Almost all UK finance analysts believe the Financial Conduct Authority is leaning towards giving the banks what they want: a PPI claims deadline.
The issue whether this move is fair or unfair is out of the window. What matters now is that consumers need to make a claim as soon as possible with a guaranteed refund period.
The FCA’s advertising campaign may not gain much mileage because the actual PPI claims process can be confusing for anybody taking it on for the first time.
So here are the three steps you’ll need to make your PPI claim successful.
How Were You Mis-Sold PPI?
The billion-dollar question is if you can still remember how you received the payment protection insurance policy?
If you do know that you were mis-sold PPI, the next trouble is knowing the account number of the financing it attached to.
And most consumer forget this little fact, which can be a very big issue.
Is The Refund Enough?
How do you know if you’ve received enough refunds?
Going back to the story of a certain consumer with two credit cards, Roberta took out her credit cards when she was self-employed not knowing she was mis-sold payment protection insurance on both credit cards.
She had held these cards for six years. We can confirm that:
Roberta is ineligible because she is self-employed
The PPI policies are compound policies, which mean they increase when interest rates increase.
She had paid about £3000 for her base policy, which increased in value because had become a high-risk consumer during certain periods.
Upon final calculation, she received a total of £32,000 for both policies.
A calculator is essential to know your possible refunds from your PPI policy.
A Claims Representative
Analysts expect millions of consumers who have yet to make a claim to come forward. The lines will be long, rejections will be plenty and the workload on paperwork would take its toll on your daily schedule.
It would be wise for anyone burdened with claiming PPI to use a claims representative to reclaim their refunds. Most work on a contingency fee basis, meaning if they do not get the work done, you do not pay for anything.