PPI Claims Check
PPI Claims Check
Checking PPI (Payment Protection Insurance) is essential now that a time limit has been imposed for August 2019.
There are still so many millions of people who have not yet ascertained whether they have had PPI in the past and this needs to be done now to avoid missing out on potentially thousands of pounds worth of refunds.
How do you know if you have had PPI?
The honest answer is that unless you can remember you had PPI, you just do not know whether you had it. The reason why there is a PPI claim check available is so that we can establish if PPI was applied to any facilities you had in the past, regardless of whether those facilities remain open or are now closed and whether they more recent, or go as far back as 30 years.
Why check for PPI now?
The Financial Conduct Authority (FCA) has imposed a time limit in relation to PPI claims (all PPI claims will end in August 2019). It is therefore essential that you do not wait any longer to see if the old facilities that you had, whether open or closed and regardless of how far back they went, are now checked.
PPI could have been applied to loan facilities, credit cards, mortgages, car finance, store cards and so on. All these can be checked.
Lenders can be very difficult when providing the information but that is our job to overcome and it is why we offer the PPI claim check for our clients.
Five things you need to check for PPI
- If you have had a credit card in the last 30 years.
- You do not need paperwork.
- You must have your name and address.
- You need to know the name of the lender or provider of the finance.
- You can check on facilities whether the borrowing is still in place or has been closed.
What is PPI?
PPI (Payment Protection Insurance) is a form of cover that lenders provided through the 1980s and certainly through the 1990s. It was developed in order to protect the borrowing that they provided to clients. Primarily it was as a result of protecting loans, overdrafts and credit cards, but it spread to all areas of finance over time.
It was a huge money-spinner for the various lenders as they could apply the PPI onto all their different products and make huge commissions on them. Unfortunately, for the client, PPI itself was pretty shoddy and claiming was difficult and protracted. The PPI itself was extremely expensive and, quite frankly, was not worth the paper it was written on. So, clients then found themselves with huge bills and amounts to pay on PPI without any real benefit to them.
Why is it important to check for PPI?
It is important that you check now for PPI. This is because a time limit has now been set where PPI claims cannot be made after August 2019.
There is only a relatively small window to make sure that PPI was not applied to facilities you had in the past. If it was applied then of course you should look to make a claim.
Why, with all the advertising that has been going on over the last few years and the dratted phone calls and text messages from firms to enquire about PPI is it so relevant to look?
The reason being is that the Financial Conduct Authority (FCA) has established that 80% of PPI policies have still not been checked.
Could you still have one of these? Did you have any borrowing in the past that you thought you did not have PPI on, or have you not checked it for some reason?
If it has not been checked, then it needs to be checked now.
Are PPI claims just a scam?
The simple answer is no.
The British Press has been fed an awful lot of information in order to take the side of the Banks. Rather than embracing clients and the potential refunds that they could potentially achieve, they have instead decided to attack claims management companies.
Do not get me wrong – a lot of those times it has been correct as a result of the way that they approach and attain new clients. However, it is taking the focus away from clients’ getting back what is rightfully theirs.
Bearing in mind £60 billion to £70 billion worth of premiums have been paid in relation to PPI, with only around £13 billion having been refunded in relation to just the premiums, there is still a vast amount of monies out there owed to clients. Add to this the interest (which is applied to any refund) then potentially huge windfalls are available to people – if they just check if they have PPI, or not.