Saving Yourself From Financial Trouble By Reclaiming a Mis-Sold Payment Protection Insurance

shutterstock_82803304.downloadThere is no reason at all that you should be on the verge of something troublesome like going broke when you know there is still some money out there that your bank owes you. It’s all over the news that people all over the country have been running after their lenders because of a mis-sold Payment Protection Insurance policy that they were cheated or forced into signing up to. And if you have not received the notice from your bank that you could be owed money from the payments you may have made to the policy for a while now, you actually can still make a PPI claim if you did take it out alongside any credit agreement you applied for.

Yes, while a lot were aware they bought the policy but were totally left out of the details they needed to know, you could be one totally unaware that you signed up for it. The banks and other insurance sellers came up with totally unimaginable schemes to push the product in the name of profit.

And even though PPI was meant to help you keep up with your debt repayments as it covers a portion of your dues in case you fell ill, had an accident, or got fired from work, how it was sold to majority of the consumers was just unacceptable. People were shocked to have realised they have it all along because the policy was automatically applied to their account. Some were forced to believe that it determines the approval of their credit application, or it will increase the amount they can take out. Others were just totally kept in the dark about information they needed to know before even finalising the sale. They were either underage, overage, unemployed, self-employed, not permanent UK residents, or had pre-existing medical conditions, making them ineligible for cover but were still signed up to anyhow.

And while you are sat there thinking of ways how to save yourself from being in a financial rut, you just might be surprised at how much you can get from your bank if you make a PPI claim now, if you were indeed mis-sold the policy. Going over your account documents can help you get started. Check your statements to see how much you have paid for it and for how long. Try to also see if you were ever sent a policy certificate that contains all the details of PPI. You’re going to need it when you make a claim.

It will also be helpful if you can clearly recall what happened when the product was offered to you. Write a letter to your bank telling them that you wish to make PPI claim and specify the reasons you believe it should not have been sold to you at all. As much as your anger will be understood, you can leave out the aggression and the possibility of foul language. It is indeed too upsetting to have been deceived and pushed to the wall especially when it’s hard-earned money that was taken from you just like that. However, try to be more objective when explaining your case. That will help your bank in reviewing your case.

Deadline to making a claim should be the least of your worries for now but it would be better of you do that at the soonest possible time. Financial institutions are now appealing to set a prescribed time to how far back people can make PPI claims. Also, remember to attach the documents to your claim especially when you’ve had the account for over six years. Financial institutions and the credit bureau can only help you retrieve as much information for accounts dating back to six years since it started or last paid in full. So it’s important you’ve kept the paperwork safe.

In 6 or 8 weeks’ time you should be hearing from your bank about what happened to your claim. They generally get resolved by that time after a thorough review. However, if you they have not contacted you by then, it will be best to follow up with them. There may have been a few information that they need from you, or any reasons that could have caused the delay.

If by any chance the bank gives you a result that was contrary to how solid your case was, or if they deliberately did not contact you after the 67-8 week timescales, you can complain against them at the Financial Ombudsman Service. The Ombudsman can help you resolve the dispute. They’ll have to contact your bank about what happened to your claim, what they did and what they missed. If your case is solid enough and the Ombudsman finds it the same after their review, you’ll be granted the reimbursement and compensation as you’ve said in the claim letter. The bank will be required to pay you back all the amount that was spent to the policy premium and whatever interest it has incurred from the start.

Doing this will truly save you from possibly getting you in a financial slump. Whatever amount you can get from your bank can be spent on something that you need most. Also, if you happen to have a standing debt from the bank, you can request them to have it covered by the money you reclaimed from the mis-sold PPI.

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