September 22, 2013

Claim against Mis-sold PPI, Affecting your Financial Situation

PPI is an insurance policy designed to cover the monthly repayments on mortgages, loan or any financial products. A number of claims have been filed for the mis-sold PPI, which is a constant issue for the past few years. Banks and other lenders assure you for paying back all the payments made towards the policy, but the question is how you will know that you have been mis-sold a PPI policy.

It is always recommended that you research before applying for the best PPI plan. Also, some of the people were sold this policy without giving any information and others were unknowingly paying for it, even when they could not use the insurance in anyway.

When Can You Apply for PPI Claim?

Like various money scandals, PPI saga is showing no indication of coming to an end soon. It is estimated that billions of people have been put on hold by the banks to pay back their claim money, and they are constantly revising the amount they need to repay. This is the reason they have now suggested that there should be a deadline to make these claims, but this proposal is yet to be approved. In order to get an idea about what amount should you claim for, you could use online PPI calculator.

How Mis sold PPI affects your current finances?

Has it ever happened to you that you try to book a flight ticket and your card gets rejected for insufficient funds? When you check your statement, you find out some unusual deduction every month from your account, and you realize that you do not recognize the charges. When you cannot book the tickets you want, and on top of some unauthorized transactions could get frustrating.

You are not the only one to who is wrongly charged for something that hasn't been applied for. Many people have faced difficult financial situation due to the result of paying a huge amount of money for Payment Protection Insurance in the last few years. Many have succeeded in getting their funds, but there are a few who have been struggling to get it for some time now. This policy was sold to the ineligible like underage and over 65 individuals, temporarily employed or self employed and those with pre existing medical problems as well.

How to Claim?

Claiming process is not as complicated as you might have heard. First you need to gather all essential evidences and paperwork. Look for the references to find out how much you paid till date and how long you have had the policy. Once you have everything you need handy, contact your lender and discuss the matter. Inform them about how you have been financially hit by the mis-sold policy.

Once done that, send them a letter stating the facts and what you have spoken and agreed by your lender. As soon as they receive your letter, your lender will start investigating the matte, in order to find out if your claim is valid. Your bank may take the time of 6 to 8 weeks to look into your PPI claims. They will resolve it by then or will inform you at the soonest.

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