When you are worried about how to file for PPI claim and whether you would be able to claim it successfully or not, the sure shot way of not facing any problem on the way is to have your information right and doing research. More you research, more you would get to know what are the right steps to take to clear the air of confusion and get the compensation amount you rightfully deserve.
Filing for PPI compensation is not a complicated task, but it needs a few steps that need to be taken correctly, starting from gathering the documents to filing for claim and filling the PPI questionnaire with the bank. The correspondence with the bank should also be clear and concise, and quick as well.
Many people even hire claim management companies to get the job done on their behalf, but if you are well equipped with information and a little bit of time, you can easily file for claim yourself and save yourself the cut that the claim management company would otherwise charge you. Here are the few things you need to know about before filing for compensation –
Check all Paperwork
- Credit cards, mortgages, car finance, loans and store cards – all of these are vehicles for PPI.
- Thus, you need to check all paperwork to make sure that you do not have a PPI that was mis-sold to you.
PPI Policies are debt specific
- PPI policies are attached to one debt and thus, if you happen to have two credit cards and one has PPI attached to it, chances are that the second one too have a PPI policy.
- You need to check every loan that you might have taken in the last 10-15 years.
Know Why you Were Sold the PPI
- Once you have the PPI policy in your hand, you need to know why you were sold the PPI and when was it sold to you.
- Once you know the reason, you need to make a claim right away.
Knowing these facts would help you file for compensation without hassles, and if you are wondering how much the banks owes you, the answer can be found here.