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Reclaiming payment protection insurance
By Billy | February 18, 2010
Claiming compensation on your PPI can be done relatively simply. If you contact a CMC they can handle the whole complaints process on your behalf.
Making a legal complaint can take just a couple of months. Upon successful resolution of the complaint you’ll get a payout of the amount due to you. How are you able to figure out if the PPI was incorrectly 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. Single premium PPI is very, very costly. In some instances the policyholder has to pay interest on the premiums. Because of this your lender needed to display the additional expense of taking out such a plan. If this was not properly explained then you have a right to make a compensation claim.
It’s entirely possible that you have existing provisions in place to protect your repayments. If this applies to you then the lender should not discuss PPI with you since you already have it. The vendor needs to ascertain whether you already have a plan before carrying out the sales process.
Payment protection is not always necessary if you don’t have a job. If you weren’t working at the time you have every right to feel aggrieved . Cover for the unforeseen loss of your job is a fundamental reason for purchasing such a plan. It stands to reason that if you are not employed then you do not require such cover.
The press has latched onto this particular scandal. There is now public awareness that this product was routinely missold. Now is the time to reclaim what’s rightfully ours. The average claim is in excess of £1,000. So it’s a good idea to see if you can make a valid claim. You could receive statutory interest on top of your claim.
A good number are entitled to make a claim. The majority of claims are successful, although some require appeal. A specialist adviser can deal with any issues which arise. A legal exec can also make sure you get back the right amount. This is invaluable since you could get back even more if there’s an error.
People are being suckered into taking out products they don’t really need. It’s a case of the consumer not knowing what they are signing up for. Before entering into the agreement certain things should be pointed out to you. Should this not be true then you should take action against the financial institution.
Some finance companies have been fined for financial mis-selling. This is due to widespread problems with their sales process. Should you no longer have payment protection insurance you can still claim compensation. If the policy no longer exists you may need the paperwork to prove that you had actually been sold it. Everybody is entitled to put a claim in should they feel aggrieved with the finance company. The loan provider should treat your complaint seriously and respond to you in writing with details of its findings. Should the claim be successful you will then receive compensation from the provider.
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