Common PPI Questions Answered – Part 3 of 4
Your Money Claim’s third instalment of “Common PPI Questions: Answered” clarifies common areas of customer confusion when it comes to bringing a claim for mis-sold PPI. Read on for great help and advice:
I have previously made a complaint and it was rejected, can I complain again?
Ever since the PPI mis-selling scandal came to light banks and lenders have been caught handling complaints unfairly.
This culminated in the regulator, the Financial Conduct Authority, ordering financial business to reopen 2.5 million PPI cases having decalred the outcomes as unfair.
This work is still in process and could take quite some time to complete.
If your rejection was received in the last six months, there is an option to escalate the matter for independent review by the Financial Ombudsman Service (FOS), who in the majority of instances overturn a rejection and order the lender make an offer of payment.
Given the track record of treating complaints unfairly we would always recommend rejections are escalated in the vast majority of instances, and we can do this for you.
Can I claim even if I’m still paying the credit agreement?
Yes. It does not matter if your mortgage, loan, credit card, car finance, hire purchase agreement or store card is still active and running.
Can I claim if I’m no longer a customer of the lender?
Yes. Just as above it also does not matter if your finance agreement and/or relationship with the lender is settled, a claim can still be made.
Can I claim if I’ve been in a debt management plan, IVA or bankruptcy?
Yes. Being in an IVA, Debt Management Plan or Bankruptcy does not stop you from making a claim against alleged mis-selling of PPI.
It is important to consider though that if an award of compensation is made and you are in arrears, or if the balance has been written off or down as part of an IVA or bankruptcy, then the lender may choose to use some or all of the compensation award against the balance owed.
My lender is no longer trading, can I still claim?
Yes, depending on when you took the finance agreement out. If your lender is no longer trading but were regulated by the Financial Services Authority, a claim may be made to the Financial Services Compensation Scheme.
We are very experienced at dealing with applications to the Financial Services Compensation Scheme, so please do not hesitate to contact us for help and advice.
I took a joint loan with an ex-partner, can I still claim?
Yes, you can still claim. Some lenders may require your ex-partners permission or authority for a claim to be made.
This isn’t always the case though, and can often depend on who was the first named person on the finance agreement.
Also, some lenders will choose to send half of the compensation award to your ex-partner. Again, this varies with different lenders.
I had a joint account and the other person has died, can I still claim?
Yes. The lender will more than likely ask for proofs that you are a trustee of the estate and therefore entitled to any compensation should it be due.
The executor of the will would generally have to be made aware also.
Can I still reclaim if I now live abroad?
Yes. The fact that you no longer live in the UK makes no difference to whether you can make a claim for mis-sold PPI.
Making a PPI Claim
Not sure whether you’ve been sold PPI? Our fast and comprehensive checking systems that have been set up with almost all banks allows you to find out whether you’ve been one of the millions who have had PPI.
Not sure whether you qualify? Check here to see whether you may.
Want to know how much you may be owed? Why not try our PPI calculator.
If you have had a loan, mortgage, hire purchase agreement, credit or store card within the last 25 years there’s every chance you’ll have been paying for PPI.
We’ve made claiming easy, taking the stress out of you having to deal with the paperwork, the stress, and the tactics employed by the bank to try and wriggle out of paying.
So….how do you start your claim?
#1: The first option for you is to fill in the form which can be seen on every page. By doing so, we will send you out a form in the post for you to complete. Once we’ve received the form back in the freepost envelope we send you with your form, we can make a start on your PPI claim.
#2: The second option for you is to download our form, which again can be found on every page by clicking the ‘download pack’ button. Simply print it out, complete it and send it back to us, our address can be found here. Once we receive is back we’ll let you know and make a start.
Our team of experts are on hand to answer any questions you have via telephone, email or our live chat facility.
So….why wait, let’s get started!