The mis-sold PPI problem has taken many forms, from people who shouldn’t have been sold certain policies ending up with them to people being misadvised about them and even people being sold policies without knowing!

So this means you could potentially have been sold a PPI policy and you don’t even know about it. Payments are generally taken along with your monthly loan, mortgage or card repayment and as such, could easily go unnoticed. You could very feasibly be unaware that part of your monthly repayment is PPI.

So how do you find out?

 

How Do I Know if I Have PPI?

Check your statements. If you don’t receive postal statements, you should have electronic statements than break down your repayments. Your PPI policy will be listed on these statements but might not necessarily be called ‘PPI.’ It could be referred to as ‘Payment Protection Insurance’ or even something else.

If you’re not entirely sure whether you have PPI, get in touch with the provider with whom you took your loan, mortgage or credit card and specifically ask. Bear in mind, though, that if your policy ended more than 6 years ago and you do not have the paperwork, it may be impossible to reclaim as the bank is no longer obliged to keep the paperwork on file.

If it emerges that you do have payment protection insurance and you were not aware, this could constitute mis-selling.