Six Important Issues To Note About Payment Protection Insurance!
Although many PPI claims are straightforward and completed in a matter of weeks from the time you make your complaint however some may have potential issues regarding their claim or they may feel it is more complicated than the average claim. We have listed six of the most common payment protection insurance related issues which PPI claimants worry about when making their claim.
Active and Inactive Payment Protection Insurance Policies
Many consumers worry about the current status of their PPI policy in regards to making a claim but regardless of whether it is currently still active or has expired it is still possible to make a claim as long as you are within the appropriate time limits. If your policy is still active alongside your loan or credit card instead of being paid out direct the money you are entitled to will be used to pay off the remaining balance of the money which you owe to the bank and any remaining funds will be then sent to you.
Age of the payment protection insurance policy
The age of the policy and the time limits of making a claim is a common issue as the main time limit that is looked into by most is the six years from the policy being sold and therefore this particular limit rules out thousands of potential claimants that were sold payment protection insurance policies in the 1990’s and first half of the 2000’s. As a result of this there is a second time limit which is more applicable for most people whose loans and payment protection insurance policies are old. This time limit is making a claim within three years of the point which the individual discovered that they were wrongly sold their payment protection insurance policy and therefore means those with policies from over 6 years ago can get a refund.
Payment protection insurance with multiple policy holders
If a loan or credit card was held by two people then the payment protection insurance policy will be considered a joint policy. In such cases it is still possible to make a claim however both parties named on the policy must be in agreement that the PPI claim should be made.
Claims Management Services
It is frequently asked what you should look for in claims management service and PPI Claims Management have an array of benefits. These benefits include clear fees which are laid out from the beginning of the process, access to a claims handler so you can get all of your questions answered and of course years of experience managing claims from a variety of circumstances.
I never received a letter from the bank, can I reclaim?
As there was much press regarding banks contacting their customers and informing them that they were now able to make a claim some of those that did not receive the letters and under the impression that they couldn’t make a claim. This isn’t the case. Not all customers that were mis sold the payment protection insurance policies were contacted, only those that were identified as being sold the policy using a flawed sales process which was operated as standard by the banks and effected all of their customers. It is possible to have been mis sold PPI on a variety of different points and it is important to look into all of these, such as not being suitable for the policy in the first place before you rule out being able to make a claim.
I wanted payment protection insurance to cover my loan, can I still make a claim back?
Depending on the full circumstances you could still make a claim back on your payment protection insurance policy even if you wanted the policy. There were multiple ways in which the policies were mis sold and in cases where you actually wanted the policy it was still important for the bank’s sales team to act upon their duty of care. You must have met all the eligibility criteria before you were sold the policy and the banks should have checked that this was the case, many customers did not meet these requirements but were still sold the policies so it is important to look into the criteria that applied and your situation at the time. In addition you must have received a full explanation of the full terms and conditions which the policy came with so you were aware of changes that would stop you being able to make a claim on the insurance if you ever needed it. Finally if you were not told it was advised that you check the market for other deals and offers for PPI available you will also have been failed by the bank and will be able to make a payment protection insurance claim and get a refund