One of the strangest things about the PPI mis selling issue is that many of the affected bank customers don’t even know that it happened to them.
This means that it makes sense to check out your loan paperwork to see if you are due money back due to PPI mis selling. While you are doing this is a good time to check out a few other aspects of your loan.
Is it Time to Change?
Sometimes it makes sense to switch your loan to a new one. This is most commonly because the interest rate has gone down since you took it out. You may also decide to consolidate it with another loan you have taken out since then. Spending a few minutes checking out current interest rates and loan offers can save you money in the long run.
It is believed that there are still several million UK citizens who were wrongly sold Payment Protection Insurance and who could go about claiming it back. The vast majority of claims to date have been successful so why haven’t they all started the process already? One reason could be a fear about the reaction of the bank once the customer starts to claim back Payment protection insurance. This should not be a concern and here a couple of reasons why this is the case.
The chances are that you have already seen or heard something about cases of mis-sold Payment Protection, even if you have never considered it as something which directly affects you.
Having said that, there are so many suspected cases of mis-sold Payment Protection which haven’t resulted in claims yet that maybe you are one of the millions of people who should be finding out more about the subject. Here are the basics you need to know in order to get you started.
The actual process of claiming for mis-sold insurance is really simple. All you need to do is get an online expert to take on your case. However, what you might like to know first of all is whether you have a valid claim or not.
There are many valid reasons for asking for your insurance money back; your newly appointed claims handler will very quickly call you to go over them with you and establish the way forward. If you want to know in advance which applies to you then here are a few of the most common ones.
With an estimated figure of more than 20 million UK citizens eligible to claim on mis sold payment protection there is a fair chance that you are among this number. Possibly the best place to start is by clearing up a few of common misconceptions on this subject which you might come across, such as these examples.
Can I Only Claim Back for up to 6 Years Ago?
No. You might see the 6 year rule mentioned but it does not stop you making a claim. What it means is that if you are looking to make a claim on mis sold payment protection then you might need to produce the paperwork. This is because UK banks only need to hold onto documents for this time frame, but it doesn’t reduce their liability in any way.
The on-going saga of UK bank customers and mis sold insurance pay-outs looks like rolling on for a good bit longer. The one sure way to start claiming back PPI as soon as possible is to lean on an expert and let them sort things out for you.
A lot of people don’t know about the so called 6 year rule, which could stop many of them from making a valid claim if they leave it too late. This rule refers to the fact that banks in the UK only need to hold onto customer’s details for 6 years. So if you want to start the process of claiming back PPI after this period you will need to have all the paperwork in your home, something which can be difficult to do. I know that I certainly don’t keep my bank paperwork for any more than a couple of years unless it happens to slide down the back of a sofa and stays there for a bit longer.
I had never realised that so many people in the country had been mis sold PPI until I started investigating the subject. The only case I knew of until then was of my parents. However, once I started looking into the subject it dawned on me the scale of the issue.
I had already read that around 20 million UK bank customers had been mis sold PPI but I had never really worked out that this meant that I must know at least a few of them. As I started asking a few friends and relatives I even began to wonder if that figure of 20 million was maybe a bit conservative.
If you are thinking of claiming for mis sold insurance then the first step is to work out whether you have an insurance policy in the first place.
This might sound like the most obvious thing you have read all day but it is worth going over again. The reason for this, and why so many people are claiming for mis sold insurance in the first place, is that the sales process was so bad.
What happened is that when a bank customer went to take out a loan, a mortgage or some other type of credit product this insurance was sneakily added on. It is something which is an option and should only have been presented to people as a possible way of protecting themselves.
Up to £7,500 could be due back to you if you were mis sold Payment Protection Insurance. What would you do with all that cash? I decided to let myself drift into a few daydreams and think about what I would with all these cash which is available under payment protection claims.
New rules to prevent mis sold PPI policies are due to come out in two stages soon, firstly in October of 2011 and then in April of 2012.
You would think that with the huge controversy over the millions upon millions of mis sold PPI policies which people are starting to claim back that the banks would get their house in order before this law change anyway. However, until this happens you still need to be on your toes when you take out a loan or mortgage. Here are a few of the things to look out for in terms of the insurance which you are likely to be offered.