Many people who are entitled to make a PPI Claim (payment protection insurance) claim have yet to do so. There are possibly thousands of people that are putting off making their claim because they feel that it would be too difficult to do and would be a waste of their time. They might also delay taking action because they may be missing documents or are too busy to file the claim.
PPI Claims Process Too Difficult
To encourage more people to file their PPI claim, the government has recently urged the banks to simplify the claims process. Groups such as Which? and MoneySavingExpert.com have also come together to launch a campaign to try and encourage people to file their claims themselves instead of paying a claims management company to file it for them and take a chunk of their money.
When the investigation began for the campaign, the groups found that the providers were not offering enough information about the claims process to make individuals feel confident in making a claim. Because of this the groups Which? and MoneySavingExpert.com put pressure on the government to ask them to make claims management companies provide a better regulation of the claims and the money set aside for those claims.
The PPI saga began after many banks started offering it alongside loans and credit cards. Many times, these products were sold to individuals who did not completely understand what they were getting. Many times, the products would have even been invalid if they were used.
Claims Against The CMC’s
Because of the amount of money being unclaimed, there has been tons of CMC’s attracting consumers with the promise of getting them the compensation they deserve with ease. Unfortunately, these claims are sometimes false. Many times, the fees involved with using a claims management company are very high. The fees can be up to 25 percent of the consumer’s compensation when they would have been able to do the claim themselves if they had the right information.
How To File A PPI Claim
If you think you might have been sold PPI under false pretenses or were misled in any way, you can make your claim yourself by following a simple guide. Doing it yourself will let you keep all of your compensation and not have to pay any claims management companies a huge fee.
Before you file a PPI claim, you should first verify that your claim is valid. Think about how you were sold the product. Were you pushed into buying it and did you understand exactly what you were buying? Also, would the product have been valid if you decided to use it?
If you are worried about not being able to file a claim because of missing documents, you should still try. In many cases, you can still file successfully. If you are missing any paperwork, contact the provider who sold it to you and ask for a copy before you file your claim.
How To Determine If You Were Mislead Into Buying PPI
Another thing that needs to be determined before placing a claim is figuring out for sure if you understood what you were buying at the time. Providers and sellers of PPI are responsible for making sure you are completely clear on what the product is, how it relates to your circumstances and whether or not you could benefit from it.
Each PPI policy has certain conditions in which it could not be used. All of these should have been thoroughly explained to you at the time of purchase, including how each of the terms and conditions relate to your specific circumstances.
Below are some questions to ask yourself to determine if you were mis sold PPI.
- Did the seller tell you that you had to buy the policy from the same place as the loan or credit card you got?
- Did they tell you that the product you were buying was compulsory?
- Was the seller being pushy?
- Was the seller clear in discussing that the product was optional?
- Did the seller tell you that in order to qualify for the product you also had to sign up for an insurance product as well?
- Were you told that there was a period of time after buying the product that you could change your mind?
- Did they imply that you needed to purchase the PPI to qualify for the product?
- Before the middle of 2007, if you took out an agreement you might have had to uncheck a box to opt out of receiving PPI. If so, this was misleading and you could file a claim because of this. Was this the case for you?
- If you were unemployed at the time of purchasing PPI, you should have been told that the coverage was worthless. The same goes for those that are retired as well. Were you told about this?
If you can answer yes to the questions above, then you will have a good case. Start by writing the company and asking for a refund. If you are rejected by the company and they won’t refund your money, you can make an appeal with the Financial Ombudsman Service(FOS). Placing an appeal through this service is free and they are in existence to help settle disputes between financial services companies and their consumers.
Never give up when it comes to getting what is rightfully yours. If you were misled into buying something that you didn’t want or need, then you deserve to get your money back. Do not let yourself be harassed into buying something that you don’t need or want. If you have been misled into buying PPI, take the time to get your money back.
For additional information see our previous article on How to file a PPI Claim
News for PPI Claims
New BT 6500 Landline to stop unwanted calls like PPI Claims
BT launches a new landline telephone – the BT 6500. This new phone can block unwanted calls from international and withheld numbers. The new phone can also have upto 10 telephone numbers manually added that require blocking.
BT says that this is a responce to their Nuicance advice line recieving over 50K requests per month. Some of the offenders are PPI Claims, Insurance and Mobile phone companies.
Can I make a PPI Claim when I am in IVA
Individuals who have been paying for Payment Protection Insurance for their loans or other debts may qualify for a mis-selling claim against a bank or the loan company. Recently, this issue has become controversial as banks try to minimise the number of people who file a claim. Nevertheless, there have been a lot of successful claims made already. With this, those who have an existing Individual Voluntary Arrangement don’t have to pay their creditors or any PPI provider.
Lloyds back in the red as PPI claims rise again
Lloyds Banking Group slumped to a loss in the third quarter after another £750m hit for payment protection insurance took the bailed-out bank’s total bill for the mis-selling scandal to more than £8bn.
The industry’s total bill for PPI is now close to £20bn and Lloyds said the £8bn included £1.7bn of administrative costs.
Mis-Sold PPI Co-Op Bank Increases PPI Mis-Selling Compensation Fund
Co-Operative Bank, which is a lender located in Britain, is increasing its mis-sold payment protection insurance, or PPI, compensation pot by 100 million pounds. Revisions have been made on the redress payouts. Co-Op Bank released a statement saying that the amount needed to boost its balance sheet will not be affected by the extra compensation provisions.
Tim Capper reports on Financial Mis-Selling for Maple Leaf Financial. Our aim is to ensure you get honest advice and proper guidance to ensure a suitable recommendation can be made to pursue a financial claim
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