Reclaiming payment protection insurance
Claiming compensation on your PPI can be done relatively simply. If you engage the services of a claims company they will deal with the complaint on your behalf.
Making a legal complaint can take just a couple of months. Once the complaint is complete you will be issued with a cheque for the redress amount. How do you know if the insurance product was wrongly sold to you?
The ways in which payment protection was missold vary. How much the plan costs is an important factor. Such plans can add up to 35% extra to your monthly repayments. In some instances the policyholder has to pay interest on the premiums. It is for this reason that this should have been made very clear to you. If this was not the case you are entitled to make a complaint .
Some people already have cover in place to safeguard them in case they become unemployed. Therefore they do not need to purchase an additional policy. The financial institution should ascertain if you are already covered before advising you about a new plan.
If you are a student, retired or self-employed it might not be the best option for you. If you were not in full-time employment at the time then you have every right to make a compensation claim. Unemployment cover is one of the main reasons for taking out such a policy. Therefore if you don’t have a job then you don’t need the insurance.
The media has covered this mis-selling scandal many times over. There is now public awareness that this product was routinely missold. We should act now to get our money back in our pockets. Most claims settle for a four figure sum. So it’s a good idea to see if you can make a valid claim. You could receive statutory interest on top of your claim.
Most people are eligible to make a claim. Although a large number of complaints are successful, some of them do get rejected. A claims management organisation knows how to deal with any complications in the claims process. A legal exec can also make sure you get back the right amount. Such a service can pay off since appeals against offers can result in higher offers being made.
Financial institutions continue the scandalous affair of offering unsuitable products to consumers. The fact is, most people need a bit more hand-holding with complex insurance contracts. Before signing the contract the main exclusion clauses should be demonstrated to you. If this is not the case then the lender hasn’t performed their job properly and you could be entitled to claim.
A few loan providers have received penalties due to their sales processes. This is due to widespread problems with their sales process. You can make a claim even if you no longer have the policy. If the policy no longer exists you may need the paperwork to prove that you had actually been sold it. Everybody is entitled to put a claim in should they feel aggrieved with the finance company. The loan provider should treat your complaint seriously and respond to you in writing with details of its findings. If the complaint is upheld in your favour, you will receive money to compensate you for your loss.
Tags: payment protection insurance, ppi
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