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Reclaiming Mis-sold Payment Protection Insurance Could Be Worth It

Yes, you’ve heard of a lot of people saying that making PPI claims was just as excruciating as finding out they were cheated by their banks by having mis-sold it to them. The feedback about how the process goes just spread around like poison and you’re probably thinking if you could still be even bothered to do it yourself even though you knew for a fact that there were some “tricks” involved when you signed up to the policy.

If you come to think of it, why would something as systematic as making a PPI claim, as the High Court has ruled, would be too much trouble?

Evidence matters. If you have heard of people saying there’s just too much paperwork needed and it takes up too much of your time you need to think it over. Don’t let it stop you from making a claim. The only paperwork you need would be those that have reference to Payment Protection Insurance that came alongside your loan or credit card. Irrelevant papers will just make the process confusing for both you and the bank. So be sure to attach documents that are related to what you are making a claim for. And be sure that you’ve got them all together. A little bit of organisation to get things started will ease the trouble.

What you tell your bank is just as important. Because you may need to put it in writing instead of merely storming in to the banks to talk to the manager, make a claim, and rant your anger about how you felt cheated on the insurance you never have use for, it will be a lot less trouble if you stay being objective. Clearly state what you are writing them for and the reasons the policy was mis-sold to you as how you recall it. Too much anger in the letter could also lead to you going away from your point. Two things – state that you wish to make a PPI claim and tell them why you believe it was mis-sold. Here’s a little reference to the possible reasons you were wrongly signed up to the policy:

• You were under the age of 18 or over 65 when it was offered to you, making you ineligible to even buy the policy.
• You were unemployed, working on a temporary contract or a student at the time, thus limiting you to get the policy’s benefits.
• You had a pre-existing medical condition which does not make you eligible for cover.
• You were not told of your options not to take the product or that it is available at a more reasonable price somewhere else.
• You were made to believe it was a compulsory product and that it determines the approval of your application for credit.
• Your need of the product and its suitability to your current situation was not established.

Anything less or more than what you’re supposed to write your bank about is just going to give you a hassle so, stick to the facts.

Waiting for the PPI claim to be resolved is another story. There’s no need to rush into things. After all, the High Court already ruled on this that a general turnaround time should be followed when the case is reviewed. It isn’t like they’re going to be able to refer to all the information they need to weigh how valid your PPI claim was in 48 hours so, your patience could very well be the best thing that you can hold on to at this point. Wait for about 6 or 8 weeks and the bank will contact you about their decision. Again, it will only take longer if there is not enough evidence, or the case is too complicated to be resolved in the ideal timescales.

Your bank’s rejection of your claim and their deliberate failure to communicate with you may be really worrisome because it means you’ll have to follow-up. But, since there’s an independent body that takes charge of this non-compliance, you could just lodge a formal complaint against your bank and let the Financial Ombudsman Service take over. They will review the case once again for you and focus on why the bank gave you such decision or the reason for their failure to communicate with you after the waiting time.
The things you need to go through to make a claim proves to be not as troublesome as how you’ve heard it from the others. It’s a matter of organising your paperwork for evidence, letting your bank know what happened and what you wish to happen to resolve it, waiting for the result, and possibly lodging a complaint. Don’t be taken aback by how people say it would be too much trouble to go through such and just leave your money in there.

Remember that if you have not felt protected at all when you were offered Payment Protection Insurance, and you felt you were even put to more risk of being broke because the charges were so high, you can make a claim to get your money back. Yes, the cost of having a policy to cover your repayments for your debt in times of sickness, accident, or unemployment is just too high, and the information you were given about it was just too dodgy. But, it’s in your hands now to initiate something that will make things right, and better.

Making a PPI claim may not be as easy as flipping burgers on a pan but the reward you get out of it is surely worth it.

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PPI Reforms Benefit Consumers

Published on 09 May 2011 by in Insurance

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PPI news is showing major reforms happening in the industry. The long years of mis-selling payment protection insurance to people who did not need it are now over. PPI news has recently focused on efforts of banks and insurers to take corrective actions despite the huge amount of time and money needed to refund their mis-sold PPI. Before, PPI news hardly made it to headlines. Now, the nation is more aware than ever about PPI. PPI news has not only forced responsible lending into the industry, they have also empowered more people by making them aware of their right to affordable and comprehensive payment protection insurance. Recent PPI news are sending shock wave across the insurance and banking industries as more people become more informed about the deceptive methods used to force them to pay useless payment protection insurance.

PPI news now continue to unravel the defects in the current financial industry. Now, the focus is shifting on the process of giving PPI refunds to millions of policy holders. Recent PPI news highlight the failure of some banks to respond to consumers who do not know what exactly they are reclaiming and its effect on their creditworthiness in the long run. PPI news is very lucrative also raising awareness on misleading tactics being used by lenders and insurers to forestall refunds.

PPI news is putting more predatory companies under scrutiny. Some agencies are tricking policy holders who do not know how to claim their refund. Thanks to PPI news, people are getting more aware of the options available to them. Stories of people losing a large percentage of their refund to agencies are prompting claims management companies to offer more competitive fees and clear disclaimers to help their clients make an informed choice.

PPI news is making the public more aware of their rights. People have never been this interested in computing their bills to check how much PPI premiums they paid. More and more retirees, self-employed people, students and members of the civil service are asking their credit card issuers about their payment protection insurance. PPI news headlines foretell the big losses looming as banks face more pressure from consumer groups and regulators to honour their liability. PPI news has successfully prompted banks to be more transparent when offering payment protection insurance.

The bigger challenge ahead is exercising the right to get a refund. PPI news about large banks announcing their willingness to abide by court ruling and government regulations is just one side of the whole picture. The time lag in processing refunds and the rejection rates are quite frustrating. Nonetheless, the government made a milestone achievement by stopping the mis-selling of PPI and forcing sellers to return the premiums to the victims. Depressing PPI news about people who have been denied benefits after years of paying premiums strike a chord with the general public, regulators and consumer bodies, so efforts are being made to expedite the refund process. Millions of people are believed to be eligible to get a refund, and the current system of processing claim requests has much room for improvements.

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  • Monitor computer user activity to ensure adherence to company policies .Prevents and stops leakage or theft of company information.