What are YAYC's top tips for claiming back mis-sold PPI?

The ability to make PPI claims has now come to an end (with effect 29 August 2019). We have kept this post live because it contains a useful strategy for dealing with CORPORATIONS when a problem has to be resolved. Note the use of a Data Subject Access Request to conduct a fact finding mission BEFORE raising issues!

What is the Problem?

This one comes from Dorothy in Cheshire, and her question is:

“I’m about to make a claim for mis-sold PPI, and I’ve seen a lot of conflicting information about where to begin. Can you offer any advice that will help me get this underway?” 

The Payment Protection Insurance mis-selling scandal has been big news for some years now, yet there remains £millions in unclaimed premiums, presumably by those who either have yet to realise there was a problem, or, have perhaps finished paying for a loan and never knew they were paying for insurance as part of the deal.

What To Do

Perhaps this show comes at just the right moment, because one of the tips we’re about to reveal, will be just as useful for those intending to make a claim, as it is for those wishing to find out if they were sold PPI in the first place.

The Outline Solution

We’ve said it before, and we say it again, “if you fail to prepare, then prepare to fail!

• Make a Data Subject Access Request
  
  • The DSAR enables you to complete a review of what the Bank holds on file. The DSAR should be completed PRIOR to any claim for mis-selling is made.
  • Bank staff have been known to falsify and or create the documents necessary to "justify" an insurance sale!
  • By undertaking a review of what the bank has, before showing your hand, you can catch the bank out should staff try something underhand.
  • Always be specific with your Subject Access Requests and mask your true intentions by asking for other things, not just information about PPI sales - otherwise you give the game away!
    
    
• Don’t Accept Rejection.
  
  • Banks and other financial institutions have been caught out employing blanket policies whereupon EVERY claim is rejected first time round! So this is one occasion when you shouldn’t accept "no" for an answer.
    
    
• Use the words of the FOS against the Banks! If you search the bank of case studies in which claims have been successful, which is made available by the Financial Ombudsman Service, you can pick out key phrases which probably apply to your situation.
  
  • Words are very important, and Bank staff will use clever phrases to deflect, distract and undermine what might be a perfectly valid claim.
  • So visit the FOS website and review the examples of successful claims. Then take the key phrases used by the Ombudsman when explaining why said claims were successful. Now use the Ombudsman's words/phrases  in your letters!
  • If your claim progresses to the Ombudsman, the Ombudsman will find it very difficult to argue with their own words!

Possible Arguments Against You

• The time elapsed since your loan, credit card, or secured loan ended could work against you.
  
  • If you ceased doing business with a company more than six (6) years ago, it is unlikely that you will be able to access records held by the bank or financial institution, but don’t let that deter you from making a Subject Access Request, just in case!
  • If you keep good records, this may not be a problem.

The Almost Legal Info

Remember:
It is not your job to prove that PPI was sold incorrectly, it is the Bank’s job to show that the PPI was...

• Relevant
• Needed;
• Clearly explained; and
• Presented as optional;
  
  • ie: sold correctly!

 Helpful Paragraphs:

Just because the Bank, Financial Institution, or Financial Ombudsman Service don’t agree with your claim, doesn’t mean you don’t have a claim. It could well be that you have failed to express your “arguments” in a clear and effective manner.

You always have the courts to fall back on but only until June 2019!

Need More Help?

Ultimately, it starts with you. If you’ve had enough of banks and financial institutions unscrupulously taking your money, and getting away with it, then now is your chance to fight back and maybe put some cash in your pocket in the process. Don't let them keep the profits of mis-sold insurance for the sake of laziness - claim it back