5 Common Questions When Making PPI Claims
PPI (otherwise known as Payment Protection Insurance) has been mis sold to millions of people throughout the UK who are often unaware that they could be entitled to claim back thousands. Below are the five most common questions people have when deciding whether or not to make PPI claims.
1. How do I know if I have been mis sold PPI?
Many people are unaware they have been mis sold PPI and could have more than one PPI policy. A PPI claims management company could help you to find additional PPI policies you were not aware of, meaning you may get a larger refund, whilst taking the hassle out of making a claim.
2. Is there a time limit for making PPI claims?
A general time limit for making PPI claims is six years. However if you have kept the documentation for your PPI policy it may be possible to claim on a policy taken out more than six years ago. If you have misplaced your loan documents a claims company can request them from the lender on your behalf.
3. How much compensation am I entitled to?
The amount of PPI compensation someone is entitled to varies from each individual case. The Citizens Advice Bureau reports that PPI can add between 13% and 56% to loan repayments which could add up to thousands of pounds. If your claim is successful you are entitled to all of the money you have paid to date plus additional interest. If your loan is still ongoing your monthly repayments will also be reduced by the amount you are paying for your PPI policy. If your loan has already been repaid you will receive all your PPI compensation in cash.
4. How long will it take to get a PPI refund?
There is no set time on how long it will take to get a PPI refund. Some PPI claims can be settled in a few weeks others take much longer depending on the nature and complexity of the claim. What many people don't know is that some lenders tend to be faster at processing complaints than others.
5. What is the benefit of a PPI Claims company?
Many people are often unaware they have been mis sold PPI and may have numerous policies where a PPI refund is due. A trained claims handler can find all these PPI policies to ensure the maximum payout is received. A claims company can offer expert advice taking the hassle out of making all PPI claims.
When deciding on a claims company to use always remember that a good claims company will:
- Never charge an upfront fee
- Work on a no win no fee basis
- Make all charges clear from the beginning and have no hidden charges
- Be regulated by the Ministry of Justice
- Have trained professionals working for them
- Never make false promises regarding guaranteed repayments and time frames
In addition you should check if you will be charged a fee for money you will save in the future as many companies will include this in their terms and conditions. For more information click here.
