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PPI Claims With Zero Paperwork Are Possible

PPI Claims With Zero Paperwork Are Possible

Payment protection insurance was a policy intended to protect customers to float smoothly through their financial difficulties. However, it was detected that lending institutions and banks have misused PPI to wring money from clients. It is roughly estimated that in the last ten years about £8 billion have been illegally earned by financial institutions. Fortunately, now you can reclaim mis-sold PPI easily.

Aim of PPI


PPI is a policy that favours the borrower, so that the loans incurred are paid even if there are any financial issues due to:

  • Sudden disability because of an accident
  • Death
  • Illness
  • Unemployment due to various reasons

When you are unable to pay your loan, mortgage or credit card due to loss of income, PPI enters the scenario and pays that money. Some of the things you need to be aware about PPI.

  • Everyone is not eligible for PPI
  • PPI can be obtained from any bank or financial institution
  • PPI is not compulsory

How Banks Exploited PPI scheme?


Banks exploited many loopholes in the rules and regulations related to PPI and drained plenty of cash from clients than necessary. They have put loads of clients at a disadvantage using underhanded activities.

  • They totally ignored notifying or partially informed borrowers about the effects of PPI
  • PPI interest rates were overpriced by large margins
  • PPI was mis-sold to borrowers, who were lawfully not eligible
  • They even misled clients in believing that PPI could not be accessed from another source
  • Told borrowers that it was compulsory, while this was not true

Some of these activities are deliberately neglected while others are clearly illegal. Undoubtedly, borrowers have lost billions collectively over the last 10 years.

Two Important Documents for Evidence


  1. First important document needed is the original copy of loan contract you signed. It will interpret the contract terms and even reveal if PPI was added.
  2. Second vital paperwork is the monthly loan payment statement that will display the amount paid against loan and interest rates. This information will easily perceive whether you were overcharged for PPI coverage.

Approaching Banks directly or FOS


1. For on-going loan: If your loan is on-going, get the latest monthly payment copy or just wait for next monthly statement. Attain a blank complaint form from the bank or Financial Ombudsman Services. If no forms are available, you can write an official objection letter marked as ‘Complaint’ and send it to the bank as well as save few copies.

2. For expired loan: If your loan has been completed and you do not have the original loan copy try to get one from the relevant lender or bank. You can even locate the last payment, even after you no longer pay because there are many sites that provide your last 10 years credit details.

Making Use of SAR


Fortunately, for borrowers making claims for PPI compensation can be well catered under the 1984 and 1998 Data Protection Act. It allows borrowers to place a SAR (Subject Access Request) to the banks or lender firms for a fee of £10.

The financial institution is compelled to deliver the information within 40 days, after the SAR is placed. The SAR will provide information of every transaction since you opened the account. Lack of paperwork should not hinder in filing PPI claim.

About Rob James

Rob works for a reputed PPI claims management firm in the United Kingdom and they assign dedicated case handlers to their customers to help them get their PPI refunds. For details, visit their website.