One way of effectively reclaiming your PPI refunds is knowing the proper timing to make one. Payment protection insurance claims come in 1,500 claims an hour at the Financial Ombudsman and you’ll have much waiting on your hands if you pass a bit early, and stalled if you process it a bit late. How do you know when is the proper timing? Stay tuned to the barometer that is the news and here are a few other things you should know.
The PPI situation is becoming quite heavier for banks. Recently, the entire PPI compensation package has reached £13 billion and analysts see it as reaching for £16 billion. Lloyds is considered the biggest PPI mis seller in the country, taking almost half of the compensation package with £5.3 billion. So, if you were mis sold insurance by Lloyds, the right thing to do today is to make a PPI claim with legal help. It can be expected that Lloyds will have many claims to review on their hands as well as the FOS, so having someone do the claim for you can be helpful.
A deadline was recently proposed by the Confederation of British Industry. This means that you only have six years to make a PPI claim or you’ll not receive any legal aid from claims experts at all. Many are already shifting their attention to mis sold mortgages, CPP and the ever-returning unfair bank charges.
The FOS is actually expanding their working spaces and manpower to aid consumer PPI claims processing. Why it is good timing to file your claim now is because you might not need to wait so much as the new manpower can speed up the process. If you file at least 2 years more in the future, you might find that the temporary increase in speed due to manpower may have faded.
To get started with you PPI claim, visit the PPI Claims Company website – www.PPICo.co.uk.
It is indeed risky to take out an enormous loan or mortgage. If you missed your payments, the amount of your debt may pile up until you can no longer keep up with the repayment. There is an agreement between you and lender: your lender gives you the amount of cash that you need given that you promise to repay, with the added interest of course. You have signed a contract to pay religiously but what happens now if you meet an accident or acquire a terrible illness that has exhausted your financial resources? Or yet you suddenly got laid off? In such cases, making repayments for your loan is a dilemma but if you have purchased PPI, then worry no more. You can make your PPI claims and your problem is solved.
Payment Protection Insurance, PPI for short, is a type of insurance policy that can be bought by clients. It covers all repayments for loans, debts, or mortgages in the event the clients encounter any unexpected incident that disables them from earning money and keeping up with their payment obligations. If you have taken out a big loan or mortgage, unable to keep with the repayment may pose a very big financial burden in the future. It may be advised to buy the insurance policy.
However, millions of people have filed lawsuits against insurance providers, banks or loan companies, for mis sold PPI. Wrongly sold PPI generally does not suit the needs of the clients.
Often times, clients only discover that their insurance has been mis sold to them by the time they make their PPI claims. They are very devastated to find out that their circumstance is an exclusion of the policy, which is the common reason why clients’ PPI claims are denied.
Clients should be completely aware of the limitations and coverage of the insurance that they have bought. In this way, they can decide if the policy would suit their needs. If your PPI claim is denied for a reason you were not informed even before you could but the policy, then you can start filing for PPI refund.