to be as helpful and facilitating as possible when it comes to claims.