The simple answer to this is that you do not know if you had Payment Protection Insurance (PPI) at all.
The vast majority of people who took out PPI did so, either at the Banks covert request, or were completely unaware as to the consequences of what they had signed up for in relation to any facilities that they had with the Banks.
The big Banks, in particular, were extremely cunning at promoting PPI by hiding it and disguising it within the facilities that they were providing. They understood the customers psyche and what they were looking for when taking out facilities, and they trained staff extremely proficiently in order to promote the PPI product.
However, before you believe that the staff being trained proficiently in PPI was a good thing to clients, they were actually trained to sell and make sure that the clients had PPI. They were not trained to look at the clients benefitting from the cover, but merely making sure that the PPI was attached to whatever product that they were selling, whether it be a loan, mortgage or credit card.
The vast majority of people have not, or do not have any paperwork or information to confirm whether PPI was applied, or not. To be honest, why would anybody have this information? Under the Data Protection Act and for the purposes of the Inland Revenue you should only keep paperwork for a period of 6 years, and the majority of facilities with PPI are a long gone memory for this time.
Banks were also extremely reluctant to provide information, always quoting the Data Protection Act and the 6-Year Rule to clients if they ever contacted them. However, we know from experience and working with a High Street Bank previously, and also from dealing with customers disputes for the last 18 years, that the Banks do have extremely good records. On the majority of occasions where we do apply for information, with some persistence, the Banks do locate details to confirm whether PPI was applied, or not.
We can look at this for clients – all on a “No Win No Fee” basis. If we are unsuccessful, there is no fee to pay. We can look at this on your behalf regardless of the age of the policy and regardless of whether you have any paperwork or account details to confirm that PPI was applied, or not. Indeed, we specialise in looking at information where no details have been made available. We liaise with the Banks over a period of time to see if the details can be located.
It is incredibly surprising just how much information the Banks have, and how rewarding it is financially for clients to undertake this process. Especially where they did not believe that PPI could ever have been attached to their facilities, but recovered in this way.
We suggest that anybody who has not looked into obtaining details to establish if PPI was applied, or not, and who are unaware if PPI was applied (which in the majority of cases, most have almost given up hope due to the age of the facilities that were in place) maybe through the 1990s, certainly when there was a fast spike in consumer borrowing through personal loans, mortgages and credit cards, then now is the time to make sure, and establish once and for all whether PPI can be tracked and, if it can, look at obtaining a full refund.
By the end of 2015, the Banks have paid out around £30billion. They are likely to have to pay out a further £10billion in the next 2 years in relation to claims, but this is still only a relatively small percentage of the potential refunds that are outstanding, and that have been built up since the late 1980s, through the 1990s and into the 2000s. The vast majority of people are reluctant to approach the Banks to make a complaint because they do not believe that one can be made, but this is certainly not the case.
So, if you do not know if you have had PPI, you cannot remember any specific details regarding any policy number or any PPI paperwork, and you cannot remember if you took out PPI in the first place, please contact us.
We can look for you to establish once and for all what your exact position is, and we hope to surprise you, as we have done so with countless other customers, with a refund from policies in the long-distant past.