PSA Finance PPI Claims: Understanding Your Rights

Payment Protection Insurance (PPI) was widely mis-sold in the UK alongside loans and credit agreements. If you had a finance agreement with PSA Finance, the financing arm for Peugeot, Citroen, and DS Automobiles, you might have been mis-sold PPI and could be entitled to compensation.

What is PPI?

PPI was designed to cover your loan repayments if you were unable to work due to illness, accident, or unemployment. However, it was often added to agreements without the customer's full understanding or consent. In many cases, it was unsuitable for the individual's circumstances.

Why Was PPI Mis-sold?

Several factors contributed to the widespread mis-selling of PPI, including:

• Lack of Transparency: Customers weren't always clearly informed that PPI was included in their agreement or understood its cost.
• Pressure Sales Tactics: Sales staff sometimes pressured customers into taking out PPI, implying it was necessary for loan approval.
• Unsuitability: PPI was often sold to individuals who were ineligible to claim, such as the self-employed or those with pre-existing medical conditions.
• High Commissions: Sales staff were often incentivized to sell PPI due to high commissions, leading to a conflict of interest.

How to Check if You Had PPI with PSA Finance

If you had a loan or finance agreement with PSA Finance, you can check if PPI was included by:

• Reviewing Your Agreement Documents: Look for PPI, Payment Protection, or similar terms on your original loan agreement, statements, or welcome pack.
• Checking Your Bank Statements: Look for regular payments to PSA Finance that might include a PPI premium.
• Contacting PSA Finance: You can contact PSA Finance directly to request information about PPI on your past agreements.

Claiming Compensation

The deadline for making a general PPI claim through the Financial Ombudsman Service (FOS) has passed. However, there are still limited circumstances under which you might be able to claim. For instance, if you have new information or evidence that suggests you were mis-sold PPI, you might still be able to pursue a complaint directly with PSA Finance or explore legal avenues.

Consider factors like whether the commission earned from the PPI sale was excessive and undisclosed to you. The Plevin ruling offers some limited chances of claiming.

Seeking Assistance

Navigating PPI claims can be complex. Consider seeking assistance from a financial claims company or legal professional. They can assess your case, gather evidence, and guide you through the process. Be aware of potential fees and ensure the company is reputable before engaging their services.

Important Considerations

• Keep accurate records of all communication and documents related to your PPI claim.
• Be wary of unsolicited calls or offers related to PPI claims, as these could be scams.

While the main PPI claim deadline has passed, exploring your options based on specific circumstances remains worthwhile if you believe you were mis-sold PPI with PSA Finance.