1st step. Ask yourself, “Do I have it?” Many don’t even know that they have already bought a PPI, because this comes in many forms, guises and products. It is also known as credit protection insurance or loan repayment insurance and unemployment cover. Because it is often sold as a "vital" or “important” – some brokers and banks tell customers that no PPI means no loan, the only mention might be in the small print. 

2nd step. If you still have a policy running, or you were sold a PPI for the last six years but it has expired, you could still have justification for a claim. You might be able to claim further back than six years on a policy that has ended and expired, but you will need original paperwork as sellers are only obliged to keep records for six years. So it is important to keep your documents and read them.

3rd step. How do you know if you were mis sold PPI? Always bear in mind that a successful claim against the seller may depend on how the PPI was sold. Many purchasers have no idea why they were offered the plan. Or the seller may have told you there was no option if you wanted a loan. Check, also, that you were given the terms and conditions before you agreed and that you were offered a cooling-off period.

4th step. You may ask yourself, “have I ever claimed?” Even if the paperwork was immaculate, you have excellent grounds for a refund plus interest, if you can show you could never have claimed on all, or part, of the policy. All policies exclude payments to those who have retired – many also refuse to pay out in the months before retirement. Some have been sold to those already retired – more grounds for complaint. Equally, if you were a student or out of work at the outset and had no employment in prospect you could not claim, and so your policy has been mis-sold.

5th and final step. If you have any doubts over the selling of the policy or its value for you, don’t think twice, complain to the bank or credit provider or mortgage broker who sold the plan – not the insurance company. If they reject your complaint, see people who could be of great help to you, do not use a claims company, which will take a slice of whatever compensation you are awarded. 

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