Thursday, 17 April 2014

PPI Claims- Know Its Pros and Cons

There are many people claiming for PPI themselves. However, not many of them are aware of the process of claiming PPI. There are specific pros and cons you should be aware of when you are making a PPI claim by yourself. The following article gives you an insight into the advantages and disadvantages of claiming for PPI yourself-

PPI Claims- The Procedure

When you have decided to claim PPI yourself, it is very important for you to be aware of any papers relating to the original financial agreement. You have to investigate and check if the original financial agreement had arrangements for PPI or not. PPI stands for payment protection insurance. In case, you cannot locate the PPI provision in the main document, you should check the fine print of the document. This may take time and you have to use a magnifying glass for this.

The next step you have to do is get in touch with each of your creditors independently. A requisition has to be made to them for the PPI payment in total. This may not seem so easy. There are some financial institutions that may dispute the refund. This can lead to a related court case leading to the loss of earning.

There is also evidence that when individuals make a PPI claim themselves, the creditors are inclined to argue the court hearing as a complaint as they are aware of the fact that for responding you need to hire a professional lawyer for the suit.

The above may sound complicated. The good news is it is possible for you to claim PPI yourself. The banks and financial institutions make it a hard task.

Can You Hire A Firm That Has No Fees Till You Win?

Yes. You do not have to worry about the expenses in case you need to hire a solicitor. There are no win no fees legal companies and firms with experienced professionals that fight your case. The only thing you need to keep in mind is that when you are hiring such a firm, you should give them all the details they need. This will help you to win the case faster.

When you hire a PPI claims company, you will find the claims are processed more easily and the process is a lot smoother. The payouts are fast as the banks and the financial institutions do not dispute the claim as rigorously as they would if you were making an individual claim  The banks and the financial institutions are aware of the fact that companies have comprehensive access to professionals who are experts in the field of PPI claims.

However, when you are working for such a firm, you must note that on winning there is an associated fee you have to pay. This is a lot easy to pay than incurring expenses for the procedure as a whole. For getting a PPI claim. You will find there are many companies that are available in the market that will help you make a claim for PPI smoothly.

When you hire a PPI company to make a PPI claim, you will find that the company will do most of the chasing. This means you can relax and also focus on other priorities of life. There are many firms that give you online services. Here, you have to fill in a form and give it to the claims company.

It is always prudent for you to hire professional company for the need. This is mainly because of the fact, that people are not aware of the PPI claim process and this is where they can falter. The process can be complex and daunting for many people, especially if the banks decide to reject the case. However, when you are hiring a professional company for the claims, you will find that four among five claims are later upheld by the banks so it is worth for you to pursue these claims and get the compensation that you deserve. This means you should not allow the banks to take advantage of you. The firms are here to help you out. In this manner, you are able to get the compensation you deserve without worries or hassles at all!

Monday, 14 April 2014

What Is PPI
Payment protection insurance (PPI) is an insurance offered to customers to cover credit card or loan repayments should they become unable to pay through redundancy or illness.
PPI has been at the forefront of public eye in recent years. At first, what seemed to be another scam by opportunists, people were not very respondent. “I know I am not going to be affected” has been said by so many people. Those people eventually put in claims and, while some were right, a large percentage were left eating their words.
PPI in itself though was a good product. It helped thousands of people who were caught out during the recession and kept them from missing payments until they got back on their feet. Unfortunately, the manner in which it was sold, or in some cases added on, is what has caused this uproar. Many people stated they never requested the policy but found it on a statement, many others say they were told it was a condition to take this policy to attain the finance that they so desperately required.

Who Can Claim Back PPI
Anyone who believes that the policy that was sold to them incorrectly can make a claim. As long as you have a valid reason for your beliefs then the lender will be willing to look into your claim.

How do I claim it back?
If you think that you may have been potentially affected by the mis-selling of Payment Protection Insurance then the best thing for you to do is to first ascertain whether you were sold the product in the first place. This is fairly simple to do. You need to go to your lender and request a “Subject Access Request”. This may cost you around £10 and you may have to wait 40-50 days for this to be completed but at the end of this period you will receive all the paperwork that the lender holds on you (if they hold any that is). Once you have received all your paperwork you need to search through all the statements and look on the credit agreements to see if there is anything there that mentions PPI. If you find PPI, then there is a chance you could claim it back. If you have searched through and found nothing then it doesn’t necessarily mean that you are not affected. However, any claim would be more difficult without proof of paying PPI.
Once you have found the PPI evidence you need, the next thing to do is to go to your lender and ask them to complete a full investigation into your claim. The best way to do this is to write a letter to them and keep a copy. This keeps a paper trail for yourself. Make sure you also keep dates of all correspondence to them.

Are Claims Management Companies a Bad Choice?
CMC’s are an effective way of getting your money back. They are best suited if you are someone who has doesn’t have much time on your hands to make the claim yourself or someone who isn’t 100% confident in writing a letter or speaking to the lenders. Don’t, however, give any money to CMC’s who request a fee upfront. Your best bet is to go with a reputable No-Win – No-Fee company and only pay them on receipt of payment from your lender.
Avoid any companies that request you pay them in uKash vouchers. These companies will tend to offer you a lower percentage rate but they can be a scam and many consumers have been made out of pocket by companies who make such claims.

Where can I get help for Free?

Look online for additional resource. Many websites have been created to help people structure letters, some even have template letters and many also offer valuable free information about how the PPI reclaim process works. If you follow my instructions above you will have enough information to be able to make a solid claim yourself.