When you take out a loan, credit card or mortgage, the provider will often try to sell you Payment Protection Insurance, or PPI. Many of these policies have been mis-sold in the past. If you feel like you are another one of these PPI victims, it could be time that you made a claim. But first you must find out if you’re eligible. Making a PPI Claim should be relatively simple and it shouldn’t cost you much more than a book of stamps. The first step is to find out whether you’re eligible for a refund on your payments. Ask yourself these simple questions and if any of the answers is â€yes’, move on to the next stage in making a claim. 1. Was a PPI premium included in your loan or debt payment scheme without your knowledge? 2. Were you being paid full-time sick or employed by the NHS/civil service/armed forces at point of sale? 3. Were you unemployed, part-time or self-employed, a student or retired when you took out the policy? 4. Were you pressured into taking the PPI or told that it would help your loan to be accepted? These are just a few of the ways that PPI policies have been mis-sold by banks, lenders and financial companies in the past. If any of these questions are relevant to you, it’s time to get in contact with your policy provider and start claiming back your PPI premiums. With the average PPI claim worth more than 2,000, it’s definitely worth looking into. The first way for you to make a claim against your policy provider is to contact them in writing. You need to ensure that you’ve done everything possible to reclaim your rightful funds, including a request in writing, before contacting a Financial Ombudsman - this is the independent expert for settling consumers’ complaints against companies in the financial sector. Remember to keep copies of all correspondence that you send, as you may need this if payment is not forthcoming. There are a number of suitable letter templates available online to help you if letter-writing is not a particular strength of yours. It is a legal requirement that companies within the financial services sector must respond to your written complaint within five days. This could be just a written response to say they’ve received your letter and it is currently under investigation. This is just the beginning of the process however. Financial services companies are also under a legal obligation to resolve the dispute within a maximum timeframe of eight weeks. If they do not offer you any form of resolution, you should put forward your claim to the Financial Ombudsman. From here, the Financial Ombudsman will employ a qualified claims advisor to do everything for you. They will work out how much you’re entitled to and do all the running to guarantee that you get what you deserve. So, all you have to do is plan what you’re going to spend the money on!
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