For anyone who is familiar with Payment Protection Insurance (PPI), you know there is a whole scandal in the UK about how policies were missold to consumers. People are going back and reclaiming money for the policies they were unaware they had.
When people hear that they could have been missold policies that were lumped in with their mortgage, credit card, loan debt, the first thing they do is look back at their paperwork to see if they could be affected. If you are someone who was missold a policy, what do you do next? And most importantly, the main question people have about ppi claims: how to claim £1000s. How do you earn the most money back on your reclaims.
The first thing you can do is to hire help. There are companies out there who will investigate your situation to see what you are entitled to get back. They are familiar with the system and know what to do so you get the money back you have unknowingly spent and deserve back for a fee. The Financial Conduct Authority (FCA) has set a deadline of June 2019 for the claims so it is important to act now.
Get Interest Back
Make sure that when you file your claim, you are not only getting back the money you paid to your policy but also the interest. The amount of money you can get back can really add up when you consider interest you paid on your policy and also interest on that money that could have been in your pocket.
Don’t let the big banks use loopholes to hold back money that is owed to you on the reclaim. For example, banks have been known to use what is called “alternative redress”. This is applicable to consumers who were missold a single premium insurance. This means they paid the entire premium for the policy up front. When returning the customers money the banks handle it as if they were sold the wrong kind of insurance and only deducting money for the cost of a cheaper, regular premium policy from the pay-out. Make sure this doesn’t happen to you.
Obviously if you have been a part of the PPI epidemic you want to get the most money back from the banks that you can. Policies have been missold for years so make sure you check and see if you have been a victim. Hopefully with these tips you can be sure to get what you are entitled to.