Successfully claiming a PPI

How to Claim Mis Sold PPI

Along with the loan agreement a PPI (Payment Protection Insurance) was sold to the borrowers guaranteeing relaxation against debts for instance loans, mortgages etc. It was assured that lest the borrower becomes unproductive due to illness or accident or due to any circumstances then PPI was the relaxation policy in which the borrower was exempted for a year, by the means of no fee or small compensation. PPI was generally sold linked to the credit.

A considerable amount was then added with the loan; approximately 20% of the normal repayment was added. The idea of benefiting the people ultimately lead to their loss and people are still unaware of how to claim mis sold PPI. Some borrowers attempted to claim miss-sold PPIs; but, in the report of CAB (Citizens Advice Bureau) clients, it is figured out that the borrowers were not able to make successful claims due to lack of legal assistance and exclusion clauses.

PPIs were being miss-sold by some sales people to earn huge commissions in a dishonest manner. The answer to how to claim mis sold PPI is easy; however, claiming is an exhausting process. After the entire loan settlement and once the lender is satisfied and even if the loan contract was agreed to in last 6 years, then check your payment statements, if the PPI is still being paid, claim your PPI.

In order to make a claim, the borrower can directly approach the loan company which will be not cost anything but will be complicated and at the same time, the lawyers of that company will make sure that the claim is turned down. Instead, there are some laws firms which are perfect and can very well compete with the loan companies and are known as claim management companies. They work on ‘no win no fee’ basis and if they win the case charges wisely.

Taking professional assistance for PPI claims

PPI Compensation Claims

Obtaining a loan for meeting the expenses is a very common method adopted by people who are not able to manage their finances or want to keep some finances secured for emergency purposes. In some adverse situations, it may happen that the person who obtained the loan is not able to repay it back to the company. Any accident, illness, unemployment or sudden death may be some of the reasons for such situation. The PPI or the payment protection insurance is an insurance designed to help people facing such circumstances.

When you are making PPI compensation claims, there can be two ways to do it. The first method is to claim you. When claiming on your own, you have to visit the loan company and ask for the claim. If you are new to these procedures, you may have to face a number of issues as the loan company will, at first, try to ignore your request. They may have endless explanations to be given to you and a bulk of paper work to be done. The whole process may take a lot of time.

You may also not know all the minute details of the process like many people are unaware of the fact that in addition to the PPI payment claim, they can also claim back the loan agent’s commission, interest on the PPI amount imposing an 8% interest rate per annum and even the compensation. Even if we consider that you are well aware of these procedures or may have someone to help you with these, still the whole process requires you to do all the work by yourself. It may not be as easy as it appears to be.

The only positive point of claiming yourself is that you will be able to save some amount of money. But also keep in mind the additional cost of visiting the loan company a number of times which will consume a considerable amount of energy, time and money. Whereas, making PPI compensation claims through an agent will simplify the process to a greater extent. First of all, it increases your chances of winning the claim. The professional people involved in this process have a hand on experience of such cases and by using their experience; they can assist you in the best possible way.

The involvement of such agents will speed up the process as a whole.  They can make you recover your money in as small as a month. All you have to do is to visit them and fill in a form with all your details which will take very less time. Rest of the task is handled by them regarding the paper works and other formalities. A ‘no win, no fee’ approach is a new way that these agents follow. In this, you don’t have to pay any fee upfront and neither if you lose. You only need to pay them if you get your money back. They will take a fixed percentage of your claim as their fee. So investing a little more money may simplify the things to a greater level.