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Is it Too Late to Make a Payment Protection Insurance Claim?

 
25-Oct-2012

It’s time for the banks to give back what they took from customers. Since the High Court ruling last year, thousands of customers have begun the process to reclaim Payment Protection insurance money from the financial institutions who sold it to them as part of a loan or credit card application, and millions of pounds have been paid out.

Customers who were pressured or tricked into taking this product finally have an avenue through which they can claim compensation. Banks have set aside billions of pounds to repay customers in anticipation of the complaints that will surely come through – but is time running out to make a claim?

It’s Not Too Late to Get Your Money Back

If you were mis sold Payment Protection insurance, you can still get your money back. However, there is a time limit on when you can make the claim so it is an urgent situation for some. You need to make the complaint within six years of the event in question, or within three years of first becoming aware that there could be grounds to complain. This means that even if your loan was taken out pre-2006, you can still claim your money back if you only became aware that there was a problem after the court case.

Of course, expedition now becoming key – the longer you wait, the more difficult it may be to claim your money back.

How Do I Make a Payment Protection Insurance Claim?

There are two ways to make your PPI claim. The first is to take care of it yourself, by digging up your old policy, reading through the terms and conditions and recalling the circumstances in which you bought the PPI. Were you eligible to be covered by PPI at the time of purchase? Self-employed people, for example, are not covered by PPI. If you feel you have a complaint, you then write to the financial institution in question.

The financial institution then has five days to acknowledge the receipt of your letter, and then eight weeks to determine whether the claim is valid. During this time, they may contact you for additional paperwork. At the end of the eight-week period, you should have a response and if you are not satisfied with the response then you can take your case to the Financial Ombudsman Service, who will review it for you.

The second option is to hire a third party to make the claim on your behalf. This is a good option if you do not have a legal background, are time-poor, or do not wish to deal with the paperwork. The third party charges a small fee in return for handling your claim. In most cases this is a quicker option as a professional company will have plenty of experience in lodging these claims.

In summary, it isn’t too late to get your money back on your PPI claim – so don’t delay, as there could be plenty of cash waiting for you.

About Author:

Aston has vast experience in writing articles on Payment Protection Insurance claim.For more information on PPI Claim, visit this site http://chargebackclaims.com/

 
Category : Insurance
 
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