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Unsure If You Have PPI? Here’s How You Can Check


PPI is one of the prominent insurances which are often mis-sold with most products from the bank. However, this wrong sale can become the reason for both monetary and resource-based loss. You must always check PPI whenever taking any policies from the bank. The following procedure can help you to clarify the presence of PPI.

In a situation of a wrongly sold PPI, you can choose to follow the procedure mentioned below for checking.

Product Checking is given by the bank

The primary step you can take while checking the presence of PPI is to go through the products of the banks. These products include mortgages, secured loans, credit cards, store cards, Bank Overdraft, catalogue credit etc. You must, however, go through every product that you buy from the bank.

Consider the time

If you expect to get positive results from the grievance of PPI, try raising it by 6 years of continuing the policy. However, you can place the claimant faster on understanding that the PPI was wrong for you.  In such a situation, it will be better for you to place the claimant by 3 years from knowing this flaw.

It is important for you to remember that no institutions need to keep the paperwork for more than 6 years after the policy is sold. You can still make a claim if proper evidence is all available with you.

Always make a note that there is a chance of rejection of the complaint if you place it after 3 years even after knowing that there was a miss-sale.

Check the credit reports and products

One must always check the credit reports for 6 years while checking the presence of PPI. Cross-checking of products might also help. It reduces the chances of a complaint failure. The lenders can also clarify if you are having a PPI already. You can understand if it was mis-sold to you. So, it will be easier to take further steps.

Products for which records are available

The 6 years time is vital in this step. Under the Freedom of Information Act, you can request the copies from the lender. This solution helps you to both know and complain about the PPI presence. Expect to be charged 10 pounds if you need a written document for check PPI.

Track down the contact details

The contact details of a particular company can change it merges or get taken over by a different company. In this case, you can check if PPI is present in your policy from the FSCS. You can expect to get decent claim returns from the FSCS too.

So, these are certain procedures that you can take to check the presence of PPI in your policy. You will need to have good knowledge about it to avoid the extra expenses.