Few Important Things You Should Know Before Making PPI Claims
By Angela Sanders Monday, September 23, 2013, 08:46 AM EDT
PPI (Payment Protection Insurance) is an insurance that protects the creditors and the debtors by ensuring the repayments are paid on time in case of death, illness, and disability and even in the case of losing the job. Like other category of insurances, PPI too has fallen into a lot of controversies. There are many allegations against PPI mis selling. People who have this coverage have neither applied for it nor do they need it. In fact, the borrowers are unknowingly paying for it.
If you have fallen into this trouble, then you need to reclaim your PPI. In order to do so, you need to take help of professionals who have experience and complete knowledge of dealing with such cases. You can also take help of the PPI claims companies. They respond soon and are a great source to get your money back. They offer a great support until the matter is settled.
There are few things to be kept in mind before claiming for your PPI money:
You can approach any reputed claims firm. They will charge you around 15-20% of the PPI money. They do not charge you fees for mere consultation or in case you lose the case. Once you contact them and set up an appointment, they will come home and see what other claims you can make.
PPI claims often takes 7-14 weeks longer, but in 2012 all the banks decided that they will resolve the PPI claims in around 8 weeks. So, the only thing you need to look for is how long will the process take including the visiting and postage time.
You do not have to worry about the relationship with your bank because they have agreed to support customers who have been mis-sold PPI. They will not close your account or harass you in any way. Make sure the PPI claims companies do not charge you upfront fees. Also, you need to find out what percentage of the claimed amount will they charge you as fees.
Choosing the best PPI claim company is a tough job. You could either ask your friend who has already applied for PPI reclaim or research a little on the internet. Most of the companies advertise online to reach maximum customers who need their assistance.
If you choose to file you own claim, then it is important that you know all basic things to fight your case. Besides, you also need to check out the current status of your credit cards, insurance and the bank account. This will help you know how badly you have been affect by mis-sold PPI.
There are a number of sites that help you claim your PPI money back, but it is important that you contact a reliable company for proper assistance. Although the guidelines to proceed with such a case are similar, it is important that you are well informed about the few legal aspects, so that you are not cheated any further.
Jean Toomer works for PPI Claims Made Simple and they offer legal advice to help you get your PPI money back in the shortest possible time. For more info visit their website now.