If you think you’re entitled to PPI refunds, then you need to contact the correct source to start your claim. The following article will shed light on the different processes you need to take for a successful claim and reveal what are the most effective points of contact.
The deadline for claiming a mis-sold PPI was set by the Financial Conduct Authority (FCA) for 29th August 2019. With just a matter of weeks remaining, the rush for claiming PPI refunds is inevitable. Therefore, it’s crucial that you know what documents and information is required before making the necessary contact.
Search for the Right Terms
You may have been a victim of a mis-sold PPI for a range of products that required repayments, such as: credit, loans, and mortgages. Gather the original documents and take note of some suspicious terms; aside from “PPI” or “Payment Protection Insurance”, PPI was often listed under different names, for example:
- Accident, sickness and unemployment (ASU) insurance
- Account cover
- Credit insurance
- Credit protection
- Loan care
- Loan insurance
- Loan protection
- Loan repayment insurance
- Mortgage payment protection insurance (MPPI)
- Payment cover
- Protection plan
If any of these are present in your loan or credit products, then you may be entitled to compensation.
No Paperwork. No Problem
PPI refunds are still given out to individuals who did not possess the original documents. The process may be slightly delayed, but having no paperwork does not mean you’ll be exempt.
Make the Contact
If you can’t find the necessary paperwork and you’re unsure if you had a mis-sold PPI, you can do the following:
- Contact the bank or lender: It is highly likely that the bank or lender with whom you took out a product will have the original documentation to help you identify if you had PPI.
- Use a credit check: You should run a credit check if you don’t remember who provided you the financial product. You might not necessarily determine if you had a PPI policy this way, but it will give you a clear indication of whom to contact.
- Consult a claims company: It’s no surprise that people utilise the services of a reputable claims company to help investigate old products. An experienced firm that specialises in claims can find out if you were a victim of mis-sold PPI in a swift and professional manner. And with a looming deadline, you can ill-afford to waste any more time at this stage of the claims process.
Use a Claims Calculator
And don’t forget, if you have the necessary information at your disposal, an online claims calculator from a reputable company’s website can show you how much compensation you could receive.
In just five simple steps, the easy-to-use Canary Claims PPI checker can show you how much you could be owed:
- Select what your PPI claim is for: mortgage, loan, credit card
- Check how much your PPI payments were each month from previous bank statements
- How many months were you making these payments?
- Enter the date that the mortgage, loan or credit card was taken out
- Click the “calculate PPI refund” button
Contact a Claims Company
It’s worth noting that Which? reported serious accusations against banks for “not investigating claims thoroughly”. The findings of the investigation revealed that banks “routinely dodge potential claims” by not checking all the policies that a claimant may have held. Therefore, some customers may not be informed of certain PPI policies that could be eligible for compensation.
If you think you’ve been a victim of mis-sold PPI and have the necessary information regarding previous policies (with or without the paperwork), it’s time to contact a claims company to help you get the money you rightfully deserve. But you must act now to avoid missing the deadline and the inevitable last-minute panic!
To find out how to claim for mis-sold PPI, contact Canary Claims and enjoy our low fee of just 15% + VAT (18% total) on all successful claims.