PPI Claims – All You Need To Know

No PPI Paperwork?

Many people who wish to seek PPI claims are put off by reclaiming PPI because they do not possess the paperwork or they are unable  to recall as to whether they were sold PPI in the first place. If you’re one of these people then you shouldn’t hesitate in making a claim.

No Account Numbers? Don’t know if you had a policy?

The first step that every consumer should take if they wish to see if they are eligible for compensation is to thoroughly check all loan and mortgage statements and to scrutinize their paperwork to see if there is any mention whatsoever of PPI or an insurance fee which was designed to cover loan repayments if you became sick suffered an accident over unemployed.

PPI was also known as:

  • Payment Cover
  • Protection Plan
  • ASU
  • Loan Protection
  • Retail Payment Protection
  • Loan Care

Or words similar to the above terms.

If you’re still unable to locate any documents that show if you were mis-sold PPI all you are remember which banks or lenders that you may have had loans, credit cards and mortgages with in the past – then a good way of identifying policies is to buy a credit report credit report.

This will completely list all mortgages loans and any debts that you have had over the previous six years. It will also details such as if the loans have been re-paid or are not active anymore

Why Use Canary Claims?

Many people are told that they should make a PPI claim themselves saying that it is easy to claim and also that they should not use the services of a ppi claims company. When in fact making a PPI claim can seem to be easy but it isn’t. Over 50% of claims sent to banks are rejected by them.

The only recourse that people have in order to get compensation it to go to the Financial Ombudsman. This is where using a PPI Company such as Canary Claims can be vital if you wish to win your PPI case. We have over 10 years of experience in claims and we have reclaimed millions of pounds for our customers. We have a long-standing record of winning cases that are sent for appeal to the Financial Ombudsman Service.

How Far Back Can I Make A PPI Claim?

Generally speaking there is no specific time limit as to how far back a person can make a claim against a mis-sold PPI policy. The only thing that could hinder a compensation claim is a customer’s inability to locate their paperwork. It is easier to win if the ppi was sold in the last 6 years, however being in this position should not be a problem, when it comes to making a claim.

  • If you took out PPI in the last 6 years, then there’s no issue here as you should be able to ask your bank for details and information. This also applies if your loan, mortgage or credit cards already have already been paid off. You should still be able to make a claim.
  • If you have a old insurance policy that is longer than 6 years or it ended within the last 6 years, you also should be able to make it a ppi claim, if you were mis-sold a policy.
  • If you have are in possession of PPI Policy that ended over 6 years ago, then this means that due to the statute of limitations law, banks are not required to keep records on the customers which exceed six years.
  • This does not mean that you are unable to make a PPI claim. If you still have your PPI paperwork then you should be able to make a claim and you probably will win your case against the bank. We have helped thousands of people who have PPI cases going back to the 1990s and the 1980s and we have helped them to win thousands of pounds.

 

How Canary Claims can help you win your claim, even if you have been rejected.

Banks have been known to arbitrarily reject PPI’s sent by consumers, searching for any available loophole and quickly rejecting claims for the slightest of reasons.

And many people who do not use the services of a claims management company such as Canary Claims are more likely to have the claim rejected by the banks as they can be unaware of the tricks and maneuvers that some banks resort to, when it comes to dealing with claims.

Here at Canary Claims, were are fully aware of how the banks can scheme and try to dismiss ppi cases, even if they are valid ones.

If your claim is rejected by the bank, we will automatically refer your case to the Financial Ombudsman, if we feel that your claim is legitimate and that you were mis-sold PPI. It is highly important that you make a quickly make a request to the ombudsman if your case was rejected in the last 6 months.

If a person waits for more than 6 months, then they could encounter difficulties. It can be problematic to start anew your claim and convince the ombudsman that you case is real.

Claims can also still be made against banks or lenders which have been taken over or which have gone bust. Banks are required by UK law to be liable for all debt and to repay customers who are owed money.

Making a claim if living abroad or on behalf of a deceased family member.

If you have a family member who is deceased and you discover that the person was sold PPI you should still should be able to make a claim and seek compensation. If you live overseas or abroad also still able to make a PPI claim as well.

Was I Mis-Sold PPI?

Many people are sometimes unsure if they were mis-sold PPI, by thinking that they do not possess the evidence or that it’s highly unlikely that they have a right to make a claim and also they are put off by the fact that most banks do not wish to provide compensation to their customers and that people wanting to reclaim PPI compensation must categorically be able to prove that they were mis-sold PPI in the first place.

If you’re thinking in this way, then don’t!

Here at Canary Claims, we will take care of all of the paperwork and hassle, concerning your ppi claim, so that you can rest easy!

Mis-Sold PPI Checklist

All ppi contracts contain exclusions. It is the duty of the bank to fully and completely inform the customers about these exclusions, what they were and how they work.

It is vital to try to remember what exactly was said by the banks salespeople when you agreed originally to take on PPI. The following are reasons for you to it be able to make a claim and if any of these facts are true to you when you took on a PPI Policy then you should be able to make a claim for compensation against your bank

1) Told that taking PPI was compulsory.

Many people who took out PPI policies, were told by their bank that they had to take on a payment protection insurance policy as it was a mandatory condition of their application of a loan, mortgage, credit card and car finance arrangement being accepted.

This was entirely incorrect. People should not have been told that it was compulsory to take out a PPI policy when they purchased a financial product from the bank. If you were told it was compulsory to buy a PPI Policy then you should be able to make a PPI claim.

2)         Were Not Aware That You Had PPI

Another underhanded method used by the banks to sell PPI to their customers was to add a policy to a person’s credit card, financial or mortgage agreement without their prior knowledge.

Man people are shocked when they sift through the paperwork, only to find out and discover that they have been paying for PPI policies for years on end.

And they are even more confused as to why this policy was added onto their agreement even though didn’t ask for it and they were not made aware that they were paying for a PPI Policy. If you if your policy falls and two one of these categories, then you also should be able to make a claim as you have been mis-sold.

3)         Not Properly Informed.

Some people were sold PPI even though they were already covered with a policy and that they were not aware that they had bought a policy.

4)         Self-employed/unemployed people sold policies

Many unemployed or retired people were sold PPI policies even though they were not supposed to and they were ineligible to have purchased payment protection insurance in the first place.

If you fall into either of these categories then the employment cover you bought is useless. The bank should have made this fact very clear – but in most cases they did not.

On the other hand if you were self-employed during the time you purchased a payment protection insurance policy then you should double check your paperwork to see if your agreement made it clear that if your business ended, that the PPI would cover this situation.

In most cases a self-employed people were unable to receive compensation if their business ended for whatever reason.

Most people who took out these policies not told beforehand that this could happen. You can make a claim for PPI, if the bank did not make it clear to you, that you would not receive compensation if your business ended..

Banks Fined For PPI

If one of the banks or lenders that you took a PPI Policy which have then been fined by the Financial Conduct Authority, then it is quite probable that you have a valid case to make a PPI claim. Some of the lenders fined by the FCA include: Lloyds Liverpool Victoria and Capital One. The FCA fined these companies for providing inadequate services to their customers and not treating them in a correct fashion.

Plevin Case PPI

The FCA recently released new information regarding the Plevin case and how people who were sold PPI policies could be able to claim compensation in regards to the breaking of regulations by lenders, whereby the commission taken at a rate of 50% or over are considered by the FCA to be improper and illegal, mean that a person can make a claim.

The new rules regarding the Plevin case do not come into force until the 29th of August 2017. If you had a PPI arrangement or contract, where you had to pay more than 50% in commission to your lender or bank then you should then you can visit our website or call us and we will handle all aspects of your case.

The Financial Ombudsman And PPI

The Financial Ombudsman Service is the last port of call if a person has had a PPI claim rejected by the bank. The Ombudsman offers a free service to companies and they will assess if a claim is credible and whether a person has the right or not to receive compensation.

Claims received by the Financial Ombudsman Service take around eight weeks for FOS to reply.

People who have made claims themselves have reported problems when they sent their claim to the Financial Ombudsman Service. On occasions, the appeal process can take many weeks and people may have to deal with significant quantities of paperwork, especially if they do not possess documentation pertaining to their claim, of if their PPI policy ended over six years ago.

Canary Claims are highly experienced in this matter. We are expert PPI claim specialists and we can help you win any appeals with the Financial Ombudsman Service.