How Far Back You Can Claim for Miss- sold PPI Refund?

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Payment Protection Insurance is an insurance policy taken by loan, mortgage or credit card issuing companies. This policy is meant to cover you when you fail to meet your repayments due to involuntary unemployment, illness, accident or disability. The concept of PPI is very apt, but the way of selling these policies has created too much of chaos recently.

PPI Refund

How to Check PPI? When you took a loan, mortgage or credit card, first you need to look at the paper work which was sent to you. PPI is sometimes included on your repayment statement and might be listed as ‘loan protection cover’ or ‘card protection cover’. If you do not receive any paper work, then you need to contact your lender or loaner to check whether you have PPI or not.PPI is a policy that covers you when due to any reason you are not able to pay the monthly stipulated payment to clear your loan.

 It is best in cases you lose your job or have some medical problems. It is optional, so at the time of applying for advance, you could choose to have it or not. There are some companies which secretly include it without informing their clients. It is called miss-selling of PPI, and in this situation, you may reclaim whatever amount you have been paying for PPI each month. The process of claiming PPI refund: The whole process of getting back your money has to be initiated either by you or the financial institution from where you have borrowed the credit card or loan.

After contacting the financial institution, you will receive a letter from them, and the actual process of refund will start. However, if you do not receive a letter from the bank or financial institution, then you need not worry about it. You can directly initiate the process by sending a notification to your financier.

How Much time is given for claiming? You can claim for PPI compensation on any current or paid off finance within the last 6 years, whether it is a current loan of 10 year or already paid off. Your bank usually retains the data for about six years even after you have paid off the loan. Thus, this gives you an opportunity to file you PPI claim. It does not matter whether the loan or credit card on which you have been miss-sold PPI is currently active or not.

As long as the time period does not exceed 6 years you could surely go ahead and pursue the claim. After the time period of 6 year, banks and societies will not be obliged to keep hold of your financial records and you cannot claim your funds back. If you have all the required documents and evidences, then you can file a claim for those policies that are older than 6 years.  Banks and lenders will want to see the details you have, before processing your claims.

Author’s Bio: Denial is has been working with one of the most popular PPI claims company in England. If you have taken any loans in the past and were miss-sold payment protection insurance on it, then visit their website for further assistance. How Far Back You Can Claim for Miss- sold PPI Refund? Payment Protection Insurance is an insurance policy taken by loan, mortgage or credit card issuing companies.

This policy is meant to cover you when you fail to meet your repayments due to involuntary unemployment, illness, accident or disability. The concept of PPI is very apt, but the way of selling these policies has created too much of chaos recently. How to Check PPI? When you took a loan, mortgage or credit card, first you need to look at the paper work which was sent to you. PPI is sometimes included on your repayment statement and might be listed as ‘loan protection cover’ or ‘card protection cover’.

 If you do not receive any paper work, then you need to contact your lender or loaner to check whether you have PPI or not.PPI is a policy that covers you when due to any reason you are not able to pay the monthly stipulated payment to clear your loan. It is best in cases you lose your job or have some medical problems. It is optional, so at the time of applying for advance, you could choose to have it or not. There are some companies which secretly include it without informing their clients.

It is called miss-selling of PPI, and in this situation, you may reclaim whatever amount you have been paying for PPI each month. The process of claiming PPI refund: The whole process of getting back your money has to be initiated either by you or the financial institution from where you have borrowed the credit card or loan. After contacting the financial institution, you will receive a letter from them, and the actual process of refund will start. However, if you do not receive a letter from the bank or financial institution, then you need not worry about it. You can directly initiate the process by sending a notification to your financier.

How Much time is given for claiming? You can claim for PPI compensation on any current or paid off finance within the last 6 years, whether it is a current loan of 10 year or already paid off. Your bank usually retains the data for about six years even after you have paid off the loan. Thus, this gives you an opportunity to file you PPI claim. It does not matter whether the loan or credit card on which you have been miss-sold PPI is currently active or not. As long as the time period does not exceed 6 years you could surely go ahead and pursue the claim.

After the time period of 6 year, banks and societies will not be obliged to keep hold of your financial records and you cannot claim your funds back. If you have all the required documents and evidences, then you can file a claim for those policies that are older than 6 years.  Banks and lenders will want to see the details you have, before processing your claims. Author’s Bio: Denial is has been working with one of the most popular PPI claims company in England.

If you have taken any loans in the past and were miss-sold payment protection insurance on it, then visit their website for further assistance.

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