Without knowing it, you may well have thrown away hundreds or even thousands of pounds on something that you never needed. This is the phenomenon that has resulting in claims where people have spent money on something called PPI.
So…What is PPI?
Payment Protection Insurance (PPI) is insurance cover taken out at the same time as say a loan or mortgage. It is intended to provide insurance cover in the event that you cannot make the payments for reasons such as: critical or other illness, loss of a job, inability to work due to an accident or injury.
Before PPI was issued the arranger (e.g. the bank or financial institution) should have told you that you need not include PPI as part of your monthly payment plan.
If you were not properly advised of your rights and told that there was an option for you to not make a contribution for PPI, the chances are you have been mis-sold the policy.
The cover could have been for anything, including a mortgage, loan, credit card or any other insurance product.
I strongly recommend that you come to see us now so as to not lose out on your claim as a substantial fund has been set aside to pay you back for the selling you a product you neither wanted or needed.
So… What can you do about PPI
Try and reflect on how the product was sold to you. You were probably never even told that you were paying for cover to include loss of your employment (for example through illness or redundancy, or due to an injury or accident or other reason.
You may not even realise you have PPI, so why not ask us at Saracens to look over your paperwork for you? We will be able to identify for you within a short period of time whether there is any terminology within your statements or agreements which amount to a PPI.
We would also recommend that you contact the company who has provided you with the finance arrangement and ask them directly if your payments include PPI.
There are many thousands of people with unclaimed compensation payments. If you are not sure whether you are entitled, you have nothing to lose by coming to us for advice.
We can offer you various funding options to process your claim and you need not lose out. We provide funding under a “No win No Fee” arrangement and we have many years of experience in advising our clients under a No win No fee and have successfully pursued many insurance companies.
You will first need to check whether or not you have a valid PPI policy. A PPI claim is usually available to those that did not realise they were taking out a PPI policy and did not actually want or if they accepted it without having the terms properly explained to them. Many banks have already written to a large number of my clients informing them that PPI policies may have been missold to them. If you have received a letter from your bank in this respect, do not delay, respond and ask for your premiums to be refunded.
Even if your bank has not written to you, check previous bank statements for any payments that have gone out of your account. They are unlikely to be marked as “PPI” but if you are unsure as to what a payment relates, contact your bank and find out.
If you are unsure on whether or not you have a valid PPI claim, contact us now; Saracens would be more than happy to assist.
Deadlines for PPI claims
Generally speaking, you must lodge a claim for missold PPI for a policy that has been used over the past six years. This is because most banks and financial institutions only hold information about an individual or policy for this period of time before it is destroyed.
Even if your PPI policy was taken out more than six years ago, you may still have a case as long as you still have the relevant paperwork in your possession. Contact your bank and ask them to provide details if you feel that you are missing something.
You may consider contacting the Financial Ombudsman for assistance if your bank is being uncooperative.
Contact your bank!
Many banks are turning down their customers PPI claims. If you are turned down, this does not mean that you do not have a claim. The Financial Ombudsman are often asked to intervene in these circumstances and investigate whether the claim is valid or not.
In many instances, banks have been ordered to pay up after initially refusing to do so.
PPI misselling is a very serious issue and one that is being afforded attention from every financial institution in the country. Lloyds have set aside some £5billion to compensate its customers with and the Financial Ombudsman is having to deal with hundreds of complaints every hour of the working day.
Records indicate that the average PPI payout is worth around £2500.00 but regardless, many people are unaware of their entitlement.
Saracens can offer a no-win-no-fee arrangement. If you feel you have a claim, contact us today.
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