The general concept of Payment Protection Insurance is designed as a safety net for credit consumers in the country. It was intended as some sort of security that will cover a portion of the outstanding balance in the event that a policy holder gets sick, meets an accident, or is made redundant at work. It sounds fancy, doesn’t it?
Unfortunately, banks and other insurance sellers have devised schemes to sell these policies to a point where regulations were breached and people were robbed of their money. This was all done in the name of sales profit. When the recent discovery of the mis-selling took place and a High Court ruling was made, PPI claims have started flowing in like tap left open as there were potentially millions who became victims to the sham.
Luckily, if you’re one of the people who were wrongly sold PPI, your chance to make things right is here. You can either have a PPI claims adviser work it out for you or you can also do it on your own. It only takes a matter of gathering evidence and coming to your bank to ask for an account and PPI policy review.
Reviews generally last 6 to 8 weeks given that evidence is sufficient to prove how valid PPI claims are. Delays could happen if there was not sufficient information the banks could refer to. However, it should not discourage you from making that claim. As long as you are certain that regulations were breached when PPI was sold to you, you should begin looking through your account documents to begin the claim.
Proceeding won’t be as complicated as what you have heard from other people. When making the claim, it is bet to put it all in writing. Include your demand to have your account and your policy reviewed together with stating the way you were made to sign up to PPI.
You will know that it was wrongly sold if it does appear in your account without your knowledge that you in fact agreed to buy it. This happens especially when upon completing an online application for a loan you overlooked a small tick box automatically marked indicating you agree to buy the insurance. Other cases of mis-selling would be being forced to buy PPI like it is compulsory or would increase your chances of getting approved, or getting a higher amount.
Moreover, you were likely mis-sold, too, if the terms and conditions, cover extent, limitations, and exclusions were not entirely discussed. Factors affecting your cover like age limit, employment status, residence status, pre-existing medical conditions and others should have been clearly stated during the sale process. Cooling-off periods should also have been made clear to you.
As soon as this is in order, all you need now is to wait for the bank to contact you regarding the claim. They will decide based on the information they have gathered and the evidence you presented. They will also look into the processes their sales channels have followed and may also need to pull up recordings of the transaction was done over the phone.
85% of PPI claims have already been successful to date. People have been compensated for the total amount they paid to PPI and the interest accrued for a period of time. And if you’re successful, you could be one happy consumer who learnt more about being careful next time something like this is offered, and was able to get the money back.
If a different decision was made or you failed to hear from your bank after you submitted your claim, the Financial Ombudsman Service can assist you to resolve it further by lodging a complaint against the bank. They will have to make further investigation before deciding to uphold your case or not. Nonetheless, it may require another waiting period which should be worth it as the Ombudsman will do everything in their authority to set things straight.
So if you’re still thinking twice over what to do to reclaim your money on a mis-sold PPI, don’t. As long as you’re certain that something went wrong along the way of making you sign up for it, start gathering the evidence and reclaim as soon as you can.