How do i Claim PPI Back Successfully
There has been a lot of attention on missold loan insurance recently, with many consumers claiming back vast sums as a result. It has come about as a result of loan providers and banks including PPI without the express consent from the borrower, which effectively invalidates it. Should you be looking to discover if you are eligible or for more information on what to do, look at this quick guide.
First of all, PPI cover is missold if it was included within your loan without you knowing. So for example you might have applied for a loan online and secured your interest rate before confirming over the telephone. This may then be added in in without being mentioned.
It's easily done. Unless you're fully aware of just how much your monthly repayments should be, you won't notice the extra fee over it when quoted over the phone. You will possibly not even find out until later you have the PPI cover.
Alternatively, you might have been told that the PPI cover was essential for the loan through the provider. Again, this really is incorrect. Should you be expected to purchase it in accordance with their rules then your policy was missold and you could be in line for full compensation.
If you've found yourself in this situation with any loan in the last six years you are in a good position to reclaim all fees.
So how do you begin a claim?
The very first thing you need to do, if you believe that you have a decent case, is to contact the lending company in question. This can be done by telephone, although should you choose it in writing then you might be able to collect evidence of your conversations in the event you require it later on.
Unfortunately a lot of lenders and financial institutions will plead ignorance and suggest that you signed the contract, therefore you're liable. If it was a written contract, they might be entirely correct, yet it's worth pursuing.
When they aren't playing ball, your next step is to state that you'll approach the Financial Ombudsman (the official body for any financial complaints in the UK). This may spur action, but more likely than not will leave them unmoved.
Now you need to actually plead your case to the Financial Ombudsman. You'll need to contact these to get a form and then give them all the details of the case. This part of the process can be slow and a very little time consuming, but if you have a solid case, it should be successful.
The statistics are in your favour by the way. Over two thirds of complainants manage to get compensation from their bank or loan company for being missold PPI insurance. Unfortunately not everybody has got the time or the persistence to follow an instance through to an effective conclusion.
If you don't feel like you can do it on your own but would still like compensation, there are a number of reputable firms who offer PPI reclaiming services. They will do all of the leg work on your behalf and take the case out of your hands.
You often won't need to pay anything up front either. They will just take a small share of your overall payout, as agreed at the start of the case. Your projects will be minimal however the rewards might be huge.