Payment Protection Insurance or PPI has been a controversial subject for many years now. A number of financial institutions were caught mis-selling of PPI to the people that have resulted in one of the biggest financial scandal in many years. You might have heard about it on the news, but have never suspected that you are a victim too. If you have taken a loan or a new credit card in the past years, chances are that you have a PPI too.
Here are some of the credit agreements with which you might have been sold PPI –
- Credit cards
- Personal loans
- Car loans
- Personal contract plans
- Hire purchase agreements
How Can you Find PPI on your agreement paperwork?
If you are unsure whether you are paying money for your PPI on your agreement, you need to check the paperwork to be sure and know how much you have been charged. Here are the steps to help you find out where you can get the information –
- The first thing you need to do is check the agreement for any reference to PPI or ASU cover which stands for Accident, Sickness and Unemployment Cover. This should be written in the document that you might have received from your lender.
- If you cannot find it in the agreement, you should check the monthly payment statements. If the lender is charging you for PPI, there will two payments under their name, one with larger amount and the next one with a smaller payment. The smaller one is most likely for your PPI.
- Many times, the payment for PPI is not split from your interest payment. If you think that this is the case, you should contact the lender and ask them about the PPI charges you are paying.
If you find that you have mis sold PPI, you can ask for a claim by your lender by writing them a letter. Remember that you might need to proof that you were mis sold PPI. You should be ready with all the documents to make a successful claim.