The first thing for you do when you want to make a claim is to determine whether you are eligible. You may find out that PPI was mis-sold to you. For instance you were self-employed, unemployed, retired or a student when you took the insurance. Maybe you were told that for you to qualify for the insurance you were required to have the insurance. Also the lender did not fully explain the payment when they sold the policy.
Some people have been sold PPI cover without their knowledge or it has been added to your repayment. Do your homework and know whether you have PPI claim to make.
Time it takes
It is not too late for you to make your claim. They say that you can only make your claim before six years are over after the policy ended but you can still make claim for older cover. You are supposed to make you complain to Financial Services Ombudsman within six years after you discover that you are valid to make a complaint.
What about the papers
It is easier when you have your original loan agreement papers. You don’t have to worry if you don’t have the papers. You are supposed to go to your lender and ask them to give you a copy of your original agreement. Make sure that you get the correct documents and the date is correct.
You are supposed to pay £1 to get your papers under Consumer Credit Art. Also you may not be remembering which firm gave you the loan or your credit cards. You can get your credit file which is found at Equifax or Experian. In this credit file you will find out about credit card and loans you have taken.
How is the process
The process of claiming your loan is not complicated. You only need to write a letter to the firm who sold you the policy. If your claim is rejected then you are supposed to go to Financial Ombudsman Services
There are firms that are offering to help you to get your compensation. You should avoid them as they are only asking for your money. The process of claiming your money is simple and you can do it without any assistance. They will take a huge chunk of your compensation.
They will ask for about 25% and VAT money. They will not get you any extra cash and you should make the claim yourself.
How long should you wait
It takes about two months for the bank to respond to your claim. There is a huge backlog as millions of people are making their claim. If the bank has not rejected your claim you are supposed to wait for your compensation as there is not deadline of when they should pay you.
Sometimes your claim is rejected but you don’t have to give up. There is free independent service which is known as Financial Ombudsman Service which settles disputes between customers and financial firms. Go to them if a bank rejects your claim and they will help you to get your compensation back.