The Essential Guide to Making a Claim for PPI Compensation
Making a claim for PPI compensation should not be complicated. In fact, most banks and lenders are now making a point of making the process of claiming compensation for mis-sold PPI claims as simple and easy as possible.
But there are still some things you need to know. This is the only guide you will ever need to making a claim for PPI compensation, brought to you with many years of experience of helping our customers make successful claims.
Tip 1 – Gather as Much Information as Possible
We find that the cases where there is a heap of information passed on to the bank or lender tend to get a quicker response. This is because the bank or lender has a minefield of information with which they can identify you, the customer, and your account.
If you can, find the original paperwork complete with policy numbers. Also, tell them when your bought it and how much your premiums were. Tell them the name the policy is in too.
Tip 2 – Can You remember Why You Bought PPI?
This is the crux of any compensation claim. You need to tell the bank why you believe you were mis-sold the policy.
There are many reasons why, such as;
- you didn’t realise you had bought it – it was added to your account
- you didn’t need it because you had other policies in place that covered your income, rather than a debt
- you felt that you had to buy it, or that it came as part of a package
- you may feel that your application for a loan etc. would be turned down or viewed more favourably if you bought PPI too
- you were advised to buy it but can’t remember what the reasons were
- you bought your credit card or loan online and didn’t realise that it included PPI because the box was already ticked
Tip 3 – Be Confident
When you make a complaint about something, you need to approach the issue with confidence. You need to be clear about what you are complaining about, why the policy was mis-sold to you and that you want your money back.
Tip 4 – No Doesn’t Mean No (Not Yet, Anyway!)
If the bank refuses your claim, you can ask the Financial Ombudsman to consider your case. They don’t charge for their service but there is a considerable wait as many other customers who have their PPI compensation refused are also asking the Ombudsman to deal with their case.
Tip 5 – Our No Win, No Fee is a Fantastic Service
If you need our help, we are only a phone call away. We don’t charge any upfront fees and you only pay us when and if your claim for PPI compensation is successful. Why not call us today?