Posted: 20th June 2017
How to Beat the PPI Compensation Deadline?
The incoming PPI deadline could see individuals being stopped from being able to claim PPI compensation, which they due. However, there’s still time to beat the upcoming deadline.
When you think of PPI the first thought that’s likely to pop up in your mind is frustrating cold calls, spam emails and of course, exasperating advertising jingles on daytime TV and radio.
By now, you may even think that PPI is over, the compensation windfall has been done to death and all that is left is the Claims Management Company desperately willing to assist people pick up the last bit of meat off the corpse of mis-sold PPI policy and simply take away a chunky slice of any kind of compensation from the entire process.
This cannot be anyh further from the truth. Though the Financial Conduct Authority has placed a time bar on PPI claims, the stopper on claims will be implemented two years later, which ultimately gives you time until 2019.
The banks are aware of this as well- Barclays have just side aside an additional of £400million to repay victims of this mis-selling scandal.
So, exactly what’s PPI mis-selling all about and why is it considered as such a big scandal?
PPI basically stands for payment protection insurance. If you’ve got a PPI covered loan and you’re unable to make the necessary repayments, since you’ve lost your job or have met with an accident, then your policy will meet those repayments.
It sounds so good, doesn’t it? But, unfortunately millions of policies have been mis-sold over the past couple of decades, as they made far more for all the financial institutions and banks than what they could make out of payout costs. Put simply, banks and their employees were incentivised to push customer into purchasing PPI policies whether it was appropriate for them or not.
You may as well ask, “Isn’t claiming for PPI refund absurdly complicated?”
If you’re being told that managing your own PPI claim would be simple, then you really need to know that it’s a lie. Most of the banks – the biggest sellers of PPI – provide their own forms for you to fill in so as to make a claim. And, even if they don’t, you could seek assistance from the Financial Ombudsman Service.
When you’ve got the form, the most crucial thing you need to do is go through all of your financial records and take out as much information as possible- this mainly includes account number, statements, repayment details, accrued interest charges- basically everything that has something or the other to do with the loan you had PPI on.
The more information you’re able to provide, the better is your chance of receiving what you’re rightly owed.
Later on, it’s literally the case of sticking with it- answer honestly to all the questions asked by your bank and chase them if they aren’t responding instantly to your request. Also, if they refuse, you can still take up your case to the ombudsman. While it is possible to claim for refund without any external help, the reality is that banks are not that eager themselves to pay you the compensation and are willing to take stalling measures to ensure that the claim drags on for as long as possible. In such scenarios having a Claim Management Company by your side will further strengthen your chances of being successful with the claim.