Payment protection insurance (PPI) was to meet payments on bank loans, credit card or mortgage for limited periods if the policyholder becomes ill, incapacitated or lost their income generating sources. Additionally, in most circumstances, the self-employed or unemployed are mis-sold the PPI as they are deemed as not eligible to makes successful claims. However, reclaiming a PPI is possible with no hassle and gives one’s the true value of their policy. Therefore, in making a successful ppi reclaim, one has to;
Check whether they had a PPI
Before launching a claim, it is necessary that one gets to check whether a PPI arrangement occurred when they applied or the loan, credit card or mortgage was being processed. This can be done even when the loan has been fully paid off by scrutinizing loan documents or by contacting the money lending institutions. Moreover, it is necessary to make a claim to the PPI in proper timing as some policies have an expiry date.
Identifying a missold PPI
It is possible to identify a missold PPI, especially where one was pressured into buying, or it was not made as optional or where one was convinced that a PPI bid was a requirement to access a credit facility. In some extent, the officers processing the loan knew that you would not be eligible for the claim since you were self-employed or had a pre-existing illness.
Make the claim complaint
After realizing that one has a viable claim, one then proceeds to fill in a free claim form provided by the Financial Ombudsman Service. It is also necessary to seek professional consultation, advice or indulgence of expert claim handlers to assist in processing the claim and legally follow-up on the same.
Make a claim to the lender
At this juncture, make a formal claim to the lender explaining the steps taken in reclaiming the missold PPI. This informs the lender to appropriate their actions and plan on how to repay their claims. Moreover, the lender may make an arrangement with the Complainant to evaluate and inform them on the progress of their claim. Moreover, they may also prove whether the claim is viable and payable.
Receive your claim
Lenders have about six to eight weeks maximum to make a formal response to the complaint. This may be accompanied by the payment of the claim. Claim handling experts may assist their client to do the right valuation on whether the claim repaid amounts to the amounts paid to the PPI or owed to their client.