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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.

Help With PPI Claims Needed For The ‘Next Wave’ According To Reports

April 24th, 2014 by

According to recent reports, it is likely that there will be a ‘next wave’ of payment protection insurance claims that will be submitted to the British banks’.

With around 70% of mis sold ppi policies (that were miss sold) still to claim for, we could be approaching what is seen to be one of the busiest periods of time for the ppi claims companies, and also the claims departments for the banks, and potentially the financial ombudsman.

Whenever commercial advertisements go live on the television, it makes more and more people aware that mis sold payment protection insurance can, and still will be claimed for British people, and as a result of this, they look online and make a claim.

This cycle of consumer behaviour has and does go on, and this has been the case for years, and it is thought that with the sudden influx of fresh ppi claims advertisements during the course of the past year, there will be a wave of fresh claimants, all wanting to reclaim what is rightfully theirs, (compensation for miss sold ppi insurance).

It is expected that this next wave of applicants will begin at the beginning of May, with the early summer months yielding a lot of enquiries before people go on their summer holidays, presumably because they feel they could do with some extra cash and thus would like to claim back some compensation if it is owed to them by the banks.

The banks have set aside millions of pounds to recompense mis-selling victims, and any potential claimant could be owed up to £2,500 on average per claim.

Anyone who suspects any foul play from the banks should check their policies for any signs of mis-selling, because there are hidden policies buried into a whole host of financial arrangements, and sometimes claims come from places that are unexpected.

The majority of inbound ppi reclaim enquiries are now generated on the internet, and also through response via SMS texts, however we advise that you work with a company you can trust, you can get a good idea of the company from looking at their website, or perhaps talking with a member of staff from their company who could perhaps provide feedback on any questions that you posed to them as a result of your research.

Another good idea is to check any website policies they might have or service-level agreements, so that you can check if you are satisfied with their processes etc.

Source Of Information:



PPI Claims “Up over 50%”

February 24th, 2014 by

According to reports, the amount of claims being submitted by residents are up by a staggering 50% in 2014 so far, it is believed.

This is thought to be the result of financial over-spending during the course of both Christmas and new year in 2013.

There is a trend that has followed this pattern year on year since 2011 when the “judicial review” gave rise to the rapid increase in ppi complaints & the huge amount of uk individuals wanting the claim their money back from the banks and other financial institutions that have miss sold them payment protection insurance in the years leading up to 2011.

It comes as no surprise to some people, particularly those working in financial services because the month of January is reported to be the month where UK individuals look at ways they can make up for the financial over commitments that the winter holiday periods often lead to, with Christmas being the single biggest expense of all of the national holidays, and 2013 was certainly no exception to this rule.

Online ppi claims are up by over 50% in the last 35 working days according to reports from sources within the industry. & additional statistics from the financial services industry as a whole.

There has also been a marked increase in loans applications & inquiries from people wanting to enter into a debt management plan due to less than responsible financial management in the household.

Due to the increased volume in ppi reclaim applications, it would possibly be a smart move by anyone wishing to make a claim to do so at the earliest convenience because this time of the year has past form as being one of the busiest periods of the entire year, and if the recent influx of fresh enquiries are any indication of things to come, then it will be a very busy first quarter.

Anyone currently researching the market with a view to getting repaid some compensation on their ppi premiums is advised to start their claim quickly because there may well be a queue for such services in the coming months.

It is also worth remembering that in the year 2013 the financial ombudsman had a recruitment drive to bring in more operators in order to handle the backlog of cases that had built up over time.

The industry is currently in a boom at the present moment, to find out more about reclaiming your compensation, visit the homepage of this site at the clickable link.