Monthly Archives: December 2013

You are browsing the site archives by month.

Requirements for PPI Claims

The scandal of the payment protection insurance saga has exposed the darker side of financial institutions and made people realize that they can indeed find recompense in the law – even against some of the biggest and most powerful businesses in the country.  If you are among the thousands of people affected by the PPI fraud that occurred, knowing about PPI basics will help you get quick and effective compensation.

Most cases of PPI mis-selling have arisen due to reasons like the customer not being aware of having taken the policy, the provider not explaining the terms to the customer, and in some cases the customer is made to take the policy as a compulsory one without which he could not get the loan he applied for.

You can make a PPI complaint if you find that the features of the loan were not explained properly to you. The features include:

  • Inclusions and exclusions linked to the policy
  • The age limit- The limit is generally 65 to 70 years, but if the borrower is older than the limit then he is eligible for getting a PPI refund
  • Employment status and its affect on a policy or claim on the insurance

Other conditions in which you can claim compensation include having alternative cover at the time of taking the policy and in cases where the insurance will expire before the loan term.

Making the Complaint

You should first approach the PPI policy provider and explain your eligibility for getting the reimbursement. There are letter templates that can help you with this. You can customize the PPI assistance forms by deleting the parts that do not apply in your case. If the concerned firm disagrees with your claim, you can approach the Financial Ombudsman service.

There are PPI Claims Companies agencies that also offer PPI help, but charge a certain percentage of the refund as fees.  These companies usually have experts on hand to ensure the compensation process is quicker and trouble-free. Also, they are often approached by customers who could not get the desired PPI claims by approaching the policy provider directly and want assistance in the claiming process.