Don’t waste any time by holding off on PPI claims

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A lot of people are being discouraged lately by bad feedback about making PPI claims. They chose to just charge everything to experience and not do anything without realising they could be owed thousands of pounds in reimbursement and compensation. It is not encouraged to do that especially during financial crisis times. The amount of money that could be returned to you by the bank who sold you PPI can save you from being broke.

If you happen to have been wrongly signed up to PPI when you took out a loan or a credit card, don’t let this chance to reclaim pass. Banks and other financial institutions are now working on making an appeal to set a deadline for making PPI claims and don’t let your money be put to waste because time has lapsed on your legal right.

Here’s a simple process that you can follow if you want to make a PPI claim now:

Find out if you have PPI on any of your credit agreements. The policy’s costs are usually labelled as a separate item on your credit card statements. If taken out alongside a loan, your loan agreement form would indicate it. Take note of the date and its cost for your reference. Check your documents, too for a policy certificate that should have been sent out after the sale. Get them all together as they will serve as your evidence.

PPI claims

Write to your bank and tell them that you wish to claim your PPI payments back. Clearly state that the product was wrongly sold to you together with the reasons you believe that it was. There are some ways through which you can figure out whether you have been mis sold PPI:

Were you informed about exclusions like pre-existing conditions?
Did they inform you that most of the PPI from the one time premium payment is for 5 years?
Have you been informed that even after 5 years you will still have to pay interest on the initial premium since the premium is directly added to the loan?
Did they inform that the premium will be added to the loans and subject to the interest?
Did they ask you whether you are self-employed or unemployed?

For any of the question mentioned above if the reply is no, it is a clear indication that you have been mis sold PPI and you must take proper action. You must investigate all the possibilities of Payment Protection Insurance mis selling because you might at least get back your premium payments.

Once you have established these points in your letter, send them over for a review together with the documents you collected. Attach everything you believe is relevant to the PPI claim and let your bank weigh things around. They’ll refer to the evidence you presented and whatever information they have in their database.

In a matter of 6 or 8 weeks your bank should have made a decision regarding your claim. They should notify you about it and make an arrangement for the refund, if successful. In cases where banks dismiss the case or unsatisfactory decisions, you can lodge a complaint to the Financial Ombudsman Service for a thorough review.

When the FOS takes over, the bank will be subjected for questioning. The Ombudsman will have to find out how they came up with such decision or why they failed to contact you.

When your Ombudsman complaint is favoured on, the bank will then be required to return the amount you paid to PPI, including the interest it gathered from when it started.

Again, do not let this opportunity pass as it could bring you a mile away from being broke. The amount that you could be compensated is not something to let go.