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Steps To Preparing For A PPI Reclaim

September 15th, 2015 by

You have heard about how over the past few years that banks were getting people to purchase PPI insurance without their knowledge. Many people have been deceived into paying for insurance thinking it was mandatory or just not being aware of it. People who sold these insurance products would make fat commissions.

Fortunately, consumers are now aware of what has happened and are looking ways to earn their hard earned money back. With banks now setting aside billions of pounds to settle claims. Now, is the opportunity to get your money back. If you have detected that you have been sold insurance through deceptive practices then filing for a PPI claim is your goal.

Before you file your claim it is extremely important that before you file the claim – you obtain the necessary paperwork and documentation needed to file your company. Doing so will allow you to process your claim much quicker to see whether you will get money or not. Here are some steps to take when preparing for a PPI claim.

Do you actually have a valid PPI claim?

There are numerous ways PPI may have been sold to you through deceptive practices. Whether it was out of your knowledge or by being told it was mandatory you should review whether your claim is sound and reasonable. There are hundreds of claim management companies defending clients that never even bought PPI insurance. Do not buy into the hype and actually check whether your concern is valid. View the terms of your loan and see if you were charged with PPI.

See if you qualify

The FSO has stated that if you want to make a claim, it must be done within 6 years after the policy has ended. You have additional time of three years if you first became aware of the situation.

Get all the paperwork you can get your hands on

You’ll make your life much easier if you have the documents associated with your loan. If not you are in luck because of the Consumer Credit Act. You can ask your creditor for the original terms & agreement you made with them. Send them a request for the documents as well as £1 (part of the law.)

File your claim

Write on a piece of paper documenting your claim. Attach a copy of all the documentation you have collected associated with the loan agreement. If you need help writing your claim the FOS have templates available that makes it easier for you to file your claim. Click here to get more information on what to do while filing your claim. If the bank rejects your claim you can take it further and take it to court. The FOS processes these requests daily.

While writing your claim it’s important to have a sound and reasonable argument on why you should be able to get your money back. You need to demonstrate that the PPI agreement payment you paid into could have been avoided. So you’ll need to prove whether you were forced into the loan or not even aware that the charge existed. Sometime lenders set up the loans in such a way that you won’t even be able to file for insurance even if you had it! (Like if you were unemployed already by the time you got the insurance.)

Once you have completed the necessary steps needed you’ll find that processing your PPI claim will be much quicker and smoother.