5 Typical Concerns When Producing PPI Claims
Aus Salespoint
PPI (otherwise known as Payment Protection Insurance) has been mis offered to millions of people throughout the UK who are often ignorant that they could be entitled to declare back thousands. Here are the five most typical concerns people have when deciding whether or not to make PPI claims.
1. How do I know if I have been mis offered PPI?
Many people are ignorant they have been mis offered PPI and could have more than one PPI policy. A PPI claims administration organization could help you to discover extra PPI guidelines you were not aware of, meaning you may get a larger reimbursement, whilst using the trouble out of making a claim.
2. Is there a time period limit for making PPI claims?
A general time limit for making PPI claims is six years. However if you have kept the documentation for your PPI policy it may be possible to declare on a policy taken out more than six years ago. If you have misplaced your loan documents a claims organization can request them from the lender on your behalf.
3. How much compensation am I entitled to?
The amount of PPI compensation someone is entitled to varies from each individual case. The Citizens Advice Bureau reports that PPI can add between 13% and 56% to loan repayments which could add up to thousands of pounds. If your claim is successful you are entitled to all of the money you have paid to date plus extra interest. If your loan is still ongoing your monthly repayments will also be reduced by the amount you are paying for your PPI policy. If your loan has already been repaid you will receive all your PPI compensation in cash.
4. How long will it take to get a PPI refund?
There is no set time on how long it will take to get a PPI reimbursement. Some PPI claims can be settled in a few weeks others take much longer depending on the nature and complexity of the claim. What many people don't know is that some lenders tend to be faster at processing complaints than others.
5. What is the benefit of a PPI Claims company?
Many people are often ignorant they have been mis offered PPI and may have numerous guidelines where a PPI reimbursement is due. A trained claims handler can find all these PPI guidelines to ensure the maximum payout is received. A claims organization can offer expert advice using the trouble out of making all PPI claims.
When deciding on a claims organization to use always remember that a good claims organization will:
- Never charge an upfront fee
- Work on a no win no fee basis
- Make all charges clear from the beginning and have no hidden charges
- Be regulated by the Ministry of Justice
- Have trained professionals working for them
- Never make false promises regarding guaranteed repayments and time frames
In addition you should check if you will be charged a fee for money you will save in the future as many companies will include this in their terms and conditions. For more details go to this link.
