How You Can Claim Your Money From PPI Claim?

If you take life insurance or loan or buy credit card then the lender used to sell payment Protection Insurance (PPI) plan to their clients as coverage. This coverage was needed in order to safeguard the payment of installments, if you fail to make payment due to any reason. However, the issue is that most of the people were forced to buy this insurance plan without taking their consent. In case, if any lender has forcibly sold you this PPI plan then you have got right to file your reclaim.  You can read further to know more about it.

You can make PPI reclaims all by yourself

One possible way to reclaim your PPI amount is by directly writing to the bank or the lender.  It may be tedious process, but still it is worth doing. Process of reclaiming is however not too difficult. You can write in your letter why you think that PPI was miss-sold to you. You must write in detail about your claim with proper support.

Most people however do a mistake here by giving up their claim easily, if they are intimidated. We agree that all these financial companies are very big, but still you should not be afraid of them. You must aggressively put up your case, as if you have been victimized by the lender. You must remember that the bank has done a mistake and you have been duped.

There is every chance that initially your lender will refuse to accept your claim. This is what happens if you ask for reclaim. In fact, they are deliberately doing this, so that you get discouraged. You may feel it as a lost case, but you must not give up so easily. You can send them another reminder and if needed you can consult some lawyer too. You can give them ultimatum, so that they understand that you are not going to budge. By doing this, the lender will be convinced that you are aware of your legal position. 

Once Financial companies come into picture then the lender will understand that you may take legal action too. In case you are pursuing your PPI claim all by yourself then you need to be little patient. Usually, this type of case may drag for a year or two. If you think that it is too long time then you can seek services of claim companies.

Take support of Claim Company for PPI claim

It is much easier to find Claim PPI Claims Company on the web.  However, you must do little research to find the reliability of their services. It is best to take help of any reputed company.

In the UK, you can find many numbers of companies providing very good services to their customers. You may consult your friend and relative also to find some reliable company. You can also read various reviews about their services on the internet. You can certainly get your PPI claims much faster with the help of a Claim Company.

What are the different ways of PPI miss selling?

First of all you should be sure about the various ways in which the PPI is miss-sold. Some of them are mentioned below -

• This policy was added without your knowledge
• You were given false information about what it covered and if it was necessary
• You were said that it is compulsory for any credit approval

 

All these cases are termed as miss sold payment protection insurance. As a consumer you have a right to claim the miss-sold PPI insurance. For claiming the amount you need to check the paper work that was given to you at the time of selling the insurance.

What are the effects of PPI on your credits?

Many people fear of PPI effect on their credit ratings. The good news is that there is nothing to fear about, as it doesn’t have any side effects at all. However there are certain exceptions to this. Be sure to have a written copy of complaint which gives proper description of everything that happened with you since the beginning.  The cases without paperwork will surely affect your ratings.

The effect of PPI also depends upon the mode of payment. If the amount was paid through direct cash then it will have no effect on the ratings. Nevertheless if you were paying it through credit card, then it will surely have a greater impact on your ratings. It is where the PPI claiming companies come into picture. The experts of the company will surely find a way out to get you out of the situation.

Conclusion

The good news is that the laws made by Financial Service Authority (FSA) usually works in your favor. These laws allow you to claim without any adverse effect on your credit rating. The “treating customers fairly” initiative launched by FSA is also helping you in this case.