Payment Protection Insurance Claims
Payment protection insurance, more commonly known as PPI, is a type of insurance product that serves as cover for those times when you might be unable to make a payment on one of your loans. Whether you are likely to fail a payment due to illness, accident, or unemployment, PPI will have you covered as long as you are entitled to make a claim and get approved for it in accordance with your provider's policy.
The first thing you need to do is to find out if you are entitled to make loan insurance claims is to contact your provider. There are a number of different ways of doing this, most notably by phone or by writing. It is advisable to do this as soon as possible after first suspecting that you may have been a victim of PPI misselling.
Most payment protection insurance providers will not like this. When that happens, your next step would be to contact a higher authority like the Financial Ombudsman, which might be able to help you force the lender into action.
At this point, there's a good chance that your loan insurance claims may actually get granted. It is said that more than two-thirds of complainants are able to collect compensation from their providers for cases of missold PPI. Of course, there are still some unsuccessful cases but some say this may be ue to most people being unable to fully take care of their complaints all the way through to the finish.
This is where PPI claims services like UK PPI Claims (www.ukppiclaims.org.uk) can become really helpful. They will do all the necessary work for you to help you get your claim and your compensation. And the best part is, they won't even charge any upfront fees and won't bill you for unsuccessful cases.
Claiming Back Payment Protection on Loans
Payment protection insurance, or PPI, is a kind of insurance that protects a person when he or she makes mortgage loans or credit card debts, by covering for these debts if the borrower finds himself or herself unable to pay back the money.
To claim back PPI, the borrower needs to make sure from the get-go that he or she has availed of a PPI policy to begin with. You as the borrower would need to look at the fine print when you borrowed the money. Some lenders already include the PPI automatically in the loans, but there are some who offer PPI separately, so you would need to make sure if this is included or not. You as the borrower can also say in your defense that the company sold the PPI policy to you misleadingly, because it did not explain to you what its about.
You can either reclaim the payment protection insurance by yourself, from which you will need to contact the lending company, or you can hire an agent or a firm to handle the reclaiming. While its highly advisable to use a firm so you can claim back your PPI, the reclaiming company also gets a part of the value of the claim as commission should the reclaim be a success, so you might also need to think about the cost when you do so. On the other hand, they are already the experts in the field, so they already know the ins and outs of the PPI claims process, whereas if you do it yourself, you might get just be ignored or you might drown in all the details that you need to pay attention to.
Claiming back payment protection insurance actually has a time limit. You can only claim PPI compensation for loans that are from six years ago up to the present, so if you do not act quickly enough, you might lose the chance to receive what is due to you.
How long can the claim take?
How long will a claim take? Well... every claim is different and individual, each claim you have has a different lender, and some lenders are willing to pay out the full and amount, and on the other hand some lenders are so not so willing. They may take a bit for time.
On average though, a claim around 12 weeks, but in some cases claim can only take as little as 4 – 6 weeks. Although if you case needs to be referred to the Financial Ombudsman Service (FOS) then unfortunately may take longer to complete.
Don’t worry all the stages that go through you process of your claim you will be informed on how it is going how long it will take. As our priority is to keep you happy and get you money back. So if you are unsure whether you can make a claim on your PPI then please contact our team and we will be able to help your problems.
How much can a claim cost?
For our team to firstly look at your claim to see if you are entitled to make the claim it is free of charge. When accessing your claim, we will nee to write to lenders who sold you the Payment Protection Insurance to obtain the information about the PPI policy sold to you, to be able to do this we will be charge a Subject Access Request (SAR) which is a few of £10.00 which will pay for you.
We will not ask for any upfront fees, our team operate on a no win no fee basis. So make sure you are aware of our competitors who charge upfront administration fees before they have even started theClaim Back PPI process
If your PPI claim is successful, we will charge a fee of 25% plus VAT of any amount recovered on your behalf. For example, if we obtain an offer of £1000 compensation, our fee would be £293.75 (inclusive of VAT at 17.50%).