How to Reclaim Ppi Without Too Much Trouble

You have most likely heard enough information about Payment Protection Insurance and the scandal that the mis-selling of the policy has bought into the financial services industry over the years. The Financial Services Authority and the courts have determined that there has been a massive mis-selling that happened and potentially millions of people have been victimised by it. This has bought the banks and other known lenders to review customer accounts and return all the money paid to the insurance to their customers.

In a nutshell, Payment Protection Insurance is a policy that helps to cover your credit card or loan repayments in the event that you fell ill, had an accident or got fired at work. It may have seemed such a brilliant option as it could protect you from going broke but how it was wrongly applied alongside your credit agreement just made you pay an additional amount to your lender.

PPI policies were mis-sold in different ways. In some cases, borrowers were not clearly informed of the details surrounding the policy. They were not told that it’s optional and does not tell if their application for credit will be approved or not. Some were even just automatically signed up to it without their knowledge and permission. In other cases, the insurance policy was applied alongside a credit card or loan even if the borrower was ineligible – totally useless idea.

If any of it happened to you and you want to make a PPI claim, then it’s not impossible. Following the High Court’s decision, if you write to the financial institution that sold you the insurance, your account will have to undergo a thorough review. Your claim will have to be investigated and a number of evidences should be presented or attached to your claim. If you do not have the time, you can employ a firm like PPI Claims Adviser to deal with the ppi claims process on your behalf.

It isn’t impossible to work on that claim now. As long as you have organised your paperwork and gathered enough evidence to back up your claim, including your statements, credit agreement forms, and policy certificate, you should be good to write to your lender and make that PPI claim. Put it in a straightforward written request, stating your reasons to believe that PPI was mis-sold and the bank will review the case for you.

It roughly takes banks to review claims 6 or 8 weeks. They will have to refer to your account information in their database and review the letter and evidence you presented. There may be a few delays in resolving this dispute of your have not attached enough paperwork to support your claim. But your bank will have to notify you if they need more. You can also call them to follow-up after the first few weeks if you feel you needed to be updated.

There are also times when banks may disregard a claim. Do not let it happen to you. If you feel that they’re being harsh on you by merely shrugging off your case lodge a complaint against them at the Financial Ombudsman Service. Disputes on PPI claim decisions and the bank’s failure to communicate with their customers will be in question at this point. You may also be contacted to send in additional paperwork.

Whether your PPI claim reaches the Ombudsman or remains at the bank, as soon as it is decided that it’s valid after the review, you may be asked by the bank to arrange how the payment will be made. They can either send a cheque for the full amount – the policy premium paid plus interest, or you can have it cover whatever debt you may have left.

So, ever hesitate to make that PPI claim now that there’s already a ruling about it. You’ll have less trouble if you remember to gather as much evidence as you can and clearly recall the events that took place in the sale process.

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