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Five Things to Consider When Making a PPI Claim

 
12-Oct-2012

Trying to get your money back from a financial institution can be an extremely stressful experience. If you’re not an expert in financial matters, it can be difficult to understand what is required and how to get the necessary paperwork. Here are give things to consider when trying to reclaim Payment Protection insurance money.

1. Was the policy mis-sold?

This is the single most important question about the process. Payment Protection insurance is not a bad product in and of itself; it simply aims to help the customer with their financial obligations if something should happen to their income stream through job loss, an accident or illness. It was the way that the banks were selling PPI that became the problem; these high-profit sales were simply so lucrative that the banks engaged in aggressive sales tactics.

You were mis sold Payment Protection insurance if you weren’t told what the insurance covered or were told it was compulsory, or if you were led to believe that the loan would be more expensive without it. You also have a basis to claim if you were not eligible for the insurance when it was sold to you (for example, if you were self-employed or had a medical condition) or if PPI was included in your loan without your knowledge.

2. When should you lodge the claim?

The time limit on making claims is six years from the event. The exception is if you didn’t know you had grounds for complaint; if you only became aware of the PPI through the media coverage of last year, you still have time to make the claim.

3. Do you have the documentation?

Most people do keep the records for their loan applications and the terms and conditions they sign, but if the policy is over six years old and you do not have the paperwork, it is likely that there are no records and you will not be able to make a claim.

4. How long has it been since you lodged the complaint?

Banks have five days to acknowledge the receipt of your complaint, and eight weeks to determine if they will compensate you. You should hear back within this time frame. If you do not, or if you hear back and aren’t happy with the response, you can lodge an appeal with the Financial Ombudsman Service, who will review the claim. In 75% of cases the FOS rules in favour of the customer.

5. Should you consider hiring a professional?

It’s important to note that you can make claims on your own behalf. However, if you’re not sure what to do, or if you don’t have the time or inclination to take on the big banks, it can often be easier to engage an expert to take care of matters for you. They have experience with these claims and can handle your case quickly and efficiently.

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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