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Archive for January, 2014

What to do if you might be owed PPI compensation

January 14, 2014 by admin No Comments »

Because of money-laundering salespersons and insurance companies, many people have become the victim of PPI mis-selling. If you bought a mis-sold PPI, there is a very strong chance that you won’t be getting anything from your payment protection insurance. Nonetheless, if you are a victim of PPI mis-selling, you have every right to get back the money that you’ve placed in your insurance.  You can claim your PPI refund through a claims company that can do all the work for you, or you can choose to try to get the compensation yourself.  Here is how you can file for a PPI claim:

Before Filing a PPI Claim

  • Check Your Validity – Before you start processing your documents for a PPI claim, make sure that you are qualified for a PPI claim in the first place. Contact and ask the company that sold you your loan. Most of these lenders will tell you straight up on the phone if you’ve had a PPI in your account.
  • Gather Your Documents – You won’t exactly need your documents right away when you want to start filing your PPI claim, but you will need them in the long run. You can contact your lender to give you a copy of your terms and conditions.
  • Look Over a PPI Mis-Selling Checklist – The next step would be to find out if you were a victim of PPI mis-selling. Look for a PPI mis-selling checklist on the Internet.
  • Contact the Insurance Company – If you believe that you are indeed one of the many people who bought void PPIs, contact your insurance company and ask for a refund. While it was a lot harder to negotiate with insurance companies before, many are now willing to negotiate even through phone calls.
  • Contact the Financial Ombudsman Service – It is possible that the insurance company will reject your demand for a refund. If this happens, contact the Financial Ombudsman Service and make an official complaint. The Ombudsman will also help you determine if you have a viable case or not.