Posted in: Tips

Learn how PPI was mis-sold to you and make a claim now

You cannot possibly still be lost in the dark the mis-selling of PPI because it has its fair share of talk in the news and social media. The scandal that PPI brought to the financial services industry made a lot of banks and known lenders working double time to investigate on PPI claims made by their customers.

If you believe you were a victim of this mis-selling fiasco and you haven’t made a claim yet, don’t pass up the chance of getting your money back. After all, this dead policy meant to protect you by helping with you repayments in times of sickness, accident, and unemployment only made you liable to a hefty sum in premium and interest. It’s about time you learn about how you were wrongly signed up to it and reclaim your payments.

If you still haven’t got the foggiest that you’ve had PPI all along, start by looking into your account related documents. Because it’s a credit repayment policy, it has to be applied alongside your loan, credit card, or mortgage with your bank. Check your statement of account, credit agreement forms, and other bits of paperwork and see any reference to PPI. Also, a policy certificate should have been sent to you after the sale. Get these documents together as you can use them to back up your claim.

A PPI claims management firm advert in a paper

At this point you’ve got an option whether to hire the assistance of a PPI claims company or make the claim yourself. Either way, you still stand a great chance of reclaiming your money.

When you’ve organised the paperwork that you need, put your PPI claim in writing. Specify the reasons you have for having been wrongly signed up to the policy together with your intention of getting a reimbursement of the payments you made to it, including the interest. Your bank should refer to your letter, your attached documents, and the information in their database when they make an investigation.

There are some ways through which you can figure out whether you have been mis sold PPI:

• Were you informed about exclusions like pre-existing conditions?
• Did they inform you that most of the PPI from the one time premium payment is for 5 years?
• Have you been informed that even after 5 years you will still have to pay interest on the initial premium since the premium is directly added to the loan?
• Did they inform that the premium will be added to the loans and subject to the interest?
• Did they ask you whether you are self-employed or unemployed?

PPI claims generally take 6 or 8 weeks to be reviewed and decided on. However, if they to be more complex than expected, or lack in evidence, they may take longer. To find out the progress of your claim if you feel that the bank has been taking quite longer, you can contact them to follow up. On the other hand, a decision will be ready for you and they will have to notify you about it.

If it happens that they rejected your claim, decided contrary to how evident that mis-selling took place, or they deliberately ignored your correspondence, lodge a complaint against them at the Financial Ombudsman Service. The Ombudsman will help you resolve the matter further and when successful, will require your bank to provide a full refund of the PPI premium you paid for, plus the interest it rolled in over time.