Ways On How To Claim PPI Today Amidst Imposed Banks Deadline For Filing

An insurance that could cover your debt repayments on any type of credit or loan should you fall ill or have an accident sounds perfect for anyone. This is what a payment protection insurance or PPI is all about. However convenient as this insurance offer, not all consumers are eligible for it. 

 

What happened was this insurance was sold to millions of consumers without getting them properly briefed about the insurance. Due to these consumers are filing for claims and refunds. So far, it is called the largest mis-selling scandal in British history, the Telegraph commented. With an entitled refund and being misinformed about the policy, consumers are now filing for claims. If you have also been mis-sold, here is how to claim PPI today.

You can start by recalling if your bank has sent you a letter saying you have been mis-sold PPI. If you discover you have, make sure you send record files and all the other pertinent information needed to file a claim. If you have changed names or addresses in the recent years, make it a point to include all this information. Every detail counts so for a more successful claim, include all the needed information. 

In the cases of customers not sent with the letter from the bank or the lender, what they can do is check their billing statement. They should look for any information on PPI, loan care or ASU (accident, sickness, unemployment). If for unfortunate reasons you lost all your records, you can go to credit reference agencies for information.

To make your claim more successful, keep records as far back as 10 years ago. This is because banks are only obliged to keep records for six years. If you can't manage to backtrack your records, according to FOS or the Financial Ombudsman Service, you still can make a claim. Whether the account has already been closed or the loan has been completed, you still can make a claim.

An alternative would be to hire the services of a claims management company. To help make sure that you are dealing with the right company, double check if the company is regulated by the Ministry of Justice. There should no huge fees involved or a charge of 30% of your refund amount. It would be ideal to choose a company that would discuss with you your fees upfront and should have a no win, no fee policy. This way, in the event that you are unsuccessful in your claims, you have nothing to worry about the bills that you need to settle. 

Also, make sure you have already checked the success rate of the claims management company before making a deal with them. The more successful claims they have recovered, the better chances of your claim getting approved.