Payment protection insurance is one of the UK’s most mis-sold insurance policies. Most banks sell borrowers insurance they don’t want in the end, keeping the accrued amounts even if the clients don’t approve of it. Under the law, every person who was wrongfully charged for PPI deserves his or her money back, according to the Consumer Finance Claims departments.
However, recent reports have shown that the number of PPI claims past 2012 far outstrip the amount set aside by banks to make the repayments. This has been a cause for panic with more claimants feeling the cash could run out on them, exposing them to a situation where their PPI claims are not honored. To stay on the safe side, you need to follow the following tips to protect yourself, literally.
Check for your own eligibility for the PPI claims
The Financial Services Authority requires banks to pay some PPI claims. This has given insurance companies and banks leeway to lock out some people from the claims, at their discretion. If you want to protect yourself under the circumstances, you need to study your past borrowing contracts and deeds. If these statements show, that PPI was sold to you by mistake or fraudulently, file for the refunds at the earliest opportunity possible.
Check time limit on your plans
In law, PPI claims are under the discretion of banks and insurance companies. Despite the fact that the claims are your legal rights, they don’t run forever although that’s what people are made to believe. The truth is that, recent payment protection insurance claims are processed faster than those, which were taken a long time ago. You need to contact your bank and insurance company as soon as possible to ensure that your PPI claims are processed at the earliest moment possible.
Call your bank
With the current stakes on PPI claims raised high, characterised by a higher risk for a difficult claims process ahead, you need to be proactive about your rightful claims and contact your bank. Most bank customers have failed to contact their banks, in the end, missing out on important claims that would well take care of their financial needs. To be on the safer side, instead of waiting for the banks to contact you about your claims, which is a slow process, be the first one to do it. Just contact them and start the claim process as soon as possible.
Go to your lawyer
Most PPI claim agreements have an escape clause in favor of the big insurance companies no matter how you look at them. This practice is making many people; even those with clearly mis-sold PPI, miss their money. If you feel aggrieved or shortchanged in your PPI claim, it’s better if you seek legal help at the earliest opportunity possible. This is to ensure that you receive reasonable representation that may jump in your favor.
Overall, time is never running out to reclaim mis-sold PPI. However, with the complications coming out, the reducing amount set aside to cover the claims, it’s urgent for you to start working on a technique to get yours at the earliest moment possible. Moreover, it’s harder making old PPI claims. It’s therefore, advisable for you to start your claims process now, just in case fund exhaustion fears materialise.