The deadline to claim for mis-sold payment protection insurance (PPI) is 29th August 2019. If you think you may have been mis-sold PPI but you don’t have any paperwork you may still be able to claim. Find out how.
How to claim for PPI with no paperwork
You might think there’s no point in trying to claim for mis-sold PPI if you don’t have any paperwork, but that’s not the case. It will require a bit of extra legwork on your part and it may be very hard to claim if you have very few details. But I’d say it’s still worth trying to claim for mis-sold PPI. You could be in line for thousands of pounds of compensation if your claim is successful.
SAVVY TIP: The financial regulator, the Financial Conduct Authority (FCA) says that banks and credit card companies must not dismiss your complaint about PPI purely because you don’t have any paperwork.
This is what the FCA says you need to do:
1) Contact your provider
You can call or write to the bank, credit card provider or loan provider to ask if you had PPI. Some providers will also have a simple online form for this.
As a minimum, you will need to give the company:
- Your full name;
- Your address at the time you had the loan or credit card;
- Details of your loan or credit card, such as the approximate date you had it, if you know.
SAVVY TIP: It is free to call or write to your provider to ask if you had PPI – they will not charge you for this.
- You should get a response from you provider within eight weeks, although it’s usually quicker.
- If your bank or card company tells you that you had PPI, you still need to complain about mis-selling; they won’t assume that you want to make a complaint.
SAVVY TIP: If the bank isn’t able to check if you had PPI, you can ask them for the original paperwork and terms and conditions of the loan you took out with them instead. There may be a very small charge for this.
If you’re claiming on an old loan or credit card
If you want to claim for PPI on a loan or an account that has been closed or cancelled, don’t worry! You can make a subject access request (SAR) to the bank or credit card company. It’s a written request for the personal information it holds on you.
You can make a subject access request by writing a letter or sending an email. You should ask them for information about all the credit and loan products you’ve had with them. This is a free service and the information they will provide will be for at least the past six years. You should get a response within one month.
SAVVY TIP: Unfortunately, there’s no clear rule about exactly how long banks and credit card companies have to hold data for. UK Finance, which represents many of the banks and credit card providers, told us that data protection law says firms should not hold personal data for longer than is necessary for the purposes that it is held. Individual firms will determine how long that is.
2) Check your credit report
You can check your credit report for a list of all the financial products and providers that you have had within the last six years. It won’t be able to tell you if you had PPI with them, but it is a starting point.
What do I do if my provider no longer exists?
If your provider no longer exists or has changed name or owner, you may still be able to complain about mis-sold PPI. Try searching online for information about the change of name or owner and contact the new provider. If you can’t find this information or you are unsure of who to contact, you can get in touch with the FCA.
If a provider has gone out of business, you may be able to claim through the Financial Services Compensation Scheme (FSCS). You can find out more about claiming for PPI on the FSCS website.
Photo by Vojtech Okenka from Pexels
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