PPI Claims – The True Facts

Several years ago, banks have broken the rules by starting to sell Payment Protection Insurance or PPI abusively. The product itself was a beneficial one, but the clients were not informed properly about its optional nature, as well as other details concerned. When being sold credit cards or given loans, they were told that PPI is obligatory and goes with the package. Thus, customers were forced to buy something they wouldn't want or need. Things have finally turned in the favour of the customers, as recent legislation entitles them to compensation. Not just the banks are responsible for the PPI. There are also credit card lenders for example, or car leasing firms. 

Does the PPI Suit You?

If you feel that your life involves a dose of risking, you may think that somehow the PPI could be beneficial to you in the end. However, the product doesn't apply to some categories, yet it was still sold to them. If you have been retired or self-employed, then you could have never had a benefit from the PPI and should file a compensation claim. Proceed right away and don't wait for the bank to contact you. Also, do not despair if a past claim was denied or delayed – the new rules force the banks to revisit these and to contact their clients for giving off compensation.

Can You Advance a Claim for Mis-Selling PPI?

The scandal concerning the mis-sold PPI has been reaching far and wide. Until not long ago, banks would try to escape the duty of paying compensations to their clients. The rules are finally applied retrospectively, because the salesmen deliberately forced on people the additional financial products which they didn't need. Banks have surrendered now, which means good news for those who gave away money for no realistic risks. If you have a PPI policy, the chances that you didn't need it are high. In this case, you can advance a claim to the bank. A good way to identify mis-sold PPI is to remember whether they presented it to you as an optional product or not. If the answer is no, then you are entitled to compensation.

What Happens After the Claim?

When you have made a complaint to the responsible institution, you have 8 weeks for getting a response. You may not be happy with the reply, or you may not get one at all. Take then your complaint to the FOS (Financial Ombudsman Service). You have a six-months time to do this. You could complain there directly, but prepare for delays. Don't worry if the policy is now expired, it is not relevant. Also, note that making claims for PPI sold earlier than 2005 might be complicated or non applicable. If not only the company you had a contract with, but also the FOS turns you down, then you are not entitled to PPI compensation.

Is It Advantageous to Have a Company Make PPI Claims on Your Behalf?

Some would say it isn't, because a fee has to be paid for such service. However, many people couldn't even get past the first phase in the claiming process, meaning they were unable to check whether they have PPI for a good reason or not. Experts in the field will analyze your situation and give the verdict. Then, they will take all the necessary steps to have your claim answered and solved accordingly, in the shortest possible time, and with your money rightfully returning to you. However, pick only trusted partners.

James has done an in-depth research on PPI Claims while writing this article. During his thorough research he found PPIClaimsCo.org.uk as a trusted source to know about PPI Claims in details.

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