If you’re thinking about making a PPI claim then you’ll need to submit a Payment Protection Insurance Consumer Questionnaire. Your answers to this questionnaire give the Financial Ombudsman (FOS) a picture of your situation when you took out the PPI and help it to decide whether mis-selling has occurred.
In order to complete the questionnaire you’ll need quite a bit of information so we’ve put together a PPI claim checklist, it’s all the information you’ll need and should help you progress your claim quicker.
We’ve put it in a downloadable PDF as well, so you can print it off and check off the information as you get it. The link’s at the bottom.
For ‘Loan’ read whatever credit you took out, for example: Loan/Credit Card/Mortgage/Car Finance/Furniture Finance etc:
1. What year did you take out the payment protection insurance (PPI) policy? (Usually taken at the point of loan agreement)
2. Is the loan a single or joint account? (i.e. Is it in just your name or yours and your partner’s)
– Who is the main account holder?
3. How was the PPI sold to you?
These are the most common ways:
– During a meeting with the lender or broker
– Phone conversation with lender or broker
– Postal application
– Online application
4. Were you given advice about the PPI?
– Was it recommended that you take the policy?
– Was it an option at the time or did they say it was part of the loan agreement?
– If it was optional; was it fully explained to you?
– Did they say you had to take it to get the loan?
– Was it in your best interest to have a PPI policy? If not, why not? i.e. were you self employed, ill or over the age limit for policy and therefore never able to use it?
5. Is the loan still active?
Yes / No
– If not, was the PPI cancelled at the end of the loan agreement?
Yes / No
– If ‘Yes’, what year was the PPI cancelled?
6. Have you ever claimed on the PPI to cover your repayments?
Yes / No
– What did you claim for?
– What year did you claim?
– How much did you receive?
– How long were you claiming for?
– If the policy provider refused claiming, why did they refuse?
7. What did you take out the loan for?
– How much did you borrow?
– How much did you pay back each month?
8. Have you ever missed payments or gone into arrears on this borrowing?
Yes / No
– How many missed payments?
– Are you now up to date?
– How many months are you currently in arrears?
– Are you on a debt plan?
9. What was your employment status at the time you took out the PPI?
Employed (go to section 10) / Self employed / Unemployed / Agency or Temporary Worker / Student
If self employed…
– Was it: Sole trader/Partnership?
– Did you have any employees?
– Did you have any business assets? (Stocks & shares)
– Go to section 11
10. If employed…
– Employer name
– Job title
– What was your annual income?
– How long had you been working there when you took out the PPI?
– Did you get sick pay from your employer?
Yes / No
– If Yes, how many weeks/months?
11. Has your employment status changed since you took out the PPI?
– What year did you change employment?
– Did your income change?
– Did the sick pay change (if so) what did the sick pay change to?
12. At the point of taking out the PPI – if you lost your income, did you have any of these means of making the repayments…
– Was it statutory or an offer from your employer?
– If an offer from employer how many months/years did you get? (if you don’t know it’s ok)
Savings? – Having enough savings to cover your repayments may make a PPI policy inappropriate
– Did you have money to help you make the minimum repayment if you were out of work or fell into financial difficulty?
– How many months would that money last before it ran out?
– Were you married or in a relationship?
– How much per month/year was your partner earning?
– Could you rely on that to make the minimum repayment if you were out of work or fell into financial difficulty?
Did you have any dependents?
– How many children under 16?
– How many children under 18 and at college?
– How many disabled/elderly individuals?
– Were they living at home when you took out the loan/credit card?
– Did you receive any benefits?
Investments and shares
– How much did you have in shares? (Estimate)
– Could you cash in these shares if you fell into financial difficulty?
– Did you have any property’s they rented?
– Life insurance? Personal, through mortgage or employer
– Critical illness cover? Personal, through mortgage or employer
– Death in service cover? How many years times your salary?
– Do you have health cover? Personal, through mortgage or employer
Did you live with parents or in your own property?
– If you lived with parents could they have helped with repayments if you struggled?
13. Did you have any financial commitments?
14. What is your recollection of the sale and what advice did you receive?
15. Did you have any pre-existing medical conditions?
What was the condition and how did it affect you and your employment? i.e were you ever off work due to the medical condition?
16. Did you consider it important to protect yourself from sickness/accident/unemployment or death?
End of Questions
Accurately answer these questions and you’ll be able to fill in the PPI Consumer Questionnaire much quicker. Feel free to download a pdf of the questions and when you’re ready you’ll find the PPI Consumer Questionnaire here.
This is part 10/15 – continue your PPI claims education…
PPI Claims 101 – 1/15 | What is PPI?
PPI Claims 101 – 2/15 | Should I Bother Making a PPI Claim?
PPI Claims 101 – 3/15 | How To Claim Back PPI Yourself
PPI Claims 101 – 4/15 | How To Find The Best PPI Claims Company
PPI Claims 101 – 5/15 | No Win No Fee PPI Claims Explained
PPI Claims 101 – 6/15 | What is a PPI Template Letter?
PPI Claims 101 – 7/15 | Credit Card PPI Claims
PPI Claims 101 – 8/15 | Mortgage PPI – The Hidden Windfall
PPI Claims 101 – 9/15 | PPI Claims Deadline – Forget One, Remember The Rest
PPI Claims 101 – 10/15 | The Information You’ll Need To Make a PPI Complaint
PPI Claims 101 – 11/15 | What To Do If Your PPI Claim Is Rejected
PPI Claims 101 – 12/15 | The Financial Ombudsman & PPI Claims
PPI Claims 101 – 13/15 | Payment Protection Insurance Consumer Questionnaire
PPI Claims 101 – 14/15 | How Long Does a PPI Claim Take?
PPI Claims 101 – 15/15 | Do I Need To Pay Tax On My PPI Refund?
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By John Gregory
John writes for a OracleLegal.co.uk as well as a number of financial blogs, he also create content for infographics, FAQ’s and personal finance sites. You can find him on Google+ and Twitter, get in touch – he doesn’t bite. Unless you’ve been mis-selling financial products.