Are PPI Claims Stressful?

Posted on May 13, 2019 by Canary Claims a stressed woman looking at bank paperwork

Have you claimed PPI yet? If not, you only have four months left. If the thought of claiming PPI makes you stressed, we explain how to make it easier below.

To date, over £34 billion has been refunded to consumers for mis-sold PPI policies. The total figure could reach £40 billion by the time all the refunds are awarded.

With the average claimant receiving £1,700 and over 60 million policies sold in the UK, some people have received refunds for multiple policies. It’s worthwhile taking the time to find out if you were one of the many people mis-sold PPI.

If you had a credit card, loan or mortgage in the 1990s, you could have been affected. Often, just having a policy means you were mis-sold as many had high levels of undisclosed commission. Read about the Plevin Rule for further details.

The banks have been refunding customers for years. In light of this, the Financial Conduct Authority (FCA) set a cut-off date for people to submit PPI claims. The 29th of August is the final deadline for consumers to contact their bank about a refund. The deadline is a way to encourage people to make claims and allow the banks to move on and stop setting aside money.

We urge everyone to start their PPI claims as soon as possible. The banks are dealing with a considerable number of claims in the run-up to the deadline so your case may take longer to resolve.

PPI claims can appear to be daunting and stressful. In some instances, they can be. We outline what you can do to try and reduce some of the stress involved in making a claim.

Stressful PPI Claims

There are a few things that can make claiming PPI stressful, such as:

  • Trying to locate past financial paperwork
  • Waiting for a reply from the bank
  • What to do if the claim is rejected
  • Rushing to claim before the deadline

There are a few ways to make a PPI claim less stressful, for example, don’t leave it until a few days before the deadline!

Unfortunately, some other stressful aspects of PPI claims may be unavoidable. If you can’t find the paperwork, this can be frustrating. You will need to contact the bank, a reputable claims company or a solicitor to try and identify old paperwork and policies.

As for the banks involved, some are known to be better than others at dealing with PPI claims. According to Which?, RBS, Nationwide and Lloyds are the most difficult banks to deal with PPI claims. If you had policies with these banks, you will have to be patient while claiming with these lenders.

If the claim is rejected, you can refer it to the Financial Ombudsman Service (FOS). However, this process can take months and a refund will depend on how strong your case is.

Making PPI Claims Less Stressful

If you don’t want to deal with communication from the bank or search for your old financial paperwork, using a PPI claims company could be a less stressful option. Choose a reputable company that charges a low fee on all successful claims — such as Canary Claims.

Although there will be some initial paperwork to complete, a company can act on your behalf to write letters, follow up at the bank and communicate with the FOS if this is what you want.

Always check the fee involved before working with a company —  and it’s still important to start the claim sooner, rather than later. Hopefully, your claim won’t be stressful, and you’ll discover that you are due a refund. Get started now to find out.

Canary Claims make PPI claims less stressful by investigating multiple old PPI policies and contacting the bank on your behalf. We charge just 15% + VAT (18% total)on successful claims. Start your claim with us today.