The Most Common Questions When Making PPI Claims
PPI (Payment Protection Insurance) is an insurance policy usually sold along with mortgage, credit cards, auto loan, personal loan and so on to cover your monthly payments if you are unable to continue your employment due to accident, illness, redundancy or injury.
This loan protection cover started around for decades, many people expected this policy to protect their repayments. There is nothing wrong taking this policy if you are likely among the people who can spend some extra amount along with respective credit repayments to secure yourself from any future unforeseen circumstances.
But the common problem aroused over this policy is often they have been mis-sold by banks, financial firms and other representatives. Because of this reason there are hundreds of PPI holders emerging every day to claim their money back.
Because the rise in mis-selling PPI covers, many consumer tests and researchers told that people are opting PPI claims. Since this insurance policy has many exclusions and is expensive and unsuitable for some people in some particular situations, most people have been wrongly sold this to cover along with their credit account without even knowing.
It is said that around 85% of people are unsuccessful in claiming their policy and were not given proper customer satisfaction service. “Which? Customer service test” revealed that many banks fall under the category where it failed to get better customer satisfaction.
However, if you suspect the policy have been mis-sold then it is your responsibility to make a PPI claim with a good company in order to make your claiming process successful. Although there is no compulsion to make with PPI claims company but it could help in making the entire process of claiming much simpler and easier.
There are some most common questions asked by many people while making PPI claims, here are a few questions among them and its respective solutions that can help you in deciding whether you are eligible to claim this process or not, if so how to get larger PPI refund.
Question1: How to know whether I have been mis-sold PPI cover?
Solution: The solution to this question can be found very easily by knowing your eligibility criteria. Remember in many cases people have been tricked by banks and firms selling wrong cover like millions of others. To know whether you are eligible for claiming, just have a look at following situations.
- Were you retired when you consider taking out PPI?
- Were you unemployed or self-employed at the time of signing for PPI?
- Have you been asked whether you had any pre-existing medical conditions? Did insurance company let you know about the policy exclusions? In most cases PPI doesn’t work if the policy holder has any pre-existing medical conditions.
If your answer is “yes” or you are unsure of the circumstances then don’t worry you are eligible to receive larger compensation when you make a PPI claim.
Question2: Time limit for making claim?
Answer: The average time limit could be 6 years from signing the cover, time period for receiving refunds after claiming, differs from one PPI cover to other. Some may take much less time if you have all the essential proof documents that shows you have been mis-sold, while in some other cases it takes longer time to refund.
Question3: How much amount of compensation can be entitled?
Answer: The amount varies depending on individuals’, policy exclusions and the amount you borrowed.
Question4: Is it possible to make more than one claim?
Answer: The answer to this question could be yes, you are eligible to make more than one claims if you had multiple credit cards and loans around for decades.
Question5: What is the advantage of using PPI Claims Company?
Answer: To make the entire process of claiming easier, PPI companies could be quite useful and they will let you know the actual procedure and can speed up claiming process.
About the Author:
The guest post was contributed by Maria, guest blogger from Manchester, UK. Find out more about blogs @financeport