13 June 2016
You may have read that claiming compensation for mis-sold payment protection insurance (PPI) is complicated and complex, more so if your financial affairs are complex. People with debt or arrears are often concerned that they will not be able to claim PPI compensation but this is not the case.
Whether you are in arrears or not, if you have a genuine claim for PPI compensation, then you can - and should! - claim it back. And here's how…
First things first, you need to know if you have a claim for PPI compensation. This is no more difficult that leafing through paperwork and documentation you have for your accounts. Somewhere on these pieces of paper, you will find an insurance product that promises to make repayments on the loan in the event that you are unable to do so.
PPI was debt-specific meaning you will have a policy on one account and possibly a policy on another account too.
The policy may be part of the paperwork for the whole account or it may be separate. Check carefully and know your facts before contacting the bank.
Some people may have lost paperwork because they thought they no longer needed it. This is a shame as it means that some people could potentially be losing out on hundreds, if not thousands of pounds.
To be doubly-sure, why not contact credit reference agencies? They sometimes have details of the original agreement which will have on it, if PPI was included or not.
Or, if you are still unsure, PPI Scotland offer a tracing service which will ascertain if you PPI on your accounts. Our team needs your signed consent to do this so why not call us now?
Once you know you have PPI, you now need to contact you bank or lender and tell them:
a) You have a PPI policy on the account (give them as much details as possible)
b) Tell them you believe you were mis-sold it and give them the reasons why you think - if you are unsure, we can help you out as there are many reasons why you may have been mis-sold it.
Bear in mind that there could be different reasons why one policy was mis-sold on one account and why it was mis-sold on another.
Banks and lenders must respond to you within a set timeframe. And hopefully their response will be positive!