You’re probably up to the neck in repayment obligations now and the PPI charges on your credit do not help ease the situation. In fact, it just adds up to what you need to pay for when the money could easily just be spent on something else more important. You were made to believe that you needed to buy the insurance because it could help you by covering a percentage of your dues if you become sick, have an accident, or get fired at work and you’re unable to keep up for a while. However, you were kept in the dark about the more important details like your eligibility and the product’s suitability to your needs. Now, you’ve gone past just having a headache with how to put up with this trouble.
Having said all of these, you actually stand the chance of getting all that money and get rid of a massive financial burden. Chances are you have already heard about potentially thousands of pounds being returned to PPI buyers because the policy was wrongly applied alongside their loans, credit cards, and other finance agreements.
Now, you can actually act to resolve this issue yourself. If you need to make a PPI claim it doesn’t have give you a lot of stress – not any more than the amount of frustration you have now. People say it could be very difficult and complicated but the ones who succeeded would say otherwise. The truth is it only takes a matter of evidence and a strong recall of how PPI was offered to you.
Before you can make a claim you need to gather as much paperwork related to the policy and your credit agreement. The policy may have been signed up alongside a loan that you took out recently or a credit card you have had for years. Check your documents for any reference. PPI charges appear recurring on your credit card statements as the premium amount is determined by the outstanding balance. Your loan agreement will also have an indicator of a lump sum premium amount you needed to pay. Try to also check the policy certificate that should have been sent out to you when you bought PPI. Attach copies of them to your claim for easy reference.
Put your PPI claims request in writing. There is nothing better than having it “black-and-white” to make sure that it’s all documented. State your intent to reclaim the money you paid to the insurance and whatever possible interest it incurred over time. Also tell your bank why it was wrongly sold to you. As much as possible leave out any aggression as it may not help. Be objective and straightforward.
There are particular instances where you should not have been forced to buy PPI. The general idea is that the product should have been established to be suitable to your needs and that you are eligible for cover. You needed to be at least 18 years of age and below 65, without any pre-existing medical condition, and working full time to get all the benefits that the policy offers. Otherwise, PPI is just a dead-policy. Having been told that it is compulsory and that the credit application may not be approved without it is another way of mis-selling the product. Whatever applies to you and everything else that you think breached the regulated sales process, write it down. There are also templates available on the internet to help you ease the trouble of establishing your reasons for a PPI claim.
As soon as the bank has received your letter, they’ll review the case and look into your account information. They’ll also refer to the evidence you attached so make sure everything is relevant and they’re sufficient according to your knowledge. That will prevent delays and other complications. In about 6 to 8 weeks the bank will run the investigation and you may just need to wait. You also have that option to follow-up if you believe it’s necessary.
If they fail to give you a decision in the prescribed time, especially if you know it’s not a complicated case, or if they decided against your expectations, don’t lose hope just yet. You can still get your PPI claim back on track by complaining against your bank at the Financial Ombudsman Service.
Being an independent body that aims to resolve financial disputes between banks and their customers, the FOS will question your bank’s decision on the matter and their non-compliance to notification processes. The High Court ruled that financial institutions are required to review PPI claims and contact their customers so there’s no way that they should dismiss you just like that.
When decided on and you are successful in the claim, you know it will a big relief. You’d be eased of a big money problem because the total amount paid to PPI from when it was applied, including the interest, will be required to be returned to you. It’s true that it may need you to exert effort to work it out and wait for a while but once resolved you’ll realise that it was worth a go.