Making a Loan Claim
If you have a loan, mortgage, or credit card from the past six years, there is a good chance you can claim PPI compensation.
The first thing you need to do is determine if you are paying for PPI on a current or recently closed loan.
Find the loan documentation.
Go through it and see if you find any reference to Payment Protection Insurance, or PPI.
You might see it with other words such as mortgage payment protection, or something similar.
If you even suspect you have a claim, you should take steps to reclaim that money.
How do you claim PPI compensation? That is a common question.
The first step is to make sure you have the right to make a claim.
In most cases, if you have not made a claim on the PPI policy, you have the right to ask for a reclaim of the PPI premiums.
The older the policy is, the lower the chances of your claim working.
However, when you are talking about large amounts of money, the effort is likely worth it.
The first step to claim PPI compensation is to contact the company that sold you the policy.
They may tell you to contact the insurance provider, but the lending company is the place you want to press.
The first response you will likely get from any lender is a flat rejection.
They are paying these claims out of their own pocket.
They want to discourage as many people from making claims as possible.
The next step after a rejection is to bring in a bit of pressure.
You need to contact the lender again through a simple letter.
State you do not agree with their rejection.
Also say, that if they do not agree with you, you will make a formal complaint to the Financial Ombudsman Service.
The lender may come back with a settlement offer.
You do not have to accept their offer.
You can actually request a higher amount or make a formal complaint to the FOS.
In some cases, the FOS cannot help with claim PPI compensation.
When a company does not fall under the Financial Services Authority, the FOS has no jurisdiction.
However, it does not hurt to contact them to make sure, if they have the authority or not.
If the lender continues to reject your claim and the FOS has no jurisdiction, you have a couple of options.
You can use the services of a claims handling lawyer or take the claim to court yourself.
The first thing you need to do is determine if you are paying for PPI on a current or recently closed loan.
Find the loan documentation.
Go through it and see if you find any reference to Payment Protection Insurance, or PPI.
You might see it with other words such as mortgage payment protection, or something similar.
If you even suspect you have a claim, you should take steps to reclaim that money.
How do you claim PPI compensation? That is a common question.
The first step is to make sure you have the right to make a claim.
In most cases, if you have not made a claim on the PPI policy, you have the right to ask for a reclaim of the PPI premiums.
The older the policy is, the lower the chances of your claim working.
However, when you are talking about large amounts of money, the effort is likely worth it.
The first step to claim PPI compensation is to contact the company that sold you the policy.
They may tell you to contact the insurance provider, but the lending company is the place you want to press.
The first response you will likely get from any lender is a flat rejection.
They are paying these claims out of their own pocket.
They want to discourage as many people from making claims as possible.
The next step after a rejection is to bring in a bit of pressure.
You need to contact the lender again through a simple letter.
State you do not agree with their rejection.
Also say, that if they do not agree with you, you will make a formal complaint to the Financial Ombudsman Service.
The lender may come back with a settlement offer.
You do not have to accept their offer.
You can actually request a higher amount or make a formal complaint to the FOS.
In some cases, the FOS cannot help with claim PPI compensation.
When a company does not fall under the Financial Services Authority, the FOS has no jurisdiction.
However, it does not hurt to contact them to make sure, if they have the authority or not.
If the lender continues to reject your claim and the FOS has no jurisdiction, you have a couple of options.
You can use the services of a claims handling lawyer or take the claim to court yourself.