By 2019 the deadline for PPI claims set by the financial conduct authority will mean that millions of people in the United Kingdom who may have been mis-sold payment protection insurance, will have until that date to make a PPI Claim. If any claim is made after the deadline, they will not be able to claim compensation.
However, making a PPI claim can be a difficult process at times and the procedure that a person who has been mis-sold PPI, must undertake in order to get compensation from their bank, can be a difficult one, if the person is making a PPI claim by themselves. Here are some tips that anyone wanting to make a PPI claim should undertake, in order to ensure a smooth process.
Double-Check Your Paperwork
For anyone wanting to make a PPI claim, it is imperative that they must find and locate all paperwork pertaining to their PPI case. Also, any repayments made and the terms and conditions of the taking out of PPI insurance must also be found. The terms and conditions are vitally important because these documents will usually show whether someone was sold PPI in the first place.
Also, anyone wishing to make a PPI claim needs to find their medical or retirement papers from their doctor or employee. These documents will should whether you should or should not have been sold PPI or whether you were eligible to take out PPI insurance in the first place.
Are You Able To Make A Claim?
The most common kind of PPI claims compensation case is one where a PPI policy was sold with a credit card agreement or if the insurance was added onto a mortgage.
If a person was, for instance, self-employed at the time that they took out a PPI policy, then that person will be able to make a PPI claim, because being self-employed meant that the individual in question was ineligible to receive PPI insurance.
Also, people who took out PPI policy agreements had to pay insurance on their policies as well. A person wishing to make a PPI claim will also be able to claim back the interest. The most common rate for interest payments on PPI policies is 8%, which means that 8% will be added on top of whatever compensation amount you may get from your bank.
This infographic was provided by Have I Got PPI UK, a CMC based in Manchester, UK
Why Use A Claims Company
As stated earlier in the article, making a PPI claim by yourself can be a tricky and difficult process as they can be heaps of paperwork to deal with, plus banks can take months to reply back regarding a PPI claim and the wait can be eructating.
Using PPI claims specialists such as Canary Claims, can speed up the entire PPI claim process. Canary Claims work on a no-win-no-fee contract, which means that anyone wishing to make a PPI claim only has to pay a 15% fee if they receive compensation from their bank. If you make a claim and do not win your case, you wouldn’t need to pay Canary Claims a single penny in fees or costs. Simply visit their website today to learn more.