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Despite the many sources of information online about reclaiming payments on improperly sold payment protection insurance (PPI), many potential claimants are still confused about the proper procedures and ways of getting their money back. Others have questions which are not always covered by news articles, since each claimant have their own set of circumstances.
Here are some questions and their corresponding answers:
Question 1: How far back can I reclaim if my PPI was on an old account?
You can file a complaint about an insurance product at any time, although you may find it easier if the insurance started in the last six years. If that’s the case, then you can still start a reclaim even if your loan is now completely paid off. You can also start a reclaim if your insurance ended within the last six years. The six-year statute of limitations means that banks are not required to keep records that are more than 6 years old. But there’s no official cut-off time for reclaiming, and you may do so if you still have the paperwork.
Question 2: Can I reclaim if the policy holder has passed away?
Yes you can, because the money you receive from your claim becomes part of the estate. The problem, however, lies on the fact that the policy holder may the only person who can prove that the policy was improperly sold.Paxton Willis are here to help you confidently recover not only your money, but also any interest charges applicable, as compensation for your pain. Our aim is to make the entire process simplicity itself for you.
Question 3: Will I be penalised or be forced to close my account if I file a claim?
This shouldn’t happen, as the Ombudsman has already ruled against it. Unfortunately, things that shouldn’t happen sometimes still happen (like selling PPI improperly, for example) so it may be a good idea to open an account with a different provider before you file a claim.
Question 4: Can I reclaim if my lender has declared bankruptcy?
Yes you can if you were improperly sold PPI and your lender was FSA/FCA-regulated. You’ll have to contact the Financial Services Compensation Scheme, which is the organization that makes sure finance companies meet their liabilities.
Question 5: If I have paid off the loan or the credit card company and I’m not a customer anymore, can I still make a PPI claim?
Yes. Remember that the issue here is not whether you still owe the lender; the issue is that you were mis-sold the PPI.
As you can see, there are a lot of questions regarding PPI claims. This doesn’t cover all the possible questions and your bank may also have their own answers to these questions (and coincidentally their answers are often advantageous for them), which shouldn’t surprise you since these are the same people who sold you the PPI improperly in the first place.
Many of these banks complain that many of the claims they receive are fake and they make it increasingly difficult for people to get what’s due them. If you have a solid basis for filing a complaint, then you need a reliable claims management company to help you. Doing so increases your chances of getting paid and also saves you a lot of trouble and inconvenience.