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Should You Hire A Professional to Make Your PPI Claim?

 
02-Nov-2012

If you were unfortunate enough to be duped by the banks into purchasing Payment Protection insurance, there is good news on the horizon. Following the High Court’s rejection of the appeal by the British Bankers Association, financial institutions who mis sold Payment Protection insurance are being held responsible for their actions and are being forced to refund the money they took from consumers.

Banks used all sorts of aggressive sales tactics to push people to take PPI, from telling them it was a compulsory part of the loan to adding it into the loan without the customer’s knowledge. Customers who were pressured, tricked or otherwise forced to buy Payment Protection insurance as part of their loan or credit card application now have the opportunity to get their money back.

Should I Hire a Professional to Make the Claim For Me, or Submit it Myself?

You can make a Payment Protection Insurance claims on behalf of yourself, but there are many reasons to hire a professional to deal with this for you. Firstly, the claim has a time limit on it; you need to lodge your complaint within six years of the event in question, or within three years of first becoming aware that you might have grounds to complain. This is great news for people who were forced to buy PPI as part of a loan taken out before 2006; if your loan was taken out in 2005, for example, and you only became aware of the scandal last year, you can still make your claim.

Secondly, as with most legal claims, there is a lot of paperwork to be done. If you’re a particularly organised person who has all their records in order this might not worry you, but an expert can tell you what papers you will require, or how to go about procuring them if you’ve lost them. This is absolutely essential to a successful PPI claim.

What Happens if My Claim is Unsuccessful?

Finally, even if your claim is submitted correctly, there is still the possibility that the bank will reject your claim. If this happens, you will need to take your case to the Financial Ombudsman Service who will review it. In most cases, the FOS rules in favour of the customer, but it is currently dealing with an enormous backlog of claims so it can take a while to process.

Hiring a professional to deal with this can minimise the risk that the claim will have a problem and will reduce the stress involved. If you are considering making a PPI claim and you don’t have the time or inclination to take on the banks, you should consider hiring an expert. Some companies work on a no win, no fee basis so you’ve really got nothing to lose!

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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