Banks aren’t always the honest and well-intended partners we hope them to be. It may happen that they give us something that is supposed to help, but in fact it’s there only to take more money from us. Such was the case of abusively sold PPI (payment protection insurance) of the previous years.
If you are wondering about how to claim PPI in 2015, we can help you understand the process and simplify what appears as an issue.
Are You Eligible? Find Out
On pages about PPI suitability you can read more about eligibility criteria, but know that most people who were sold PPI never really needed it in the first place. The best course of action is to contact the bank you tool the loan from and request all the details. If you discover you had PPI but were never aware/never asked for it, then it’s an obvious case of mis-selling.
Start the Claiming Process
Once your case is open, you have a time span of 6 months to do something about it. If you are the busy type, you may choose to hire a claims company to solve this on your behalf. You may, of course, discuss with the lender yourself, or take your case further to the Ombudsman for an effective solution. There are many ways to handle this and reach a resolution, the choice is yours. Check the FSO official site to find out about the legal time frame and the next stapes you are entitled to take. Expect to pay a part of your refund to the company that helped with your claim, in the case you happened to use one.
The First Obligatory Step
Usually, all it takes is to call your bank or send them a letter in which you clearly state your issue or concern (the mis-selling of PPI). It needs to be the same bank that gave you the loan and it doesn’t matter if that was years ago. Banks are dealing with the older deals, too.
Unemployment, retirement and other special statuses have not protected borrowers from abusive payment protection insurance. If you had a similar status, you still need to make a check. As a final note, you may want to get your info from a specialised instance like a claims company. Also, you can find out more about the amount you can reclaim at this location.
Jane Dawson is a financial columnist who has contributed to various niche publications in the UK. Today, her main interest lies in the field of the national PPI scandal.