It is not like winning the lottery jackpot, but you could at least have that financial advantage back than how you feel about not having enough money at the moment. Just when you think you spent it all on your bills and debts, you could actually get ahead by making a PPI claim if you think it was mis-sold to you.
Thousands have made PPI claims already in the past several years and you should not let this opportunity pass. As long as you are sure that the PPI policy was wrongly applied alongside your credit account, talk to your bank about getting all the money paid to it back.
Here’s what you can do if you’re quite unsure how it goes:
First, you need to find out if you have PPI in any of your credit agreements. As it’s a policy designed to cover your debt repayments in the event that you got sick, unemployed, or had an accident, PPI could have been signed up alongside your loan, credit card or mortgage. It’s not often directly referred to as Payment Protection Insurance so you need to check for references to Loan Protection Cover, ASU Cover, Cardholder Repayment Protection, and the likes. The statements and the credit agreement form should indicate that, together with the amount paid to it and the length of time you have had it. Gather these together as they will serve as evidence to your claim.
As soon as you’ve got all the paperwork ready, you need to then contact your bank about the mis-selling. It’s best to put PPI claims in writing for the bank’s reference. Although they may have sent out a letter to you and their other customers that a mis-selling could have happened, it’s still best that they hear from you and make that claim. Write your intentions of getting your money back because you believe that PPI should not have been sold to you in the first place following the irregularities in the sales process, or the information you were not told.
In a nutshell, there are several circumstances that PPI can be categorically mis-sold. You can check the following situations and see what applies to you, then include them in your letter:
You were pressured into taking out PPI and that your finance agreement may not be approved without it.
You were not advised of a cooling-off period.
The policy was added to your loan without your knowledge.
You were not clearly informed of the interest of the PP cost if it was added to your loan.
The terms and conditions were not clearly explained to you.
You were not informed that age restrictions (below 18 and over 65), changes in employment status, self-employment, pre-existing medical conditions, retirement, and other circumstances would not be covered by the policy.
Once received by the bank, it’s a matter of waiting a few weeks now. Generally a decision on PPI claims are made within 6 or 8 weeks and reimbursement of the payments and interest follows through. Delays are sometimes caused by lack of evidence and sufficient information about the account and the policy so make sure you attach whatever you believe is relevant and sufficient to back up your case.
If the bank fails to deliver a result at such time or they decided against your claim, you can appeal to them and ask for reasons. Otherwise, you can also take the matter up to the Financial Ombudsman Service and lodge a complaint to them against your bank. They’ll take over the review and probably have you sent in additional information about your claim.
If you succeeded in making your claim, the full amount that you spent on paying for PPI plus the interest it incurred will be returned to you by the bank. It will surely give you a good leverage to the financial situation you have at the moment.
Again, don’t let this chance of reclaiming a mis-sold PPI pass especially when you believe you were cheated into buying it.