If your bank says you didn’t have PPI, as a backup you can ask who it used as its underwriter (the company that decides whether you’re eligible for the insurance). You can then contact this organisation directly to see if a policy exists. Ordering takeaway in Jersey has never been easier and it’s 100% FREE to use!
There’s no specific start date – the problems of mis-selling have been around for a long time. Martin was warning about them back in 2000, and others before that. Claims can generally be made on policies going back to the 1990s . The financial regulator started fining PPI companies in 2006, but a big improvement wasn’t seen until 2011.
It essentially means that if you got PPI with a loan or credit card from a bank or building society, you were mis-sold. But in April 2011, the High Court ruled in favour of mis-sold consumers, and the banks eventually accepted the verdict, gradually lifting the hold on complaints. Then in August 2010, the FSA finally decided the whole industry needed to tidy up its game and so set out a list ofrules providers must followto proactively find and compensate consumers who were mis-sold a policy. For every £100 insurers take on car insurance, they pay £78. On loan PPI they pay out just £15, meaning it’s HUGELY profitable.
If you’ve checked your policy and found it didn’t cover the full term of your loan, but you thought it did, the salesperson should have pointed this out. If the salesperson didn’t, go to thehow to reclaimsection. Those selling PPI polices are obliged to tell you about the criteria of the policy and to confirm it’s right for you. If you speak to someone when applying for a loan, they need to consider your circumstances.
It may decide whether to pay an insurance claim based on what it considers to be reasonable for you to have known about before the policy started. Assuming the policy isn’t suitable, you need to establish if the salesperson bothered to check. Remember, it’s the situation you were in when you got the cover that counts. So if you were an employee then, but are now self-employed, that’s not their fault – unless you’ve subsequently asked if it was still suitable and been misinformed.
If you’re rejected during the reclaim stage, whether it’s from an old mis-selling claim or Plevin claim using our Resolver tool, you’ll automatically receive a trigger reminder to take your complaint to the ombudsman. There’ll be a few brief details to fill in and then our tool will send on the details of your original complaint to the ombudsman. Otherwise, if you’re using our template letter, it’ll be up to you to escalate it. The free Financial Ombudsman Service can help with most cases if you think your bank’s not playing ball.
And even if yours isn’t, there’s no penalty for losing – it just means you don’t get the money back. As the party with responsibility to provide full details of the insurance, the lender is expected to have more evidence on what happened to back up its case. Just contact the ombudsman and ask it to take on your case. The ombudsman will then look at each case individually, so if yours is a matter of you saying one thing happened but the company disagrees, the ombudsman will decide if it thinks the company acted fairly. While the process of using the ombudsman PPI claim form is simple, and the amount of money you could receive is massive, it’s not usually quick. Your case may take a couple of years to be settled, so don’t count on the cash now.