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Best Payment Protection Claims

Filing a PPI claim against your lender for mis sold PPI is never fun but sometimes they can be made easier if you have everything in order. For many people the best payment protection claims are the ones filed by professionals. Whether you are filing on your own or using a PPI claim company, you would do well to follow some basic guidelines.

Proving Mis Sold PPI

There are certain rules which government has established when selling payment protection insurance. If any one of these rules is broken when selling PPI, the policyholder/borrower has the right to file a mis sold payment protection claim against the person who sold the cover and it this instance it would most likely be the lender. Although there are a lot of ways in which this cover can be mis sold, they can be summed up as follows:

  • Did you know you were being sold cover or was it placed on your loan without your knowledge?
  • Can you qualify to draw cover; are you in any of the exclusions?
  • Were you told you had to buy PPI in order to qualify for the loan?
  • Was the policy explained/disclosed in terms of cover and price?
  • Did the loan doc have a tick off box to opt out of this cover?

Any of the reasons why PPI can be mis sold will usually fall into one of those very broad categories. If you could answer yes to any one of them then you were mis sold PPI. The best payment protection claims will detail specifically how the borrower/policyholder was mis sold payment insurance.

Filing the Best Payment Protection Claims

After you are able to detail how you were mis sold payment protection insurance you are ready to file your claim. Information you will need before you can do this would be a copy of your original loan documents and calculations regarding how much claim back you expect. There are online calculators which can be of invaluable assistance when making your calculations because they are small software programs set up with fillable fields. You simply need to plug in the info that is asked of you and a pretty good idea of what that lender may owe you will come up on screen. One thing to be sure of is that you have all supporting documents together when filing your claim but it is not suggested that you submit your original loan docs to the lender as they have a copy of them. (You wouldn't want them to get lost along the way as you will definitely need the originals if you need to file an appeal with the Financial Ombudsman Service.

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