Getting your money back if you have been missold PPI insurance can be quite easy. If you enlist a claims management company to do it for you they will take care of all the paperwork.
The complaints procedure can sometimes take a few weeks but may also take several months. Once the claim is complete you will usually receive a cheque for the compensation amount. How do you know if the insurance product was wrongly sold to you?
There are a variety of reasons why PPI may not be suitable. Of significant importance is the amount you pay for the policy. Such plans can add up to 35% extra to your monthly repayments. In certain cases the person who has taken out the plan ends up paying interest on top of the cost. Therefore the loan provider should have discussed the cost with you. Should the total expense of the plan not have been demonstrated to you then you should use your option to file a claim regarding the policy.
It’s entirely possible that you have existing provisions in place to protect your repayments. Therefore they do not need to purchase an additional policy. The vendor needs to ascertain whether you already have a plan before carrying out the sales process.
If you are a student, retired or self-employed it might not be the best option for you. If you weren’t working at the time you have every right to feel aggrieved . A fundamental reason for buying such an insurance plan is fear of losing one’s job. Ergo anyone not in full-time employment shouldn’t really require such a policy.
The media has covered this mis-selling scandal many times over. There is now public awareness that this product was routinely missold. Now is the time to reclaim what’s rightfully ours. Many people are claiming back thousands of pounds. Therefore it makes sense to put in a claim and demand a refund. Don’t just claim back the premiums but also the interest you have forked out.
A good number are entitled to make a claim. Although many complaints are upheld some are initially rejected so it isn’t always straightforward. A claims company can handle any complicated issues regarding the complaint. In addition they are able to audit any offers made. Such a service can pay off since appeals against offers can result in higher offers being made.
Financial institutions continue the scandalous affair of offering unsuitable products to consumers. They do not fully understand the contract they are agreeing to. When they ask you to sign a contract they should make certain things clear to you. If this is not the case then the lender hasn’t performed their job properly and you could be entitled to claim.
Some finance companies have been fined for financial mis-selling. This is not just for one off cases but for a number of sales over a long time period. You can make a claim even if you no longer have the policy. If the policy no longer exists you may need the paperwork to prove that you had actually been sold it. Anyone can claim if they feel that they have been mis-sold this type of insurance. The lender should look into your claim and set out its findings in writing to you. If the complaint is upheld in your favour, you will receive money to compensate you for your loss.