PPI claims made simple are here to guide you out in this complicated process. It may seem scary and too complex especially since you have to deal with a lot of stuff. How can you have a shot at a claim?
PPI Claims Made Simple: How Strong Are Your Chances?
Do you have a PPI policy? Determining if you have one is the first step that can make a difference in your claim. Some people are not aware that they have purchased a PPI policy. If you are one of those people, then you may have a strong chance of filing a reclaim. Here are some of the scenarios where you may have a better opportunity for a claim.
- You were sold the policy without your knowledge or consent. Since it was sold unbeknownst to you, it would have been difficult to file a claim for something you thought you do not have.
- You were sold the policy without being provided with an explanation. This is not just any explanation but rather one that reiterates that an existing medical condition can lead to the nullification of the policy. This also entails an explanation and clarification of the policy’s terms and conditions.
- You are unemployed when you took the insurance. It does not matter whether you are retired, unemployed or self employed. The bottom line is that the policy benefit will not be used because you are not employed at that time.
- You are aged 65 to 70 (or more as long as it is over the upper age limit) at the time covered when the policy is taken out.
- The policy sold to you is single premium and the whole cost is paid up front. The money should also be borrowed at a rate similar to that given to the loan where the policy is attached.
- The policy was sold to you because you were informed that it is compulsory.
How Much Will You Get If PPI Claims Made Simple?
Say you fit in one of the scenarios mentioned and it is revealed that you have a chance to getting a claim, you will receive a notification. This will be sent by the lender, also the seller of the policy, or the Financial Ombudsman Service. If the claim is successful, you can reclaim all the premiums paid together with the interest. This will be returned at the compensatory rate that is applicable to the situation.
Process Of The PPI Claims Made Simple
In the event that you are informed that you can get a refund, there are two ways on how you can accomplish this. You can do it by yourself or get a company to do it. What should you do if you went for the first process?
Start by getting in touch with the lender who also sold you the policy. Remember to state in writing the reasons why you should be given the refund. If you do not receive a response in a timely manner, you can write them again. If all else fails, you can seek the help of the Financial Ombudsman Service. This is how you can go about PPI claims made simple.