Do PPI Claims Require Paperwork?

22. April 2010 · Comments Off · Categories: Insurance · Tags: , , , ,

PPI claims are becoming more and more common, as an increasing number of consumers realise that they have been mis sold their payment protection insurance. But for many, their policies are fairly old and they may no longer have the paperwork. Does that mean they cannot make PPI claims?

Well, you do need a copy of the paperwork relating to your policy before you can pursue a potential PPI claim. But not having a copy to hand doesn’t mean that you can’t get hold of one. Providers are obliged to keep a copy of paperwork relating to policies for a certain amount of time. To be more specific, they must keep it for 6 years after the date your PPI policy ended.

It does not matter when the policy started, whether it was 10, 20 or 30 years ago as long as you are still paying it now or it was ended in the last 6 years – the provider will be able to give you a copy of the paperwork that you require.

All you have to do is write to them and ask for it, they have to give it to you so do not allow them to tell you otherwise. They may charge a small admin fee, but within 2 weeks after making the request they are obliged to reply to you either with the requested papers or they will be asking for more information that they require to find your policy papers.

Getting hold of the paperwork may be less likely however if the policy ended over 6 years ago. The paperwork will most likely have been destroyed as there is no legal obligation from the lenders to keep the paperwork beyond that point. However if they have decided to keep it past 6 years, they have to give it to you if you request it. This means it may be worth sending the letter anyway as you may get a positive response.

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Can I Claim My PPI Payments Back?

17. April 2010 · Comments Off · Categories: Insurance · Tags: , , , , , , , , , , , , ,

If you have taken out a mortgage, personal loan or credit it is almost certain that you were sold payment protection insurance from your lender. PPI ideally covers your ability to repay your debt should you find yourself in difficult circumstances such as injured or unemployed, however, the lenders found a loophole and have been selling PPI to customers who were not eligible for the cover or who did not fit the particulars of the PPI they were sold. If you have paid for PPI you may be entitled to claim this money back. What you may not be aware of is why you could be eligible to claim and why the banks could face a huge wave of payouts

There are many people who were sold PPI and were entirely ineligible by their definition, anyone over the age of 65, the age of retirement, would never be entitled to claim PPI as they are likely not to be in full time employment. Anyone who is self employed is considered a financial risk and no PPI policy would cover their ability to make repayments. Anyone with a historical medical condition is unlikely to be able to get PPI cover as they are more likely to be forced off work. Despite this, banks are more than happy to sell PPI to everyone knowing full well it will never cover them if needed.

Banks and lenders have allowed this situation to continue with full knowledge of the consiquences, this is something that has brought great negative attention from financial watchdogs. The government is forcing many of the UKs high street lenders to offer refunds to their customers although some have adopted a ‘don’t ask – don’t get’ policy meaning the consumer has to go on the hunt for their money either alone or with legal assistance.

The first step to claim back your PPI is to send your bank a letter requesting a full refund. The bank will reply with a long winded ‘no’ to which you will need to duplicate your first letter and in addition declare your intent to pursue legal action and support from the financial ombudsman. They will most likely respond with a variety of answers ultimately dismissing your claim, albeit wrongfully, due to your lack of authority. The key is persistence and it will significantly help your chances if you do get the ombudsman involved. Ultimately if all else fails, enlist professional help.

The simplest method of claiming back your PPI is to use a legal agency as they will be skilled and experienced. This will be much less effort for you and much more effective than pursuing the matter yourself, most likely resulting in success. Many solicitors are no win no fee so there is no disadvantage to using them.

There are many companies that offer or specialise in PPI claims and they are fully capable of taking control of everything you need for your loan protection claim

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PPI Victims To Be Refunded Over 4bn

17. March 2010 · Comments Off · Categories: Insurance · Tags: , , , , , , , , , , , , ,

It is estimated that over 4bn to customers who were fooled into paying for Payment Protection Insurance on a loan, mortgage or credit could be paid by banks and insurance companies. Experts previously estimated that customer who attempted to reclaim the payments could cost banks up to 1.2bn only but this new number includes the additional amount of customers who the banks will be forced to give refunds to.

A vast amount of customers have been sold PPI insurance that was not appropriate for them or no needed in their situation. Among those who were persuaded to buy policies were those with long lasting medical conditions, the self-employed and pensioners who, by definition, were ineligible for cover.

An estimate by the Financial Service Authority shows insurance brokers may have to pay up to 450m and the rest being paid by a range of PPI providers such as banks. The typical amount refundable to people who purchased individual policies is 2000 which has caused many consumers to enquire.

A variety of high street banks have already been slapped with fines from the FSA as they attempt to make examples as well as forcing them to offer refunds to all of the qualified customers. High street insurance broker ‘The Swinton Group’ have been fined 770,000 for severe failings and were made to offer a refund to over 350,000 customers while banking giants Alliance & Leicester have been fined 7m.

Financial giants are strongly opposing the plans to regulate and control the future sale of policies. The FSA aims to stop companies putting pressure on customers to buy ineffective policies. Adam Phillips of the Financial Services Consumer Panel, says “for too long banks have regarded PPI as an easy product to sell and make money without considering whether it is really right for the customer

If you think you are entitled to a PPI claim, then visit Dons LLP for the best PPI claims lawyers.

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