Filling In PPI Claim Forms
You need to ensure that you properly fill in your PPI claim form. This is going to be your opportunity to present your views and evidence to the provider and convince them that you are entitled to refund. You ought to provide correct information and make sure it is compelling and accurate. The following are some tips for completing your ppi claim form for success:
1. Finding the claim forms
Majority of top providers offer the claim forms online. You only need to visit the lenders homepage and then download as many forms as you require. You may fill in some of them and submit online. This is easy and quick, though you should ensure to retain the hard copy for your future reference. You may also phone the lender to have the forms sent to you.
2. Compile Your Evidence
You ought to compile evidence supporting your claim. You should carefully consider why you suspect you might have a missold PPI. The provider will have to be convinced you have a credible case, or else they will not take your case seriously.
The top reasons for going for a claim include:
• You were informed you must have the PPI, or else your loan application would not be approved.
• You were not informed about being charged interest on the loan as well as PPI.
• You were not questioned if you were in excellent health or employed when taking out the loan.
You should compile more evidence for your ppi claim forms. When the provider is unconvinced instantly, your case may drag on for a number of months and you might end up having to refer your case to Financial Ombudsman Service (FOS).
3. Check Your Facts
When filling in ppi claim forms, you ought to ensure you have precise information available. Go through the form and confirm that you have given the right details about you, the PPI cover and the loan. It is going to help when you have copies of the original contract and loan application forms.
Why Was PPI Mis-sold?
PPI is the acronym for Payment Protection Insurance. This is insurance that is meant to protect policy holders when they need to pay back a loan yet they are in a bad financial situation. This insurance was very popular in the recent past but the shocking cases of mis sold PPI brought a new twist into this insurance type. There were different ways that this insurance policy was mis sold. Firstly, it had several names that confused the policy holders, who ended up paying for the insurance policy more than once thinking that they were different.
Some of the common names that were used were accident sickness unemployment cover, credit protection and loan cover. Customers thought that these three were actually separate insurance types. Other than that, people were told that it was compulsory for one to take the insurance policy. This was just a lie as it has never been an obligation to have the policy. People were also cheated into buying the insurance in the pretence that it would increase their chances of loan approval.
There are two main reasons why banks cheated people into buying PPI, which led to the countless cases of mis sold PPI. Banks wanted to make a large amount of profit. The only way that they could do it was by manipulating unsuspecting consumers into buying an insurance policy in a way that they would never benefit in terms of claims. This was by selling to unqualified personnel or selling to people who did not understand the terms and conditions. Bankers were promised lucrative commission rates depending on the quantity of insurance they sold. This caused them to be deceitful to their clients in a bid to make huge sales.
One should not despair if he was mis sold PPI. It is fortunate that the court intervened in the matter and ordered the banks to pay back all the customers that were cheated into getting the insurance policy. One only needs to calculate what the mis sold PPI claim is and ask for the exact amount.
Ineligible for PPI
There has been pending investigations on issues around miss-sold payment protection insurance, however, after the court ruling it is now clear that there were some irregularities surrounding selling strategies used for the cover. There is still some uncertainties around PPI claims, most people know they can claim back PPI, but it is not clear what qualifies as mis-sold PPI. The issue of mis-sold PPI has affected many people because PPI mis-selling categorically takes different forms. Claim back PPI if you fall under the following PPI mis-selling categories.
Claim back PPI if the information you were given was inaccurate, incorrect or incomplete. Lenders should have given clients the chance to make their own judgment whether or not to pay for PPI. The information provided should have covered all costs, benefits and terms to your understanding. If this was not the case then you have a case to present for PPI claims.
PPI has several exceptions which exclude some parties. The lender should have explained this to you before hand or confirmed that you are ineligible for PPI. If the cover is inappropriate or qualifies as ineligible you should claim back PPI. You can claim back PPI if you had an existing cover, you qualified as unemployed, aged sixty-five years and above or had a pre-existing medical condition.
You can claim back PPI if you were under pressure to take the cover because some lenders attached PPI on some facilities. You qualify for PPI reclaims regardless even though the lender gave you complete or correct information.
These are some of the categories that qualify as mis-sold PPI that gives you right to claim back PPI. More importantly, the amount of compensation received varies with age and type of policy, and you can make PPI claims before and after clearing your loan, credit card or mortgage.
How To Claim Back PPI
Any UK resident that was wrongly sold their PPI insurance can now successfully claim back ppi. This means that any person holding a PPI insurance policy which was not sold in accordance with the law can get a refund for the apparent mis-selling. This is according the UK courts which ruled that banks were wrong when they wrongly sold PPI insurance to their customers should reimburse genuine claims.
Ordinarily, PPI insurance is very helpful as it covers bank consumers that have loans such as mortgages, auto loans or even credit cards. All these credit facilities have to be insured just in case an unfortunate incident such an illness affected the regular repayments. In such a case the PPI insurance would fully take charge of the payments until such a time as the customer was fully recovered. However, those that were wrongfully sold this important insurance policy are allowed to legally claim back ppi.
The process to claim back ppi is a pretty straightforward matter. An applicant needs to first make a determination that their PPI policy was wrongly sold to them. After this determination is made, forms need to be filled and documents need to be attached. These are then submitted to the UK financial services ombudsman who will then determine is the claim back ppi application is valid. If a claim is deemed to be valid and qualifies for compensation then it will receive its due compensation. Average payout to people that claim back ppi is about 3000 per head.
A mis-selling can be said to be any purchase of insurance without disclosure, if the consumer is informed they can only purchase at that particular bank, if they are told that the insurance is mandatory and if the consumer is in any other way provided with wrong and misleading information. Some firms provide assistance to consumers in the UK with their intentions to claim back ppi. While the process is free, those that require the assistance may do so if they choose to. If the consumers choose to receive help, they are normally charged only if the claims process if successful and the payment processed.
Claiming back PPI
There are many cases where some people are mis-sold payment protection insurance and they lose a lot of money without knowing. However, nowadays people have realized just how PPI works and with the bad economy they cannot afford to lose any money at all. There have been rising cases of people claiming back PPI from their lenders and some even actually winning the cases and gai8ning back some of their money in their bank account. PPI is meant to cover the lender from a loss that would result if the borrower is not able to pay back the money he borrowed. However, this policy insurance product does not cover against all circumstances that would make the borrower unable to repay, it only covers against sickness that would result to inability to earn an income and an accident that would also incapacitate the borrower as well.
For you to think about claiming back PPI, you need to prove that you were mis-sold the policy and how much money you are claiming. These two points need to be made very strongly if you are to win your case. You can either make the claim by yourself if you know how to or you can use credible companies that help with claiming back PPI. Using the PPI claims companies can greatly improve your chances of winning the case because these companies are experienced and have professionals who can even help you calculate the amount of money you will be claiming. You however need to find the best claiming back PPI company that is able to work with you and help you present your case to the lender and the court if need be.
There have been cases where people have gained back a lot of money in their bank accounts after being compensated for claiming back PPI from a lender who mis-sold the policy to them. You can also do the same thing if you manage to prepare your case very well and be able to prove beyond reasonable doubt that you were mis-sold PPI and you are claiming it back. Claiming back PPI can be easy with the help of an experienced professional than doing it by alone.