Answers to the 3 Most Common Questions About PPI

£21.7 billion has been paid out by banks over the last six years for successful PPI claims. Millions of people all over the UK have been mis-sold payment protection insurance (PPI) but are still yet to claim for their money back. Here at a few facts to take on board before starting a PPI claim.

Although the purpose of a PPI claim is very just in the way that it rights a past wrongdoing, it’s common for people to assume that it’s some sort of spam, completely ignoring it altogether. Banks who have mis-sold PPI have suffered immensely due to successful claims, and there’s an excellent chance that some of their mistakes have come at your own expense.

Unless you have a particular interest in finance and PPI, you’ll be one of the many who understandably knows very little about PPI or how to claim for it. If you fall into this category, here are answers to a few of the most common questions about PPI to help you gain some insight.

  1. How Do I Make a PPI Claim?

The first and most common question many will be asking is “how do I make a PPI claim?” The process is actually easier than you would think. PPI was mis-sold as part of the cost for credit cards, loans, mortgages, overdrafts, and loans — so if you have paid for any of these in the past, there’s a good chance you will be able to make a claim.

Upon reading this, your next move should be to check your paperwork for any of these services and see if payment protection insurance was included. It’s not a given, but there’s a good chance you’ll be surprised to see that PPI has been incorporated — a sense of surprise shared by many of people all over the UK.

Some banks simply didn’t mention that PPI wasn’t a necessary addition, or even took the time to explain what it was to customers. In this situation, the bank is obligated to prove that it did inform you of the PPI and explain, in-depth, what it was. If they aren’t able to demonstrate this and PPI was in fact included without you knowing about it, you are entitled to receive a payment, which could be a substantial amount.

  1. What Do I Do If I No Longer Have the Paperwork?

It’s an unfortunate fact that paperwork is easy to misplace or throw away by accident, especially if you didn’t deem it to be important at the time. If you plan to get the ball rolling on a PPI claim but have lost the paperwork, you’ll be happy to hear that all is not lost. A PPI claims company will be able to retrieve the necessary claims paperwork and information. All you need to provide is your full name, date of birth, address and contact details.

If you’re claiming back money from a bank or insurance company whom you are no longer a customer of, again, all is not lost. It matters not whether you are a past or present customer; what does matter is that you have the correct information for the time being referred to. Also, if you have moved house or for any reason changed your contact details, it would make things run a lot smoother if you can provide the details for the time in question.

  1. Should I Use a PPI Claims Company?

Working with one of best PPI claims companies can be extremely beneficial throughout the application process. They will contact the bank and attain the necessary information and paperwork needed for a PPI claim. Although you may not have dealt with a PPI claims company before, you will have undoubtedly seen their adverts on TV, or received advertising calls and texts.

The Financial Conduct Authority (FCA) has put a deadline in place for anyone planning to claim for mis-sold PPI. The deadline is the 29th August 2019, which may seem like a long while yet, but it will sneak up on you quickly if you don’t get on the case soon or if your application takes a long time be successful. It’s for this reason that PPI claims companies are especially useful. Having them on-side to organise applications and contact the bank on your behalf it makes the whole claim process a lot quicker and stress-free.

When choosing a company to handle your claim, it’s important to find the best PPI claims company to suit your needs. For example, if your budget is tight or you have minimal free time to sort out paperwork, look for a company with a reasonable fee and genuine testimonials. ‘No win no fee PPI’ is a term to look out for when you choose a PPI claims company; this means if your application is unsuccessful, you won’t have to pay the claims company.

An astonishing amount of money has already been paid out by banks for mis-sold PPI. This alone should give you enough reason to at least check if you’re owed money. On average, a payout for a PPI claim is £3000 (approximate gross figure). That amount of money isn’t something to be ignored and can a huge boost for your current financial situation. The deadline date is two years away, so getting your PPI claim underway as soon as possible will guarantee that you are able to file a claim before the window of opportunity is closed.