16 September 2015
If you are thinking of making a claim for compensation for a mis-sold payment protection insurance (PPI) policy, then you need to be armed with all the facts.
Why not see if you have all the knowledge?
b) The policy holder?
c) Both of you as is it a joint loan?
The answer is b). The policy holder of the PPI policy would be covered by it which all seems well and good except that the loan is in joint names. Many people found on trying to claim against the policy that they could not as the policy was in their spouse's name and thus, they were not covered. In most cases, this was not explained to them.
Car insurance pays out in 80% of cases but, PPI paid out in less than 15% of claim that were made. The financial experts suggest that this is an incredibly low figure and shows the poor value for money that PPI offered customers.
a) The length of the loan
b) 5 years
c) It varied
Many people assumed that the PPI policy they were paying for lasted the length of the loan but were surprised to find that this was not the case. Most policies were around 5 years in length but it could vary. However, the important point to note is that it did not cover the term of the loan.
If the policy was recommended to you…
a) You can claim compensation but
it will be tough?
b) You can claim compensation?
c) Don't have a leg to stand on
Many people had the PPI policy recommended or were advised to buy it. This does not mean that you cannot claim compensation as there are times when people were unsure as to why the PPI policy fitted them. Now, when a financial product is an advised sale, you must be given the reasons why in writing. The answer, therefore, is c).
To claim compensation, you need to…
a) Contact a claim management
b) Write a letter to your bank?
c) Do nothing?
In order to claim compensation for mis-sold PPI, you must contact your bank, tell them you have PPI and that you believe you were mis-sold it. You will need to tell them why.
Or, you can contact a reputable claim management company such as Scottish PPI Claims. Why not give us a call?