ARTICLE 9
For a person, it is frequently challenging to make a free PPI claim that a policy was mis-sold after receiving a payout from the insurance company.
Nonetheless, if individuals are in arrears on credit car, loan or mortgage it is necessary to get their claim to shake off the debt burden.
To have a free PPI claim, individuals must first find the requirements of their policies. If these terms and conditions are not available, they should contact their lenders for copies. The terms and conditions must always date back to the time of the agreement. Although most lenders will require a cheque of £10 to speed up the process, there is a need to write to the lender explaining the urgency of the matter.
In addition, it is essential that individuals get to understand some of the commonly mis-sold policies so that they can effectively list the reasons for the claim in their letter.
Some of the most common reasons for a mis-sold PPI policies are:
1. Compulsory insurance- In most cases, individuals are told that they have to purchase a cover from the same company that they buy the credit card or loan so as to be accepted for a given product. As a result, it is possible that they pay for the PPI from which they may never benefit.
2. Individuals who already have an insurance cover are most likely to be sold another insurance cover which in actual sense may be duplication to the one they have.
3. Individuals with a joint loan but their insurance are only in one name are also likely to be duped.
4. All policies have certain exclusion but individual buyers may never be told about them.
Once PPI policyholders realize that they were duped into purchasing policies that are impossible to claim, they should start the free PPI claim process no matter the payouts they might have received. The free PPI claim process requires that they write to the financial institution explaining why they feel they the PPI policies were mis-sold. After the letter, they wait for the response from the institution. If the response is unsatisfactory, the claimants can take up the matter with the Financial Ombudsman services.
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