Payment protection insurance (PPI)is a policy that plays a huge role of helping you to cover payments on loans and credit cards if you are unable to work through accident, sickness or unemployment.
If you feel that this insurance policy has been mis-sold to you, you should make a PPI claim. There are a number of reasons that can make you feel like you were mis-sold PPI. Some of the reasons that can make you feel that you have mis-sold PPI are:
• You were forced to take PPI by a pushy salesperson.
• You were told that the insurance was compulsory
• You were provided a quote for your product with the insurance included
• You were informed that back problems and stress were excluded from the insurance
• You were asked about any pre-existing medical conditions or you were warned that the medical conditions could affect your insurance.
• You were not asked whether you are retired, self-employed, part-time employed or unemployed.
• You were told that you couldn’t cancel the insurance without taking out a new credit agreement
If any of these things have happened to you, you should highly consider filing for a PPI claim. To increase your chances of being successful in your claim, you should prove that you have a valid claim. The best way of proving that you have a valid claim is collecting all the paperwork from credit cards, old loans, and other agreements.
If you have an open credit account with your PPI provider you should ask the provider to give you the terms and conditions for your PPI agreement. Some providers will give you the terms and conditions for free while others will charge you.
If your provider has to charge you, he/she can’t charge you more than one pound. To avoid back and forth posts, you should include a cheque payable to the value of one pound.
If your account is closed and dates back a few years your provider might not supply you with the terms and conditions. Here you need to submit a data protection Act subject access request.
Once you have the documents to prove your claim, you should now make your claim. There are two ways of making your claim:
• By writing to your lender yourself in order to make your complaint and explain your case
• Using a PPI claim service who will handle the entire process for you
When making your claim you should check your lenders website for any information that might help you with your claim.
If your lender refuses your claim you should take your case to the financial Ombudsman
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