PPI Claim Facts You should be Aware of

Mis-selling of PPI policies started as early as 1990s. The PPI companies were fined from 2006, but a major spin in the situation was seen only in 2011.  PPI complaints can be made at any time, though there are certain guidelines that will help in getting the claims in an easy manner as possible.

  • If your insurance has been active for the past six years, it would be easier to claim.
  • For a policy that is of an older duration, but in an active stage, or has expired within the past six years, you can still get a PPI refund. For instance, a 12 year old policy that has been paid off within the past six years is eligible for a refund.
  • In case of your policy ending six years back, PPI guide states that even if the banks do not have the concerned paperwork, if you have got the relevant documents, you can still make a complaint. However, the success rate is low in such cases.

Amount You Can Claim

Calculating the exact amount is difficult.  A PPI calculator can assist in estimating the precise amount you will get. The calculation is done by taking into account the time at which the policy was taken, the premium type, and whether you can claim the entire amount or only part of the original amount. Working out the value of the monthly loan payment can be done by entering in the amount of the loan and doing a comparison of the amount you had paid.

If you have ascertained your eligibility for a claim, you can approach the policy provider directly or march through PPI claim agencies. Ensure you go to a reputable one that is regulated by the Ministry of Justice such as The PPI Claims Advice Line – their website is www.PPIClaimsAdviceLine.org.uk.  There are PPI template letters available online which aid in entering the relevant details so that your PPI claims are properly addressed in order for you to enjoy a favourable result.