If you wish to claim back your payment protection premiums, the first thing you need to do is to make sure that you actually have PPI added to your loan, mortgage or credit card. If you have a loan you can usually find this information on your credit agreement. Single premium PPI attracts interest in the same way as the loan, so it is normally indicated as a separate loan amount on the agreement.
The date of the agreement is important. Anything sold before January 2005 will be classed as a non-advised sale and in this case you may need to do some further investigation to see whether it is viable to make a successful claim. For any policies sold after this date, a separate set of rules may apply which works in the consumer’s favour.
You then need to document your recollections about the sale. It is helpful to know whether you were shown alternative methods of protecting your repayments, whether the adviser led you to believe that you had to take out the policy in order to get the loan and what your employment circumstances were.
In depth discussion of the legal aspects relating to compensation claims are beyond the scope of this article. However, it can be useful to have a basic understanding of the Statute of Limitations Act and how this may affect your claim for compensation. In short, there are time limits that apply to making a compensation claim. The best thing to do is to ensure you lodge the complaint as soon as possible.
In light of the fact that a growing number of complaints are being submitted each year about payment protection insurance, a more standardised form of complaints handling would assist consumers with making a complaint. At present, each company has their own complaints procedure and their own method for investigating complaints. What this has resulted in is a number of people reporting different experiences with different lenders. Some complainants have found that their complaint hasn’t been properly investigated while others have received only partial offers of compensation. It’s not always easy to calculate exactly how much you should receive back in compensation.
There are various claims management companies who can manage the complaints process on your behalf. A good claims company will have solid experience in dealing with a wide variety of lenders and will have sound knowledge of their complaints processes. They will also know how to check the calculation of any compensation due. This is especially important as individuals can often be short changed simply by not knowing what they are entitled to. Remember, you can only make one complaint to the lender so it is important to get it right from the outset and make sure you know how much you are entitled to.
Simplicity Claims handles PPI compensation claims on behalf of consumers throughout the UK. Visit their website for further details if you have been miss-sold PPI and you would like to find out whether you can claim back your premiums.
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