Read this to save yourself some money! Like, 30% of your payout!
Unfortunately (or rather fortunately perhaps for you!), we do not deal with claims for miss sold PPI – HOWEVER, there is a very good reason as to why we don’t. For anyone who has had a claim or who has considered a claim, you may well know that a solicitor or claims company dealing with the case will be taking a percentage of your payout because they are unable to recover fees back from the other side.
So you do not receive 100% of your PPI compensation payout. According to some research we have looked at, as much as 30% will go to the solicitors or claims company running these cases on their No Win, No Fee agreements.
Aside from that, we stick to dealing with personal injury claims only in any event!
But there is something you need to know – something that may save you a lot of money (well, 30% of your compensation to be precise). The reason we decided against taking these cases on was because, after looking in to the ins and outs of what needed to be done, we realised that it can so easily be done on your own. In fact, it’s a relatively easy process that simply involves filling in a simple questionnaire from the Financial Ombudsman Service and writing a letter to the provider of the PPI service.
We do not personally believe that the work involved is worth the percentage deduction from the payout at all.
How to Claim
Firstly, check to make sure you have PPI. If you have your original paperwork, check it out to see if you have been paying for PPI. If you don’t have your original paperwork, request further copies from whoever provided you with the financial services initially.
To make a claim, you must have been miss sold the PPI. A lot of the salespeople were reportedly very pushy, and implied that having PPI was not an optional addition. If you felt that you didn’t have a choice but to buy the PPI, or if the salesperson implied that you had to take it out in order to qualify for whatever financial service you were getting, then you may have a claim. You should also have been informed of any cooling off periods or if the price of the financial service you were investing in would be increased in price if you didn’t take up the PPI.
You may have accidentally agreed to it. If you ended up with it because of some pre-checked box or automatic inclusion, you should also have a claim.
For many, which include my parents who I am going to be personally assisting with their claim as a favour for being the great parents that they are, they were miss sold it because they were firstly recommended options which ended up being unhelpful in times of financial need, and my Mother is self employed. It has come to light that it wouldn’t even cover my mum because she is self employed as it doesn’t cover either of her business going under. On top of that, they recommended that potential payments be split – 60% if my Dad is out of work, and 40% of my Mum is out of work; which in itself doesn’t make sense as it doesn’t cover my Mum anyway given that she is self employed.
It should have just been 100% for my Dad – which is aside the fact that when they tried to claim from it the company but up a huge fight, suggesting that my Dad didn’t need it! He was out of work! How would he not need it!?
If you were unemployed or retired at the time of taking out the PPI, it may also be pointless. And if you had a medical problem or past medical problems when getting the PPI, you should have been advised that the PPI may not cover you in the first place because of the medical problems you have. Again, you have been paying for PPI which would turn out to not actually cover you if you tried to use it.
What to Do If Your Service Provider Doesn’t Respond
If you don’t get the response you desired from your service provider, make a complaint to the Financial Ombudsman Service. You can call them on 0800 0234 567 or visit their website at http://www.financial-ombudsman.org.uk/consumer/complaints.htm.
Do You Have a Claim?
If you fit the criteria above, you may well be able to make a successful claim. The important thing to remember is that the banks lost the court battle and around £9 billion has been set aside to compensate the victims of miss sold PPI.
Millions have reportedly been paid out so far, so get your claim started and settled as soon as you can.
People are getting cold calls all the time from PPI companies who will want to take your claim on – we even get them here at our head office through the main line. But like I said earlier, it’s actually a very simple process to do the claim yourself, and you will save the 30% that the PPI claims company will want to take from your payout for successfully winning the case.
We suggest that you visit the excellent guys over at Money Saving Expert (http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance) who have laid out everything you need to make a claim yourself. Take a look at their step-by-step guide and you shouldn’t have any worries in getting the compensation you are owed for being miss sold PPI.
WARNING: Take care when giving your details or filling in any forms for any PPI claims companies, because you can end up being either harassed constantly for months and months or end up tied in to an agreement which may be costly to get out of.
