After several years of cleverly convincing customers to take-out an insurance policy that covers their monthly repayment in the event of accident, sickness, unemployment, and death, financial institutions in the UK are now faced with a total dilemma from millions of people who are reclaiming the principal policy amount and the interest because they were wrongly sold. The entire Payment Protection Insurance issue has been what the UK banks and loan providers have been busy about, working with the Financial Ombudsman Services office, too.
Now, for those of you who have taken out a loan, a credit card, a mortgage, or any other sort of finance agreement with a UK bank or an independent provider, you may have also agreed to take out this kind of policy for the security of your monthly repayments if by any chance you would come to a point where you may be unable to fulfil your obligations. Ah, but the convincing powers of the staff that seemed irresistible made you take out Payment Protection Insurance although there may have been a few points, coverage information, and limitations that you were not clearly informed of. By the time you needed to make that claim on the policy, you were sadly told that you were ineligible. You would probably think you were scammed. You may be right.
If this has happened to you, you should know you can and you’ve got every right to reclaim the total amount you paid for the policy including the interest in a matter of six to eight weeks. For some it may seem like a gruelling and time-consuming task but we can assure you that it should be all worth it, especially when we are talking about hard-earned money that you used to pay for it. The PPI claims process is not as complicated as it seems.
If at the time that you agreed to take out Payment Protection Insurance you were not informed that you would not be eligible for a PPI claim if you were:
• employed in a family-owned business,
• nearing retirement,
• already retired,
• had a pre-existing medical condition, or
• going to have a sudden change in your employment
You need to start gathering all the account paperwork and related information to start a reclaim process. We will come in to help you with such by assisting you with checking the policy terms and conditions. What needs to be done at this point, in the first place, is to make sure that the policy terms are effective at the time that you took out the insurance, as terms and conditions are amended from time to time.
Additional information needs to be gathered as well. We need to make sure that all other pertinent information such as changes to account names and addresses are carefully noted to back up the reclaim. All paperwork needs to be presented to your loan provider for them to thoroughly check on your eligibility for a reclaim.
Should you happen to have lost the paperwork, there is no need to fret. Financial Institutions are mandated by the law to keep records active in their database for a span of six years. All that is needed to be done is to get in touch with your provider and have the records dug to find out the details of the account and the PPI that came with it. If by any chance, you have forgotten who your provider was, there’s still a big chance of retrieving it by contacting the Credit Bureau offices like. They keep your credit records active from way back six years ago, too.
As soon as the paperwork is in your bank/financial provider will begin the investigation to prove your eligibility to reclaim the mis-sold PPI. The general turnaround time usually takes roughly six to eight weeks and you should receive an update from them. You may also get in touch by phone or by visiting them for a follow-up. If it happens that they are unable to provide you a prompt update on the reclaim, you can bring it up to the Financial Ombudsman Service office for a complaint. The Financial Services Authority has mandated an ideal amount of time to get all the complaints looked into and resolved.
Things continue to develop over time. Your reclaim will have an update to it as soon as the investigation has moved and your eligibility has been established. If push comes to shove and the Ombudsman has not favoured your complaint, getting a lawyer and taking it to court may also be a possible option. If you believe you were wrongly sold PPI, you can begin working on the reclaim to get your hard-earned money back.