Understanding the Highlights Needed In PPI Reclaim Company

PPI claim

More than two and a half million people in the UK were sold the PPI (Payment Protection Insurance) without their knowledge on credits and loans. They were not informed about PPI, but were charged for the same. Millions of families have been paying large amounts, but now the PPI scandal has been revealed and banks have been forced to keep aside approximately £13 billion for covering claim costs.

What is PPI?

PPI ensures security on the monthly payment of mortgage and medical bills in case of involuntary unemployment. Usually, it lasts for 12 months. However, in certain cases it can be lengthier. This is a good act but for several years lending firms and banks have mis-sold PPI to millions of borrowers to gain quick money.

Eligibility checklist

If you are unaware, whether you are eligible to file a PPI claim then here is a checklist –

  • You were told PPI was compulsory

  • You were not eligible for the PPI policy at that time (maybe you were self-employed or unemployed)

  • You were not told about PPI at all

  • You were deceived – loan would be expensive, if you do not take the PPI

PPI Claim Process

  1. Initial step is to confirm that PPI was mis-sold at the time you signed the loan paper. Collect all the documentation necessary and if you do not have them, you can request the bank to provide the same. You are eligible to get them under the Consumer Credit Act. They only charge a small fee.

  2. Write to your bank or lender for a refund of the mis-sold PPI or you can call them to complain.

  3. If your claim is denied, move ahead and seek help from the Financial Ombudsman. Remember, their services are complimentary. It ranges from collecting necessary information, investigating, and filing PPI repayments on your behalf.

The process is simple, but time-consuming. If you are busy and cannot file your claim personally, you can take help from a reliable reclaim company. Bear in mind that they can get around 30% of your refund. It is also important to select the best refund company.

Consider some of the essential features given below before hiring reclaim company.

  1. No upfront fee prior case completion.

  2. Study its privacy policy. They will be dealing with your bank and have all your bank details.

  3. Experience and evidence of good performance track record.

  4. Read all the terms and conditions, in case of any doubt feel free to ask about it. Check for no hidden charges.

  5. No win, no charges term must be made clear before signing. Suppose the company will charge 9% then make certain on – interest or gross. Also, make sure that if you lose then you will not have to pay anything.

  6. Generally, the Ministry Of Justice controls the establishment of PPI claim companies. Authentication of the preferred PPI reclaims company become essential because it is the key for claim success.

Be crystal clear to discuss about the duration that would be taken by the reclaim company to solve your case and the assistance fee mode. Select the one that offers fast professional service. Filing your PPI claim via the best reclaim company will surely save time and money.

Author Bio:

This post is written by S. Bagons and their company offers exclusive financial services to file PPI reclaim. You could get in touch with them right away by using there website.

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