Peugeot Finance PPI: Understanding Payment Protection Insurance

If you took out car finance with Peugeot Finance in the past, you may have also been sold Payment Protection Insurance (PPI). PPI was designed to cover your loan repayments if you were unable to work due to illness, accident, or unemployment. While the intention was to provide financial security, PPI was often mis-sold, leading to widespread complaints and compensation claims.

What Was Wrong with PPI?

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

• Lack of Transparency: Customers were often not fully informed about the cost of PPI or the terms and conditions of the policy. It was sometimes added without explicit consent or understanding.
• Unsuitability: Policies were sold to individuals who were ineligible to claim, such as the self-employed, those with pre-existing medical conditions, or those nearing retirement age.
• Pressure Sales Tactics: Sales staff were sometimes incentivized to sell PPI, leading to aggressive sales tactics and pressure on customers to purchase the product, even if they didn't need it.
• High Premiums: PPI premiums were often disproportionately high compared to the actual benefit provided, making the overall cost of the loan significantly more expensive.

Could You Have Been Mis-sold PPI by Peugeot Finance?

You might have been mis-sold PPI if any of the following apply to your Peugeot Finance agreement:

• You were unaware you had PPI.
• You felt pressured into buying PPI.
• You were told you needed PPI to get the loan approved.
• The policy wasn't suitable for your circumstances (e.g., you were self-employed).
• You weren't informed of any exclusions to the policy.
• The cost of the PPI was not clearly explained.

What Happened with PPI Claims?

A deadline for claiming PPI compensation passed in August 2019. This deadline, set by the Financial Conduct Authority (FCA), marked the end of a period where consumers could easily claim back money for mis-sold PPI. The FCA implemented this deadline to draw a line under the PPI scandal.

What If I Suspect Mis-selling Now?

While the general deadline has passed, there may be exceptional circumstances where you can still attempt to make a claim. If you believe you have a compelling reason for missing the deadline, such as previously undiscovered evidence of mis-selling or exceptional personal circumstances that prevented you from claiming sooner, it's advisable to seek legal advice.

It's important to remember that claims management companies often charge a fee for their services, so carefully consider whether you need their assistance before engaging them.

Where Can I Find More Information?

While specific claims are now more difficult, the Financial Conduct Authority (FCA) website still contains useful information about PPI and the mis-selling scandal. You can also contact Peugeot Finance directly to inquire about your past finance agreements.