If you are thinking of making a PPI claim, then you need to act fast. As with everything in life, it really is worth getting any potential claim submitted well in advance to avoid any last-minute stress.
If you think you may be eligible for compensation but do not know how to make a claim, do not worry. The below guide will tell you all you need to know to make a start.
Consider if you have been mis-sold PPI
This may sound obvious, but it is the first thing you should think about. To be eligible to claim any compensation in this area, you must have been mis-sold PPI to begin with. Try to think back to when you took out something like a loan, mortgage or car finance. Did the person selling you the financial product also explain in detail about PPI? If the answer to this question is ‘No’, then you may have good grounds for a claim.
Dig out relevant paperwork to prove your claim
Of course, to get compensation for mis-sold PPI, you need to be able to prove it. This means that you need to have a look back in your old records and find any documents that can help. This can involve anything that confirms you took out a policy or entered into a financial product agreement. You should also include anything that contains payment details for the financial product.
Get in touch with the provider who sold you PPI
Now you have any relevant documents as proof, you need to submit them with a letter explaining your claim to the bank or financial service that you believe mis-sold you the PPI. Put as much detail as you can in the letter and explain exactly why you think you have a compensation claim. Once you have done this, you should hear back from them with a decision on your claim within 8 weeks.
Contact the Financial Ombudsman Service
But what if you do not hear back within 8 weeks or are turned down? In this case, you should contact the Financial Ombudsman Service to take your claim further. They will usually require you to fill out further documents that will then be used by them to decide if you should be awarded compensation or not.
Make it easier with a respected claims management company
If you have the time, patience and knowledge to do all of the above then it is fine to handle your claim personally. But what if you cannot remember if you have been mis-sold PPI or cannot find any documents about it at home? This is the case for most people thinking of putting a PPI claim in. Many people will opt to use a reputable claims management company in this situation.
The management company will not only do the hard work of checking if you really were mis-sold PPI but will also submit your claim. This makes the whole process much less hassle and means you can apply for PPI without having to waste your own time doing it.
Be sure to make your PPI claim soon
As the August deadline approaches, it becomes ever more vital to submit any PPI claim. Hopefully, the above guide has given you some great tips on how to go about it. With the average accepted claim generating £2,000 in compensation, it is certainly worth thinking about.