A lot of people have lost millions due to mis-sold insurance. Some people were sold policies that they did not need or were not eligible for PPI policy. You may be paying or have paid for insurance that you don’t need. I know that you are aware of PPI scandal and high court ruling on the same.
You may receive a letter from your bank or a credit company asking you to go for your compensation. Also you may fail to receive this letter but this does not mean that you don’t have PPI claim to make. Let’s look at reasons why you should make PPI claim.
Who is eligible
You may be eligible for PPI compensation if you have taken a loan, mortgage, credit card. So as to determine whether you are eligible for this loan there are some processes that you must undergo.
How do you know whether you are eligible
This is a very important step when you are looking for compensation. It will help you to know whether you are eligible for compensation or not. You may waste a lot of time and resources looking for a compensation which you will not get. You may have applied for a loan, credit card or have a mortgage but you are not eligible for compensation as PPI policy were sold to you correctly.
The first thing that you should do is to find the papers that you got from your lender. These terms and agreements papers contain agreement of what the lender was offering. PPI may be found under many titles so you have to check carefully on any title that you find tricky.
You don’t have to worry if you don’t have these papers as you get them from your lender at a small fee. After you have your papers go through them carefully understand what the terms were all about. Go and claim your compensation if you find that you have PPI policy that you did not apply for.
Talk to your bank or your lender and tell them of your current situation. Most likely they have a team which will look into your case. If your claim is rejected and you strongly believe that you should be compensated them you should contact Financial Ombudsman Services. They will help you to get your compensation back.
Why you should go for compensation
The main reason why you should claim your compensation is because you have lost money and you need it back. The policy you was sold to you when you were a student, self-employed or unemployed. You did not deserve to pay for it and you have lost money. By making this claim you are going to get your money back.
It was wrong for your lender to sell you a policy that you did not need. Maybe they tricked you and if you don’t claim your compensation they are going to repeat this again. You should make this claim to teach a lesson that they should not take advantage of people. If you don’t make this claim no action will be taken.