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Scotland Wide PPI Specialists

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 you
  • Telling you or giving the impression that the purchase of PPI was compulsory
  • 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 policy
  • If you have a medical condition, the representative may not have explained to you that this would not be covered by the policy

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 not:

  • 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 rolling

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?