Mainstream media has been covering a lot about PPI claims recently so you may have heard about this and also about how it was mis-sold to people who aren’t eligible for this type of insurance in the first place.
PPI isn’t at all bad – it was an insurance policy created to assist you cover payments on loans you took out if you’re unable to work in case of unexpected emergencies such as unemployment, accident or sickness. This was intended to give you peace of mind through tough times. The issue that came along with PPIs is the way it was sold to people who were unaware that it wasn’t compulsory or those who aren’t eligible.
Do you feel that you were mis-sold on PPI?
There must be a good reason why you feel you’re mis-sold on this insurance policy. Here are a few reasons for a complaint against PPIs:
* It was added on your loan without your knowledge.
* It was forced for you to get by a salesperson.
* You were told that it was compulsory.
* You informed the salesperson on your pre-existing medical condition but you were not warned that it could affect your insurance.
* You were informed that you could not cancel the PPI policy at all.
* You were informed that you couldn’t cancel the insurance without taking a new type of credit agreement.
Once you have checked that you can make a valid PPI claim, you have to prove that you have been mis-sold. You have to go back and get all the paperwork from old loans and other financial agreements you have made. In cases where it was lost or gone missing, it can get quite difficult to track down and get solid evidence to send.
You can then make your claim and choose from two available options: write your own letter to make your complaint and explain your case or you cause use a PPI claims service for handling the entire process for you for a minimal fee.
Have you applied for a PPI refund and you’re not sure whether the amount you got is a correct compensation, all is not lost. Check the factors that can affect the amount you will get. You have to consider if you owe money to the bank or you can make a claim on the policy. If the bank has made an offer to make the calculations, these should have been explained to you in the letter. If you feel that there is still some information that is incorrect or if you feel that you have unfairly treated, the first thing you should do is call your bank.
You also have the right to contact the free Financial Ombudsman service to ask questions or challenge your bank’s decision if you still feel that the amount in the final offer of the bank is not fair. There isn’t a cost in doing this however keep in mind that due to the volume of PPI complaints – it can take a while and even in some cases, it could take more than a year for a decision to be made.