Many people are aware of the PPI scandal that has occurred in the recent years. It has become infamous for the simple fact that many people have lost a lot of money for being wrongfully mis-sold this type of insurance. Even though it does have its benefits and uses in certain circumstances – the majority of people that this insurance was sold to simply didn’t need it.
If you have dealt with a bank or another type of lender in the previous decade or so and taken out a mortgage, loan, or credit card then chances are you are eligible for PPI compensation. However, not everyone who has dealt with the banks is eligible, there are some processes that you have to go through in order to figure this out. Throughout this article we’ll help you understand this and explain exactly why you should make a PPI claim.
The General Process
If you want to claim compensation for the PPI that you was wrongfully mis-sold, there are certain steps and procedures that you must go through. Failing to go through these properly could mean that your PPI claim would be considered invalid and you might not receive any compensation whatsoever.
First and foremost, you want to find all the paperwork you have received from your bank or lender in the past decade or so. You should go through the terms and conditions carefully and understand what exactly was contained in the mortgage, loan, credit card agreement etc. Chances are that PPI was contained in these agreements and if so, you’re more than entitled to claim compensation.
If you have found out that you have wrongfully been mis-sold PPI after going through your paperwork then the next step to take would be to contact your bank or lender. You should make them aware of this situation and let them know that you want to take action, they will most likely have a dedicated team to handle your claim as PPI claims have been quite popular recently.
Why It’s Important to Make a Claim
If you’ve wrongfully been mis-sold payment protection insurance then this means that you have lost money. It’s important to make your claim simply because if you don’t, you will not receive the money that has been taken from you by the banks and lenders.
Furthermore, failing to make your claim means that no action will be taken against the banks and therefore they will suffer no consequences. This leaves them open to repeat this kind of behavior and makes them feel as if it’s okay to do the same thing again – it’s definitely not!
Fortunately as time goes on, it’s becoming easier and easier to make your claim and receive compensation for the PPI that you have wrongfully been mis-sold. Now there are many ways that you can go about making your claim, such as going through a claims management company or simply filing the claim yourself. Many people opt to go through a claims management company as this makes the whole process easier and more streamlined.
However, it all depends on your circumstances and the options you have available to you. For those people who have a busy lifestyle, going through a claims management company would be a much more viable option but if you have a bit of free time and don’t mind dealing with your bank or lender you might be more inclined to file the claim yourself.