Numerous lenders mis sell payment protection insurance plans to customers in amounts worth billions of pounds every year. Since many consumers are not aware that the charge is illegal if it’s done out of scope, the PPI claims industry is a booming business in the UK. This trend, according to analysts, will go on for some time to come until the whole industry is PPI aware.
Hence, if your lender wrongly sold PPI to you, it’s within your legal rights to claim it back, plus accrued interest. This also applies for those people currently servicing a loan with mis-sold PPIs. The following are some tips to help you make a successful PPI claim.
Have your facts right
Everywhere money is concerned, fraud is a big problem; PPI claims are not an exception. To cap fraud incidences, most lenders have stringent internal control measures, especially where borrowers are concerned. Without the right facts, you don’t stand a chance wining your PPI claims. However, you can avoid the freeze by ensuring that you have all the facts required. Some convenient ones include loan statements, receipts, identification documents and contract details.
One of the biggest challenges facing the kitty set aside to settle PPI claims in the UK is the excess demand realised. More and more people have realised that PPI on their loans was mis-sold and under law, everyone is eligible for the same. Reports in the media indicate that the kitty could be depleted sooner and it’s important for you to beat the depletion speed. As a matter of general practice, if you need to have your PPI checked, the sooner you begin processing, the better it is for you.
Using the right channels
Let’s face it, most of us love the easy way when dealing with concrete matters. In most cases, the easy way is always the fast option, although experts are still debating the wisdom behind it because in the end, it’s not always successful. Getting agents to do the claims for you is one aspect you should consider here because many offer to follow up on the claims for you, as you do nothing.
Tempting, right? Well, according to experts, although getting a skilled PPI claims agency will boost your chances of success, you need to beware of those who want payment upfront. Rather than go with this path, the option you need to pursue is choosing people who want pay after the claim is successful and nothing else. They should also charge a reasonable rate for their work.
Understand the law and maths around the claim
You may feel the nudge to celebrate just because your bank charged PPI on your loan without 100% disclosure. However, things don’t happen in black and white with PPI claims, although many agencies make you imagine that’s the case. Getting ready to defend yourself against the bank’s exemption clauses (which are tailored to ensure you don’t get a penny) and how much you’re worth is the best route you need to follow to ensure that, even the toughest claims go through.