Almost everyone in the UK was mis sold PPI by banks, financial institutions and other creditors and you might be mis sold the insurance policy as well. PPI is designed to cover your loan repayments in case you face financial problems due to sicknesses, accidents and unemployment, but because of its exclusions, you may not be eligible for the insurance. Check your policies, and see for yourself if you fit their description.
You can make a PPI claim on your own and certainly, you can get it without any legal help. The Financial Ombudsman service and the Financial Services Authority undertook great challenges to ensure that all customer can be refunded PPI. However, if the going gets tough, meaning you might not have time to make your claim on your own or you have multiple claims to make, that’s when you’ll need a claims expert.
A PPI claims expert is a person who is knowledgeable with experience and the legal side of the claim to help you make your claim successfully. They are the ones who can fully concentrate on your claim. While you have the same procedure to go through to make your PPI claim, a claims expert has the advantage of time making your claims, no matter how many and how complicated they are.
A claims expert who aims to help will not charge fees all at once. He or she will only charge when the job is complete and to your satisfaction. He or she will not charge you with hidden fees or do a mediocre job of getting back all the money swindled from you by the insurance.
Remember, you actually lost £2750 per mis sold PPI and you can be owed hundreds of thousands of pounds for every car, home, mortgage financing or credit card you have. Make a claim only with no win no fee claims experts.
PPI claims are now common practice among UK folk given the amount of compensation they can receive is quite massive. Recent news states that millions have filed and collected their payment protection compensation from their respective UK banks and it’s high time you do the same. Here are a few things that could help you begin.
1. Your Financing
If your financing is still active and you instantly saw an insurance payment that you are required to make per month, try to question your bank about the item. If you received the item as a part of a package deal for your financing or credit card, you then have the legal right to refuse having the payment protection bonus.
2. Financial Advisers
Your financial adviser is the first person you should ask about the insurance since it was them who told you to get the insurance in the first place. Verify with them if the insurance was a requirement or part of the package itself. Usually, lenders pay for the first year of the insurance, then the consecutive years, the responsibility rests on you as it is contractually assigned to you without you knowing that it is. Financial advisers are also known to chase bonuses, given the banking incentives systems in the UK, selling high-rated products like PPI motivate them to earn more in profit.
3. Collect Evidence
The first thing you should do is to collect evidence. Have at least your recent repayment of the insurance along with your financing. Ask your bank about the contracts and forms that were signed by your financial adviser on your behalf. These evidences will work to help you reclaim the refunds you deserve.
4. Call a Claims Management Company
You’ll need help from people with experience and knowledge especially if dealing with multiple PPI reclaim. Have a claims management company brief you on the legalities and limitations that your claim has. Most claims management companies can offer you claims services virtually free so you can save yourself the time and hassle of doing such.
UK citizens who intend to file a claim nowadays will find that they can reclaim their repayments faster with a higher rate of success. This is thanks to the efforts of the Financial Services Authority (FSA), which established the new claims process. Upon defeating the legal challenge of banks pertaining to the guidelines in 2011, the FSA has won UK a compensation package amounting to £3.2 billion (now £5 billion) in repayments. Last year alone, millions received from the £1.9 billion the banks paid out in successful PPI claims
The consumer group Which? successfully made an agreement with banks and PPI providers to allow UK citizens to claim directly to their respective PPI providers. Claimants only need to write a letter to their banks and PPI providers and discuss the claim in person to settle the amount. The consumer group’s proposal intends to make simpler the unnecessarily complex PPI claims process nowadays.
Payment protection insurance (PPI) is the only UK financial product condemned not because of any malfunction, but because of the way it was sold. Experts state that commission-basd financial advisers are to blame for the fiasco. Using unfair sales methods, what was supposedly a year’s worth of repayments for any kind of loan, mortgage or credit card, was forfeited because the customer did not initially comply with the PPI’s requirements.
However easy and possible it is to earn your repayments through a PPI claim nowadays, successful claimants state that it does not guarantee that you get your complete repayments. This is because banks are handling a large quantity of claims and not all details may have been considered. Ensuring the return of all your repayments will require expert help. It is highly recommended that you seek professional help from claims experts.
Insurance products are definitely something to invest in. While they might be costly, the benefits they provide are indeed very useful. Insurance protects you from suffering from financial damages should such specific situations arise in the future. However, if you haven’t had any use for an insurance, you wouldn’t purchase it right? In the United Kingdom recently, millions of UK citizens were mis sold PPI by their very own financial advisers, leading to the mis sold PPI crisis.
PPI or payment protection insurance is indeed a beneficial product. Many complain not about its function, but only because of the way it was sold. PPI can provide 12 months of repayments for loans, mortgages and credit cards in case the customers find themselves having financial troubles. They can lose wages if they take time off from work to recover from accidents and sicknesses. If they get unemployed during their loan repayment term, the PPI can provide for their repayments. The PPI only requires that the customer purchased the insurance in good health and having a stable employment. They should also be within the claiming age upon the insurance’s maturity.
Insurance brokers, bank representatives and other financial advisers working on a commission basis often present the PPI as something useful for customers. While any customer might have a use for PPI, not everyone can comply with its requirements. However, to make a sale, the financial advisers played with the trust of their customers. Agreeing that they might really need the insurance based on the financial adviser’s judgment, the customer just lost thousands of pounds paying for an insurance policy they can’t make use of.
You can still reclaim PPI your repayments through a PPI claim. However, you’ll need to ensure that you work with a claims expert to ensure the success of your claim. Making a claim might take much time and effort, but having an expert work with you can make the task easier. It also allows you to avoid counter-claims due to legalities. Most claims handling companies offer their services under a no win no fee basis.