7 easy steps to claim your mis-sold PPI

PPI insurance

It seems that the PPI mis-selling scandal isn’t ending anytime soon as some UK based banks and credit providers continue selling this insurance product.

Many companies are coming up with massive advertisements on how they can help victims claim their money, of course at a fee. But before making hasty decisions and rush for this luring offers, it’s important to know you actually don’t need the assistance of any professional claims company to claim what’s rightfully yours. However, you will have to conduct a little fact-finding research before filing for a PPI claim.

These essential steps are vital for quick processing:

Cross-Examine Your Paperwork

You just can’t wake up one morning and decide you want to process a claim. First, ensure that you have a valid claim before thinking of anything else. The only way your claim will get processed is if it was mis-sold to you. For this, use a free PPI check to double check all your credit accounts and see if they have any policy attached to them. If by bad luck you realize that you have lost or misplaced your paperwork, make use of your previous credit reports for a full list of loans and credit cards owned. The same case applies to closed accounts.

Check If The PPI Policy Was Mis-sold

Make sure the PPI was mis-sold to you by the salesperson. To ascertain this, use the following guidelines;

  • Where you told that it was compulsory and not optional?
  • Did the salesperson imply that it would be expensive if you didn’t have the policy?
  • Was the creditor too pushy and promised you a product incentive?
  • Was the policy agreement part of the qualification for credit application?
  • Were you eligible at the time cover selling?
  • Did the credit keep you in the dark about the policy not covering your pre-existing medical conditions?

If your answer to any and most of the questions above, then you are eligible for a claim.

Inform Your Lender

Now that you have no doubt about the validity of your claim, it’s time to take the next step. Inform your lender of your latest findings. The best way to do this is through writing. This way you will keep a copy of the letter as evidence, in case they deny receiving your notification in the future. There is even a free questionnaire at the Financial Ombudsman website for use. This will facilitate your refund as soon as the claim is accepted. If your creditor adheres to the law, they will be the ones to get in touch with you for refund details.

How Long Should A Refund Take?

The standard waiting period for your PPI claim is roughly eight weeks after the date of submission. But that doesn’t mean you always have to wait for that long. Expect to get a refund as quick as the first week of your complaint. Remember it’s only after a reject or over eight weeks of delay that you can appeal.

When Should You Write To The Ombudsman?

Some creditors are quite stubborn and cannot bring themselves to accept claims without a little push. So if you have no doubt about your claim and your lender happens to reject it, the first option on your next step should be to include the financial ombudsman. The good thing about this is that you can easily contact them online by filling complaint forms on their official website.

If by any chance the Ombudsman rejects your application or offer an unsatisfying decision, you don’t have to start counting your losses. Know that you have an option to head to the courts for a fair hearing. But we do hope it doesn’t reach this point.

When Should You Use a Claims Management Company?

Before you even think of using a credit claims handler, you should know how much commission they would be parting with. Therefore as much as you have a choice to process your claim through them, consider doing it yourself first to test the waters. Only involve them when you feel it’s absolutely necessary. Remember some ask for up to 30% of your claim.

What If I have A Complaint About The Claims Management Company?

If the services you received from your professional claims team wasn’t satisfactory, you have an option of reporting them to the Claims Management for misrepresentation.

If your PPI claim was rejected in the past, now is the best time to submit and inquire about an undisclosed commission. You will be surprised at how many people are owned compensation. However, be ready to receive a refund of only percentage differences of over 50%. That’s if your product’s commission was 80%, you get to receive 30%. But then that’s still something, right? With these tips, you can now try your luck.