Even with your busy life as a professional woman, you can’t have escaped all the palaver about the PPI claims scandal. How could you? It’s been raging on for almost five years now.
The latest development is that a deadline for claiming back money from mis-sold PPI is almost certain to be implemented soon. Once the deadline is reached, that will be that. No more chances to get your money back.
PPI Claims and Advice have been answering questions and offering advice about claiming PPI since day one on the subject. Here are two of the most common questions with answers.
Can I Claim On a Policy I’ve Already Used?
Yes you can, as incredible as that may seem.
Remember, the key question is whether your bank or lender sold you the policy fairly and in line with your needs at the time it was taken out. It is your bank’s duty to ensure you meet all the criteria for taking out any insurance and that it is in your best interests to have it.
When you make a claim against your bank or lender, you will need to have a good reason for claiming the policy was mis-sold. For example, your claim won’t get far if you say the policy ‘wasn’t suitable’ or something similar.
The very fact that you’ve used it shows that it was suitable in at least one way.
On the other hand, if you were in full time employment at the point of sale, for example, and your employment contract had some form of coverage built in, then having PPI may not have been necessary for you. In which case, that can be your reason for complaint.
The fact that you’ve already used the policy isn’t actually relevant to the question of whether it was mis-sold or not.
If you’re not sure if your PPI was mis-sold or not, you can follow the link above to get further assistance and advice.
Keep in mind, though, assuming your claim is successful, your payout will be all of
your premiums minus whatever you received when you used the policy. It’s possible you got more value from using it than you are due in a refund.
Do I Have To Use A PPI Claim Company To Get My Money Back?
No you don’t have to. You can claim PPI by yourself if you wish to do so.
Many people use a claim company to win their money back because they recognise the value in doing so. These people choose to hand the process over because it means they can remain focussed on growing their business and their other challenges and obligations.
Claiming PPI can be a relatively simple process, but often it isn’t.
For many people, knowing that they can switch off from worrying about it while a professional company takes care of the entire process is the value they are looking for.
Of course, very few of us have escaped the cold calls and text messages. The cowboy outfits that inflict these nuisance calls and texts tend to tar every PPI company with the same brush. ‘One bad apple’ and all that.
While the cowboy outfits still exist, there are also many reputable companies that handle PPI claims. So it pays to do basic due diligence when finding the right company for you.
The key points to look for are:
- That they have a CRM number (this means they are regulated).
- They don’t charge an upfront fee.
- They work on a ‘no win, no fee’ basis. If you don’t have PPI, or it wasn’t mis-sold, you shouldn’t have to pay for any service you may have received up to that point.
- They are happy to chat with you beforehand. And when you do chat with them, you won’t be pressured or obligated to take things further if you decide not to.
Don’t Lose Out A Second Time
However you choose to get your money back, just make sure you do!
If your PPI was mis-sold, it means there’s money that should be in your bank account, but isn’t.
The industry average payout is £2,750. Your payout could be a lot less, of course. But it could also be a lot more.
It’s easy to procrastinate, especially on mundane matters, but time is ticking now. Begin the process of claiming your money back now so you can invest it in something that really matters, like you and your business.