10 November 2014
Claiming compensation for mis-sold payment protection insurance (PPI) is not something that should present anyone with difficulties. The vast majority of people were mis-sold this expensive financial product but, what can present difficulties is ensuring that the amount of compensation you are offered is the right amount…
How to claim PPI compensation…
The first step is to check that you had PPI on various accounts. Check all the paperwork for credit card accounts, loans, mortgage, car finances as well as financial accounts such as store cards. For some people, when they bought new kitchen appliances they may have taken out a small loan through the shop; this will have been underwritten and administered by one of the major lenders in the UK. Check this paperwork too as PPI was often added to these accounts.
Many people will recall the 'great product' that stores offered consumers to protect their loan or purchase - this could be PPI!
Regardless of which account you find PPI or who the provider of the product was, you will need to prove you were mis-sold the product in the first place. You do this by addressing the issue in a letter of complaint; in order to simplify the process, each account that has PPI will need a separate letter of complaint.
There are many reasons why PPI could have been mis-sold to you:
ALL banks and lenders, on receipt of a letter of complaint asking for PPI compensation, must respond to you within 8 weeks. Preferably, within this time, they must resolve you case and offer your PPI compensation, should you be entitled to a refund.
If you are entitled to PPI compensation, they should clearly show how they have reached the figure they have…
If they say you are NOT entitled to PPI compensation, they must also tell you, in detail, why this is the case.