Have I got PPI on my old credit card?

Have I got PPI on my old credit card? 

Credit cards were the mainstay of people’s finances in the late 1980s and early 2000s.  If you had a credit card facility, as most people did (such as the Associates or Barclay card or similar) then these do need to be checked.  Lenders have swapped over, moved and changed to do everything that they can to avoid being looked at.  However, we are happy to look at any facility, regardless of whether you know if Payment Protection Insurance (PPI) was applied or whether you have any paperwork or account numbers attached.  Therefore, so long as you know that you had a facility with a certain lender or have a card name, then we can check on your behalf to see whether PPI was applied – all on a no win no fee basis. 

Old credit card facilities can bring in big refunds! 

If PPI was applied onto an old credit card facility, it can generate quite a considerable refund in that any refund must take into account the prevailing rate of interest at the time.  As it was a credit card, it is therefore high and as it was a long time ago it adds up and compounds year after year.  If you have had any credit cards in the past, it is essential to check these.

Do I need the details of old credit cards to make a claim?

 If there is no information regarding your credit card, i.e. a number, a statement or any paperwork – that does not make any difference to us.  We can still check on your behalf.  All we need to know is the name of the lender and we can go from there.

Surely, I would have known if I had PPI on my old credit card? 

There is a good chance that you would have known that you had PPI on your credit card.  However, as this is something that happened twenty years or so ago, are you absolutely sure?  Are you absolutely sure that it is not the fact that people are talking about PPI that makes you certain that you did not have PPI or is it the fact that you are convincing yourself that you would not have been mis-sold and you are far too intelligent to have ever been stung by this con?

Sadly, most people were stung by this con because at the time people did not realise it was one.  With 80% of policies not being assessed for mis-sale so far, you can imagine how many people out there will miss out on potential claims in relation to PPI and you do not want this to happen just by the belief that you could not have been mis-sold it in the first place. 

How do I know if I had PPI? 

Payment Protection Insurance (PPI) is a product that cost a huge amount of money that affected millions of people, but until the discovery of the mis-selling no-one knew anything about it.  So, how can you as an individual know whether you had or have PPI or not?

Around 80% of policies have not been checked and, bearing in mind all the Press and huge numbers of claims – there is an incredible number of people that have not checked whether PPI was applied or not.

Things you should do regarding PPI 

  1. Have you made a claim in the past? If not – you must check.
  1. Have you had any credit cards or loans in the past but do not have any details? If you did – you must check.
  1. Did you have any loans or credit cards with no paperwork or any other details in the past? If you did – you must check.
  1. Did you have any loans or credit cards but believe that you did not get mis-sold any PPI? If you believe this – you must check.
  1. Did you have any form of borrowing in the 1980s, 1990s and 2000s? If you did – you must check.

The vast majority of people had borrowing facilities in the 1990s and early 2000s and most of these facilities will have been covered by PPI, whether the consumer knew about it or not.

Unfortunately, with the passage of time and the destruction of records and information, along with the fact that many people wanted to deny they were ever mis-sold PPI, means that 80% of PPI policies have not been looked at with regard to their mis-sale and many people are therefore missing out on potentially thousands of pounds’ worth of refunds.

Martin Knipe