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.

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