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How to check whether you have a claim for mis-sold payment protection insurance.
If you’re wondering whether you’ve missed the boat when it comes to claiming back PPI, it may not be too late. The Daily Mail recently reported that banks are continuing to put aside billions of pounds to pay back customers that had PPI mis-sold to them. If you’re currently managing debts, this extra money could help you pay them off faster.
There’s lot of conflicting information out there, which can make it hard to know the right thing to do. There’s no need to get in a tangle with PPI though, we’ve put together the main points that you’ll need to consider if you want to look into claiming it back.
How was it mis-sold?
PPI was sold with mortgages, loans, credit cards, store-cards, catalogues and higher purchases. The reason banks are having to put aside billions to pay customers back is because this product was mis-sold to a lot of people in a lot of different ways. Here are some examples:
* You didn’t know you were paying for it
* You were self employed/unemployed
* You were working under sixteen hours a week
* You had sick pay cover from your employer
* You had a pre-existing medical condition
* You were retired
I don’t know if I had PPI
Try looking at some old statements if you have them, or contacting the banks or your lender and ask whether you paid it or not. Another good way of finding out whether you had PPI or not is to issue something called a Data Subject Access request. For more information on how to do this go here.
You can still to look into mis-sold Payment Protection, even if you’re not sure whether you were paying for it or not.
Do I have to use a Claims Management Company?
The short answer to this question is no. If you manage the claims yourself then any compensation that you get is yours to use to pay off your debts … none of it will go on fees. There’s lots of information about how to claim yourself on the Financial Ombudsman Service’s website … and it isn’t too difficult to do.
However, if you don’t feel confident about reclaiming PPI yourself, or just don’t have the time, there are plenty of claims management firms that can help. DAC’s sister company, think2claim, will be happy to talk you through your options. Give them a call on 0161 779 5010.
It is important to find a reputable firm … they should all be regulated by the Ministry of Justice, but it is still worth trying to get a recommendation from somebody you trust. Don’t be afraid to shop around on price too.
Clearing your debt
You can look into accounts with lenders if you still owe them money, for example a credit card company. Just be aware that if they agree to give you a refund, they could take it against what you owe them. This isn’t necessarily a bad thing of course, in fact, it’s a sensible option as it could help you get out of debt with them more quickly.
What if the creditor rejects my claim?
Just because banks and lenders are continuing to put aside money for PPI it doesn’t mean that your claim will definitely be successful.
You could have had PPI in the past and the bank may still say that they don’t want to offer you a refund because they believe it was sold fairly, or they may just offer you part of the money that you paid rather than all of it.
If this happens and you’re not happy with how they’ve dealt with your complaint, then you have the right to send the complaint to the Financial Ombudsman Service. They look at disputes between financial firms and customers and will decide whether your claim should have resulted in a refund or not.
by Christine WalshBack to blog home