The reason you needed to take out a loan, accredit card, or any credit agreement from the bank is to increase your buying capabilities. Perhaps you needed a loan because you had to spend for something that is badly needed; or a mortgage for your dream home. Whatever the reason is, it all boils down to needing money for anything that is utterly important. And then when your application for credit gets approved, something is sold to you which meant you may need to allot an extra amount of money for. You said you’re not interested and the sweet talking begins. If you were not carried away, you were suddenly pushed to the wall to buy it. Yes, we’re talking about what was in the financial news lately: Payment Protection Insurance.
A lot of people have been tricked, or forced to buy the policy as they were told that it should protect them from being unable to pay their debt due to sickness, accident, death, or unemployment. It seemed like a perfect choice at the moment but there’s just a lot of information missing. And some were not even aware that they were already being signed up while being talked to about it. Pretty dodgy and you felt you were at some sort of dead end that you did not have any other choice but to take it.
Well, if this happened to you, like how it happened to millions of others, you need to act on it and get the money paid to Payment Protection Insurance back. Let’s talk about how you can bounce back from having been pushed to that PPI wall. As we say in the title, ppi claims are not as difficult as you think.
First off, when you feel that something is not right with what you are paying on your credit agreement, go check your paperwork and look for any indicator of PPI. While there’s a chance you could have agreed to buying it, there’s also that bigger possibility you did not know you signed up. And when you do realise it has been on your account for quite some time, write to your lender or the bank that sold you the insurance and tell them about it. Let them know you wish to file a PPI claim and include the reasons you believe you were deceived to avail the policy.
It’s not the insurer itself that you should direct the claim to but the one that sold it, unless you bought it directly from them. But then, what matters is that you establish what happened during the sale. Generally, what you need to establish at this point is whether you have been clearly informed of the procedures that should have been followed at the time you were taking it out. Limitations to insurance coverage generally include self-employment, employment in a family owned business, retirement or nearing the age of retirement, overage individuals, changes in work circumstances, and pre-existing medical conditions. These general situations should have been clearly mentioned to be ineligible for claims and you should have been informed of the other surrounding circumstances before you were convinced to have taken out the policy.
As soon as the bank receives your letter, they will have to look into the case and weigh things around to prove the validity of your PPI claim. Due to a lot of complaints about how anomalous this PPI selling has become, your lender should not give you a hard time. Generally it will have been decided on within 6 or 8 weeks but may sometimes take longer if you’ve got a complicated case.
Of they fail to let you know of their decision or you’re unhappy with it, you can complain them to the Financial Ombudsman Service. It’s an independent body that gets you out of that dead-end feeling. They will work to resolve the dispute by asking your bank further about what happened to your PPI claim. They may also ask you for additional information so be ready to discuss it with them. If it happens that your claim is successful, you’ll be happy to know that the bank will be required to return whatever amount you paid the insurance for, including the interest it incurred.
There is no time limit as to how far back you can claim. As long as there was a clear anomaly in the way you were mis-sold the insurance and you’ve got good paperwork to back you up, you’d be good to work on your PPI claim. Just take note that you can only retrieve missing information from banks and the credit bureau if your account were not older than six years since you took it out or last paid in full. Otherwise, any documents you have kept safe should be sufficient as evidence.