Citroen Finance Ppi - Managing Finances

Citroen Finance PPI Claims

Payment Protection Insurance (PPI) was widely mis-sold alongside various financial products, including car finance agreements from companies like Citroen Finance. PPI was intended to cover loan repayments if the borrower became unable to work due to illness, accident, or unemployment. However, many policies were unsuitable, unnecessary, or even hidden from customers.

If you took out a car finance agreement with Citroen Finance and had PPI attached, you might be entitled to compensation. Common reasons for mis-selling include:

Being told PPI was compulsory to obtain the loan.
Not being informed of the full cost of the PPI policy.
Being sold PPI despite being self-employed, retired, or having pre-existing medical conditions that would have made a claim impossible.
Being unaware that PPI was even included in the finance agreement.
Being pressured into taking out the policy.

The deadline for making PPI claims directly to lenders passed in August 2019. However, there are still potential avenues for claiming compensation in certain circumstances. This primarily involves pursuing claims based on ‘Plevin’, a legal ruling related to unfair commission. The Plevin ruling addressed situations where the commission earned by the lender from selling the PPI policy was excessively high and not disclosed to the customer. If the commission was over 50% of the PPI premium, it could be considered unfair, potentially entitling you to compensation even if you weren’t directly mis-sold the policy in other ways.

To determine if you have a Plevin claim against Citroen Finance, you’ll need to gather information about your finance agreement and the PPI policy. This includes the original agreement documents, any correspondence related to the loan, and details of the PPI premium paid. It can be difficult to ascertain the exact commission earned by Citroen Finance, but you can request this information from them. If they are unable or unwilling to provide the details, you can explore options such as contacting the Financial Ombudsman Service (FOS) for assistance.

Filing a Plevin claim can be complex and may require legal expertise. Consider seeking advice from a reputable financial claims company or a solicitor specialising in PPI and Plevin claims. They can assess your case, help you gather the necessary documentation, and guide you through the claims process. While you can pursue a claim independently, professional assistance can significantly increase your chances of success. Ensure any company you engage is regulated and transparent about their fees.

Even though the main PPI deadline has passed, exploring a Plevin claim against Citroen Finance could still result in compensation for unfair commission charges on your car finance agreement.