How To Claim Back Your Payment Protection Insurance
Payment Protection Insurance is a priceless service that has been extremely mis-sold to consumers all over the world. While PPI has originally been conceived to protect customers to ensure them against risks of being unable to repay their loans or debts, it has majorly been sold to customers who do not need it through aggressive and misleading sales tactics. There are several cases and examples where this type of insurance has been mis-sold leaving customers with no way of either making a claim in case the need arise. As a result of this the people who have benefiting from such a useful policy are largely out numbed by the ones who do not.
If you are one such customer who has been sold a policy that is of no use to you or coerced or pressurised into it or have not been granted a claim by the financial agency that sold it to you, you are very much eligible to file for a claim. Several consumers have done it in the past and are continuing to do it and claiming back what they deserve.
Are you Eligible for a Claim?
Claims for Payment Protection Insurance can be handled in different ways. The first step towards filing a claim would be to consider if you are eligible for one. If any of the following apply to you, you are entitled to a PPI claim:
- If you have been unknowingly paying for a claim you never wanted and your insurance provider failed to inform you that they were adding the Payment Protection Insurance policy as an extra to your loan or mortgage.
- If you were led to believe that signing up for a PPI was mandatory to avail your loan.
- If you have been misled about the need for you to pay for a PPI that you do not need or are not eligble to claim.
- If you were pressured or coerced by your financial agency into buying the insurance when you did not want it.
- If you were denied coverage although you are eligible for it after meeting any of the provisions in your PPI agreement due to the policy not covering the life of the loan.
Claims for PPI can be processed in a number of ways. A lot of people write letters to the insurance providers to persuade them into returning the money you have spent on the PPI and the interest incurred on it. Before doing so, customers need to have all proof of related documents and correspondence with the insurance company to make the case. The policy agreement document usually carries the terms and conditions of the PPI policy provider for you to contest your claim. Alternatively, you can also contact the provider itself for any missing information. Once you get all the necessary details together, writing a letter or filling out a claims form with the financial ombudsman’s office and submitting it to your provider should be enough to claim back what you have spent on the policy.
In some cases when the insurance provider does not respond favourably or fails to respond at all, make a note of the fact that they have failed to co-operate and maintain that you may take legal action. Before taking legal action consider consulting the Financial Ombudsman Service for advice on your dispute. The final option of legal action can then be taken if the issue has not been resolved even after making your intention of legal recourse clear to the provider.
This process towards claiming back your unwanted Payment Protection Insurance policy can sometimes be daunting and time consuming. In cases where the process can get complicated consulting online claims agencies can be the best option.