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5 Frequently Asked PPI Questions Answered

Millions are people are set to receive letters from their bank over the next few weeks, advising them they may have been mis-sold Payment Protection Insurance (PPI) at some point in the past. The letters will also explain that compensation may be due, IF a complaint is made.

These letters will undoubtedly raise several questions amongst customers, who are probably unaware that they ever even had a PPI policy.

Creditline will today answer some of the most frequently asked questions, making the tangled web of mis-sold PPI a little clearer:

What does mis-sold mean?
PPI policies were introduced to cover credit repayments, such as loans or credit cards, in the unfortunate event of a customer being unable to work because of accident, sickness or redundancy.

For a PPI policy to be classified as ‘mis-sold’ it would fall into one of these categories:

• Customer did not know they had been sold it
• Customer would have been unable to make a claim on the policy because of exclusions or limitations – for example, PPI would not be suitable for anyone self-employed or retired
• Customer did not need the policy as they had cover elsewhere

What are the time limits?
There are certain time-limits which apply when making a PPI complaint. You generally need to make a complaint within six years of being sold the policy or within three years of realising there was an issue with the sale of the policy.

The vast majority of people who want to raise a complaint will be ‘in time’ as they will have been unaware there was a problem until recently.

Will I need paperwork?
Businesses are not required by law to keep paperwork or customers records indefinitely so it can be difficult for the Ombudsman to reach a decision if there is little or no paperwork available – particularly in cases where there is no evidence to show PPI was ever sold in the first instance.

However, if you suspect you have been mis-sold PPI at any time in the past it is worth checking through any paperwork you do have relating to the credit. It is also worth contacting the company in question to see whether they have any information, or you could check your credit file, which may contain details of the loan or credit card.

Do I still have PPI?
If you have PPI it should be clear from your loan or credit card statements. It is typically charged monthly and should be itemised. If you are unsure then give the business a call to check.

Sometimes PPI is referred to as a ‘fully protected’ loan or similar.

How will the bank or lender find me if I have moved?
The FSA’s announcement for all banks and lenders to contact customers who have been mis-sold PPI is currently still in consultation stage. They will be required to put together full proposals for how this will work in practice.

However, if you think you have been mis-sold PPI don’t wait for a letter – contact Creditline Financial immediately to find out how much you might be owed.

Posted by Joanne Price on 20 Jul 2012

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