What evidence do I need when I am reclaiming PPI payments?

Summary: This article explains what is documentation may be helpful when making a claim for payment protection insurance (PPI).

Payment protection insurance, or PPI, has had a lot press attention lately due to cases where it has been mis-sold. This has led to claims being made by individuals trying to claim back their payments. While there are a lot of companies that claim to be able to claim back these payments on behalf of the individual, they can be quite costly. It is actually quite easy for anyone to reclaim their own PPI payments assuming the policy was mis-sold.

In some cases, companies that sold the PPI will respond to a simple letter from the individual, of which there are many templates available on the internet. Sometimes, however, it can take a bit more effort and involve the financial ombudsman. In either case, it is best to be prepared and have as much information to hand as possible. The following is a list of information that would be useful.

• The original loan or credit agreement.
• A statement of payments to the account
• Confirmation of the PPI agreement (this may form part of the original credit agreement)
• A copy of the demands and needs statement provided when the PPI was sold (if it was given)

If this information is unavailable, the loan provider should provide copies on written request (there is usually a £10 charge for this). It would also be worth requesting any other information they hold on file at the same time.

Someone making a claim should also make a note of their personal circumstances at the time the PPI was sold, such as employment status (including if there was a risk of redundancy), medical conditions, any other insurance policies that would cover for long term unemployment or sickness, was there an intention to take out PPI?

Having as much information to hand as possible will help build a full picture. Hopefully, if the PPI was mis-sold, the seller will identify this and compensate accordingly, but if it does go to the Financial Ombudsman, all of the above information will help them make a decision.