In 2018, the Financial Conduct Authority’s imposed PPI deadline will have millions of UK consumers lining up to make a PPI claim against their bank or the Financial Ombudsman. Consumer groups are calling for banks to simplify the PPI claims process to accelerate the process while ensuring proper recompense is repaid to consumers.
But because the process is not so simple, it is possible thousands would be left out of their refunds by the approach of the deadline. Here is a list of three ways to simplify your claims.
Have All Your Papers In Check
All documentation you have on PPI must be on hand to accelerate the claims process on your behalf. All your repayments and the original terms and conditions for your PPI must be on hand.
Have a copy of your medical, retirement or discharge statement from your medical expert or employer respectively. These would indicate how you are mis-sold PPI by your bank employee.
Gauge The Difficulty of Your Claim
Your claim could be one similar to a case wherein a PPI policy was sold alongside a credit card owned by a self-employed individual that she failed to notice. Roberta (not her real name) earned about £65,000 for both her PPIs simply because she was already self-employed when the PPI came with her credit card.
Compound interest PPI policies – dependent on your repayment punctuality – increase its interest rates. Banks will have to repay you the varying interest rates along with an 8 per cent estimated interest per year to adjust for inflation.
To save your time, you’ll need to…
Use a Representative
Some PPI claims are easy to handle. But not all are made equal. In some cases, you need to exert much effort for something that is uncertain and your efforts can fail in the process.
You could use a CMC on your behalf to help you with your claim. A no win no fee PPI claims arrangement would guarantee you only pay upon resolution of your complaint.
It’s the easiest and fastest way to get your PPI refunds!