PPI Compensation Claims: Where To Start

November 11, 2012 11:39 am

PPI compensation claims seem to have been in the news constantly recently. Banks have already paid out over £9billion in compensation and are continuing to set aside money to finance further successful claims.PPI Compensation Claims: Where To Start

However, for many, the process of making PPI compensation claims is still a confusing one. The following are some basic points which will help you decide whether you can lodge a claim against mis-sold PPI and, if so, how to go about it.

Has it been mis-sold?

Some PPI has not been mis-sold. However, some common ways in which it has been mis-sold are:

1. You were not clearly made aware that the insurance was optional at the time of purchase.

2. You were not clearly made aware of the exclusions which applied to the insurance. For example, if at the time of purchase you suffered from an illness that would make you ineligible to claim on it.

3. You were encouraged to buy insurance from an adviser who used phrases such as “we strongly advise you to purchase this option“. Legally, they are not allowed to do this unless they have fully appraised your circumstances and made a recommendation based on genuine analysis that this is right for you. If they didn’t, you may be able to claim.

How do you make PPI compensation claims?

There are a plethora of companies offering to handle your PPI compensation claim for you and, in some circumstances, it is worth speaking to them to get advice. However, you can also submit your complaint personally and the Financial Ombudsman Service (FOS) will provide advice on what to do. The recipient must then decide whether to uphold your complaint within eight weeks, although it may take considerably longer to be resolved. If the lender does not accept your complaint, then you can revert to the FOS for a decision and, to date, they have resolved approximately two thirds of cases in favour of the consumer.

Filed Under: PPI Compensation Claims

Mis-Sold Overdrafts

October 21, 2012 9:07 am

Realizing you have a Mis-sold overdrafts is an unfortunate encounter but constant payment of an overdraft protection on your bank is a cause to ease out any tension you might have. Overdraft protection policy just like paying protection insurance policy. When you get a Mis-Sold Overdrafts it is important to check with the insurance company before making any considerable steps.Mis-Sold Overdrafts

Mis-Sold Overdrafts insurance companies work in different ways as opposed to overdraft protection insurance; this is because overdraft protection in most cases would not leave out the employment status of any person. This is because there is no need to cover jobs lost since there would be no payments to protect such policies. The main aim of having overdraft protection insurance is to be able to cover different kinds of cheques that are written when there are little or no money in the account. The most important aspect is whether you are able to make any forms of mistakes and make an overdraft into your own account.

Acquiring Mis-sold overdrafts can prove to be a big task especially when you need cheque to be written into your account. This is because without an authentic overdraft cheque cannot be written into your account and thus you won’t be paid. Having a good overdraft cover can counter this obstacle. The problem may at times arise if the bank chooses to add an overdraft protection cover without the account holder knowing. In any case you have been mis sold an overdraft you are eligible to file a claim to have the payment protection insurance refunded back. The cost of reclaiming such insurance would not cost much since payments made every month are minimal. There are also other different ways you are able to contact the payment protection insurance, there are different email address as and also landlines where you can call and submit any queries. The companies would also review the payments to determine whether they were done in the right or dubious manner.

Filed Under: PPI Compensation Claims

Mis-Sold Credit Accounts

September 11, 2012 1:22 pm

Payment Protection Insurance (PPI) are products that are structured to act as cover for loans or other credit repayments incase the borrower is unable to meet his/her financial loan re-payment obligations. However, lately it has emerged that there were various mis-sold credit information.Mis-Sold Credit Accounts

In case you were mis-sold credit or you are servicing policies that you do not need, it is possible to recover money spent on mis-sold credit by following the below steps.
Check your policy documentation and go through the paperwork to ascertain if PPI was included in any way in your statements. In case it has not been listed as PPI, it may appear using other names such as; account cover, sickness and unemployment insurance, loan repayment insurance, credit insurance, or loan protection.

You will then proceed and counter check if there is any mis-sold credit because there are various reasons as to why you may have been mis-sold PPI, these may include;

• You were pressurized to sign for the PPI
• The banking personnel did not make it clear to you that it was optional
• You assumed that buying PPI was a condition, or would boost your chances of obtaining credit
• The policy was added to the clients loan without his/her knowledge

Make the claim personally
There are various small organizations that have come up purposely to make claims on behalf of clients. These companies normally charge some small fee. However, mis-sold credit claims process is hassle free and a straightforward process that can be handled personally because it is possible to obtain a free PPI claim form from the financial ombudsman office.

Complain to the lender
If you are sure PPI was mis-sold you should begin the complaint process by contacting the lender, and this is done through. The lender is given some eight weeks to respond on whether or not they acknowledge your complaint.

Contact the ombudsman
If the lender refuses, or takes time to issue final response of your complaint, or you are not happy with their decision, then you are at liberty to raise complains with the financial ombudsman office.

The office of the ombudsman will then ask the lender on what exactly happened, and the ombudsman office will finally make a decision on whether to uphold your complaint or not.

Filed Under: PPI Compensation Claims