There are so many payment protection insurance claims being made today and people all over the UK are now asking themselves if they are eligible for a large PPI compensation. This is a very good question but can be quiet complicated as you will have to take your own personal circumstances into consideration.
In order to properly evaluate whether you are eligible or not, you will have to go through a process in which the amount of time and the complexity will vary depending on your claim, your bank or lender, the amount of money that you borrowed, how many loans you took out, and much more! We’ll help you throughout this article though so don’t worry!
Preparing Your Claim
The first thing that you will want to do is prepare your claim so it is ready for filing. First and foremost you will want to gather together all the necessary paperwork and documents from your bank or lender i.e. contracts of your credit cards, loans, mortgages etc. This information is very important and even though you can claim for compensation without the paperwork it is very difficult.
Now that you have all of your paperwork collected and sorted, you will want to get the details and information of your bank or lenders. This might take some time depending on how many lenders you decided to go with and how many loans, credit cards, and mortgages you have taken out in the past decade or so.
Filing Your Claim
After following the steps outlined above and now having everything prepared for filing, you will now want to file your claim by writing a complaint letter to all the banks and lenders that you took a loan, mortgage, or credit card out with in the past decade or so. It’s important that you file for compensation only on the products that came with PPI and in the instance that this mis-sold. If you file for compensation when you haven’t been mis-sold PPI then the bank or lender will reject your claim and this will just cause problems for everyone.
Now that you have written the letter to the lender you should expect a reply within a few weeks, some people have had to wait up to around a month or so, so don’t be discouraged if this occurs. If you are unhappy with the response from the bank and feel as if you have been treated unfairly, you can always complain to the Financial Ombudsman Service.