Are you the victim of mis-sold Payment Protection Insurance (PPI)? Were you pressured into taking out PPI, or did the member of staff fail to tell you all the relevant details?
If so, you can claim compensation using one of our PPI Claim Letters.
We’ve put together this step by step guide to show you how to;
(A) Check whether you were mis-sold PPI, and,
(b) Which PPI Claim Letter to use to claim compensation from the seller.
The First Step – Check Your Paperwork
After establishing that you have a valid case, you then need to get the right paperwork together to support your claim. If you don’t have the original paperwork to hand (either the original contract or the Terms and Conditions) then write to seller and ask them to send you a copy of these documents, making sure that the Terms and Conditions are dated to when you took out the agreement.
It is worth including a cheque for £1 with this request as lenders have the right to ask for this. Most will not, but if you want to speed up your PPI claim it’s worth including the cheque with your letter anyway.
If your agreement has now finished, the seller can request a payment of £10 – use your discretion before deciding whether to include this or to wait for their request.
The Second Step – Deciding Which PPI Claim Letter ‘Fits’ Your Claim
It is incumbent on the seller of PPI to go through the policies exclusions with you. If they didn’t do this, then you could be able to make a valid claim. Which exclusion they omitted to mention to you will decide which PPI claim letter you should use.
Some of the major exclusions that PPI sellers ‘conveniently’ forgot to disclose to customers are:
Self-Employment, Unemployment or Retirement
If you were unemployed, self-employed or retired at the time you took out PPI, you may be in a position to make a claim.
Click here to see if you have a claim and which PPI Claim Letter to use.
Pre-Existing Medical Conditions
If you had a pre-existing medical condition at the time you took out your policy, you may well be able to make a claim. This is one of the key reasons why insurance companies refuse to pay out.
If this applies to you click here to see which PPI Claim Letter is right for you.
Has Your Lender Already Been In Trouble
Several household names have already been fined by the FSA for the mis-selling of PPI, they include Capital One, Alliance and Leicester and Liverpool Victoria. If you took out your policy with one of these provides you may be able to claim.
Were you told the Wrong Information?
This covers a variety of exclusions. Were you covered by another policy but not informed. Was the cover only in one person’s name, was the policy shorter than the term of the finance agreement? These are all valid reasons to pursue a claim.
Were Your Pressured Into PPI or Told It Was Compulsory
If you were put under undue pressure to take out PPI, or if the sales person implied that the product would be cheaper with the PPI, then you are in a good position to pursue compensation
PPI Added Without Your Knowledge
Some of the less ethical finance houses were simply adding PPI to customer’s agreements without them evening knowing.
The Third Step
Once you’ve downloaded one of our PPI Claim Letters and tailored it with your information, you need to send the letter to the relevant bank.
A lot of banks are trying to settle these claims speedily so you may hear back quite promptly.
If the bank rejects your claim, you can follow up with the Financial Ombudsman, but they will not look at your case unless you have written directly to the bank and allowed them a reasonable amount of time to settle your case.
The Final Step
The Financial Ombudsman is the official independent service that settles claims between finance institutes and customers. They are completely impartial and will decide whether you are entitled to compensation.
As outlined above they will only do this if you have already written to your bank and 8 weeks have elapsed.
Its well worth approaching the Financial Ombudsman if you think your bank has unfairly rejected your PPI claim, as they are very powerful and the payouts from their intervention can be sizeable. However they don’t move quickly, so you should put on hold any ideas on how to spend your compensation money.
Click here to see how to make a claim through the Financial Ombudsman.
One Final Step
Hopefully your PPI Claim Letter will result in you getting the compensation that you’re entitled to – the very last step is to decide how to spend it. If you have any existing debt, it’s well worth paying this off as the interest accruing on short term unsecured debt will always be greater than the interest you get in a current account. If you’re one of the lucky few who are debt-free, the money (which should come as an unexpected bonus) is yours to spend as you see fit!
Please feel free to use the contact form to let us know of any improvements you’d like made to our selection of PPI Claim Letters and please keep us informed of your successful compensation claims using our letters.
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