PPI or Payment Protection Insurance has been mis-sold to millions of people across the UK. Unfortunately, most people are not aware that they are entitled to some compensation. Moreover, those that know also do not what qualifies to be a mis-sold PPI and what does not. For a fact, the PPI industry is one industry that has and is often misunderstood. In an attempt to make some things clear, here are common questions and answers about making PPI claims.
How do I know if I have mis-sold PPI?
Many people are unaware they have been mis-sold PPI. Moreover, some of them could have paid for than one PPI policy. Anyone that can prove that they paid for PPI unknowingly or if they did not qualify for PPI benefits is entitled to make a claim. When making a claim, it is advisable to walk with a PPI claims company. Their experience in handling claims makes it easy for them to identify policies you were not aware of, which means you get a larger refund despite paying some service fee.
Is there a time limit for making PPI claims?
Most people often ask, how far back can i claim ppi? Ideally, one has six years to make a claim once they realize they have mis-sold PPI. Past the 6-year limit, most lenders are not willing to provide you with your loan documents. However, for those that are careful enough and keep their financial records, it is possible to make a claim even after this tome has elapsed. In case you have misplaced some of your loan documents, you can have a PPI claims company get them for you and process your claim.
How long does it take to process a PPI claim?
There is no standard or set duration set for getting a PPI refund. As such, you can have some claims taking a few weeks to be processed while others might take longer than expected. Ideally, the duration depends on the complexity of the claim and the type of lender you are dealing with.
Should I work with a PPI claims company?
Many people are often not so sure they are entitled to a PPI compensation. As such, it is imperative to work with a PPI claims company just to be sure. Moreover, a PPI company also serves to help you identify other claims that might not be clear to you. Considering that lenders used all sorts of names to disguise PPI, it might take the keen eye of a PPI claims company to identify these claims.