Reclaiming PPI Insurance
Is understandable how so much press has been given to payment protection insurance and the scandal that has rocked the lending industry in the UK over the past decade. So many people have been mis-sold PPI that is a wonder this scam hasn't touched literally every single household in the UK. Even so some people are just now discovering that they have been paying for an insurance cover they never knew they had. PPI claims are on the rise and it doesn't look like this trend is going to let up anytime soon. Because so many people have been mis-sold payment protection, reclaiming PPI insurance is now an everyday occurrence.
What You Need to Know about Reclaiming PPI Insurance
You're probably saying to yourself that you know everything there is to know about reclaiming PPI insurance and that is simply that your lender scammed you out of money and now you want it back. Actually that's a good point but that isn't all there is to. Reclaiming PPI insurance takes a special knack and some of us just don't have that. Perhaps if we were not just so angry at the lender or lenders who scammed is we might be able to work our way through the process of a PPI reclaim. As it stands, because we are so angry, it would be advisable to get advice from a PPI claims specialist who can help us to understand what our chances are of reclaiming PPI insurance and what to do if we don't succeed the first time around.
Reclaiming PPI Insurance in the News
Within just the past six months or so bankers in the UK have been appealing to the High Court to reverse the ruling in which they would be liable for claims dating back prior to the Financial Services Authority's jurisdiction over payment protection insurance. It is their contention that there is no basis for the FSA to make a ruling on anything that predated their tenure. However, the good news for consumers is that the High Court upheld legislation and lenders will need to review every single claim that comes across their desks whether it is one month old or a decade old.
Is There a Time Limit on Reclaiming PPI Insurance?
This is another question which many people ask because until the last few years no one knew they could claim back money from mis-sold PPI. Actually there is no time limit as to when you can file a claim against the lender who mis-sold the product to you but some PPI claims companies are refusing cases that are older than the 2005 ruling that put the FSA in charge of PPI claims. However there is one thing you should be aware of that is the fact that lenders and other financial institutions are not required to keep the original documents longer than six years and since you will need the original documents should you have to appeal before the Financial Ombudsman Service you will not have a claim if you don't have those papers.
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