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Are You Running Out of Time to Make a PPI Claim?

 
12-Oct-2012

Recently we received an email from a concerned lady who believed she had a claim against her bank for selling her Payment Protection insurance. ‘I had just started my own small business and I needed a loan to buy a car,’ she wrote, ‘and the bank told me that they could give me a protected loan. When I asked what the protected bit meant, they said it was to safeguard against loss. I thought they meant the loss of the car, but after seeing everything that’s happened over the past few months, it’s clear that I was miss sold PPI. The thing is, this was in 2005. What can I do?’

It’s true that there a time limit has been placed on claims; they must be lodged within six years of the sale of the policy. However, you can also claim within three years of first becoming aware that there may be a cause for concern with your policy. In other words, if Sarah took out the policy in 2005 but became aware that she might have a claim through the recent rulings from the High Court, she can still complain, even if the policy has expired.

You will need to consider the fact that if you have no paperwork from the policy and it was sold to you over six years ago, it is unlikely that there will be any documentation to support the veracity of your claim and therefore it will be difficult to make it.

If you feel like you might be running out of time to reclaim Payment Protection insurance money, the best thing you can do is to speak to an expert about expediting the process. You can of course make these claims yourself, but engaging a firm that is well-versed in dealing with PPI claims will speed up the process of procuring the documents required as well as lodging the claim itself.

Once the claim has been lodged, the bank has five days to acknowledge that they have been contacted by you. It then has a further eight weeks to decide if your claim is valid. If you are not satisfied with the result for any reason – for example, if the bank rejects your claim, or if they do not respond within the eight-week period – then your avenue for redress is via the Financial Ombudsman Service. This service reviews your case and in approximately 75% of cases has held in favour of the customer. You’ll need to take your claim to the FOS within six months.

Remember, it is not always immediately obvious that you have been sold a PPI policy, but it is money that is rightfully yours. Check your loan terms and conditions and contact the experts for further advice.

About Author:

Aston has vast experience in writing articles on miss sold PPI. For more information on PPI Claim, visit this site http://chargebackclaims.com

 
Category : Insurance
 
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