Is Time Running Out To Claim PPI

ppi-claims-time-running-out

PPI is one of most mis-sold insurance policies among borrowers. Banks and insurance companies offer these alongside main loans as insurance for amounts borrowed, in case one can’t keep up with the payment for one reason or the other. Even though the idea behind them is noble, sometimes, borrowers are not told what they are getting themselves into, since premiums for some of them make the loans expensive. The application enforcement is also open to a lot of bias and exemptions, which harm the consumers.

In places where the PPI is sold without direct options for the borrower, courts assume that the payment protection insurance is mis sold. After successful completion repaying the loan or borrowed amount, one is entitled to a full refund of all the deductions in addition to accrued interest on the amount.

From the time, the law to reclaim PPI payments went live; industry analysts and enthusiasts have described the amount of interest it’s received from borrowers, especially those whom PPI was mis sold simply as overwhelming. To support these analogies, media reports indicate that the funds set aside to offset the claims are close to depletion and hence the urgency needed on the part of the claimants. However, this doesn’t mean that the time to apply for the claims has expired because it’s a requirement by law.

In the face of this, if you feel aggrieved to the effect that your bank and insurance company mis sold PPI to you, the best course of action is to apply for it as soon as possible. To do this successfully, here is what you should do.

Start by determining your eligibility for the PPI claim or refunds. Research has shown that although people believe they’re entitled to PPI claims, the figures are less than spectacular for them. Largely, most lenders have well-crafted exemption clauses, which ensure that they don’t pay borrowers with PPI easily. To deal with the uncertainty, PPI experts recommend you to contact your bank and ask them if they have you on the unclaimed PPI list. A simple call is enough in this case. You can easily do this in person.

While at that, you also need to keep all relevant documents in place to ensure that hitches don’t happen along the way. As a general principle, when it comes to finances, banks are only willing to deal with verifiable people. As such, you need to have requisite identification documents and evidence of the loan repayments such as the completion certificates.

It’s also important to note that the few mishaps that comes with PPI claims have created a market for agencies who offer to do everything for you. Some of these are legitimate business while others are not. If you need peace in whatever you’re doing and you choose this option, it’s always best to go with the agency that’s reputable and with a good charging framework like no claims, no pay.

Overall, the time you need to apply for your PPI claim is now. The money is your right if PPI was mis sold to you, as such, a factor worth keeping in mind.

Author Bio

This guest post is a contribution by Jo.

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