PPI misgivings disputes are far from being settled. Recent news mention the reviewing that’s being done currently, because previous repayments were not done as correctly as expected. Abusive policy victims were given less than they deserved, which is why the cases are being reviewed.
It’s not too late
Billions more will be paid out by banks to cover the remaining cases and the underestimated PPI refunds. There have been millions of consumers who made successful claims so far. Asking for an insurance refund is strongly recommended, therefore you should feel inspired to proceed even now, in 2015. If you haven’t checked yet, there could be mis-sold PPI hidden somewhere with a loan or credit.
Deadlines are no longer to be feared. Indeed there were discussions about placing a deadline for PPI claims, when the British Bankers Association asked for this. The FCA stood on the side of customers and declined the proposition. There is no reason why someone wouldn’t claim id the policy was sold erroneously.
There is a standard procedure
The reclaiming process begins with checking any of the past credits or loans. The payment protection insurance may not always be obvious, so it’s best to ask about it directly. Once the responsible institution (usually a bank) has confirmed it, you may use this PPI claim form to complete the next step.
Claim forms are standard documents that require precise data from you to help illustrate your case and get the refund. These can be downloaded online, printed, filled out, then sent. When the lending institution fails to solve the case in the expected manner, the claim can be escalated. The Ombudsman service has been loaded with such cases and has been quick to solve them.
It’s not difficult to be an independent claimant. Because the scandal is already an old one, banks now know how to handle such claims and are sometimes able to provide instant results. Complete refunds, however, may happen to take up to 8 weeks. Therefore, a bit of patience is necessary even these days.
You may use free online PPI calculators to get an estimate of the sum you should be expecting. This could be a good clue when your bank doesn’t pay the whole amount. If you are going to use a claim management company to retrieve the sum on your behalf, know that you must stick to one only and that you will owe them 15 – 25% of the amount you get back. It’s important to know what you’re getting into.