So far, there has been an abundance of PPI claims made over the years. However, the truth is that a very small percentage of them have been successful. One of the biggest reasons why that is the case is the fact that people, who have filed those claims, were mostly quite unfamiliar with PPI and its technicalities. In addition, a lot of them were not eligible to make the claims in the first place.
If you are stuck with a mis-sold or misrepresented PPI, you will need all the necessary knowledge regarding PPI, in order to make an official PPI claim. Those who have claimed PPI in the past, are the ones who were perfectly familiar with PPI and who knew what it takes to make a strong claim.
First of all, don’t rush into making a claim until you are 100% sure that you have all the necessary qualifications. Always keep in mind that to reclaim ppi successfully, you need to a have a proper understanding of what PPI and PPI claims are all about. You cannot simply push for something if you do not know how it came up in the first place. Keep in mind that you can file a PPI claim, only if the policy was mis-sold or misrepresented and you face a significant financial risk. Also, don’t forget that banks and money lenders tend to use tactics to hide the traces and indications of mis-sold policies. That is why you should always have a PPI claims professional on your side, one who knows all the intricacies of PPI.
Go With The Pros
Once you are certain that you are qualified for a PPI claim, start communicating with your moneylender. Always keep in mind that this is just the first step. However, if you hire a PPI company, they will handle the rest for you. Also, if you acquire the services of a reputable PPI claims company, you should have no concerns, especially if they operate on a “no win-no fee” basis.
Use A PPI Calculator
This is one of the most important pieces of information you should know before making a claim. To be sure, you can use one of many PPI calculators, which are designed to help applicants calculate their claim refunds. If you don’t want to be surprised by the awarded refund amount, don’t hesitate to use a PPI calculator. In general, the sum of money given as a refund is usually the equivalent of the premiums that clients have been paying. In some cases, there may be some interest applied.
Be Persistent & Don’t Give Up
Now, if your claim is rejected the first time, don’t lose hope. Instead, be persistent and make sure to seek the attention of the Financial Ombudsman. Sometimes, banks and moneylenders tend to use rejections as scare tactics to keep the individuals from making further attempts. By contacting the Financial Ombudsman about your situation, you will send a clear message that you are not going to give up and that you are prepared to go to the end.