In working on your PPI claims made simple there are certain factors involved that will ensure a successful claim. Claims companies have studied the complaints and disputes the Financial Ombudsman Services (FOS) have approved and have used them as guide in helping their clients assess the facts of their case. If you want a high percentage of success in your claims, it is best that you work with a PPI claims company.
Banks have mis-sold PPI to consumers who have availed of their Credit Agreements out of greed. The Payment Protection Insurance (PPI) is a highly profitable product and banks have made it a point to sell it, to the point of mis-selling it to increase profits.
Ensuring Successful PPI Claims Made Simple
The mis-selling of PPI has been so widespread. Banks have been required to set aside a huge amount of funds to refund and compensate consumers who have been victimized. The funds made available by banks and financial institutions continue to increase. More and more consumers are starting to realize they have been victims of mis-sold PPI and have started to work on their PPI claims made simple.
Although banks are obliged to refund all mis-sold PPIs there are three main factors that will ensure a successful PPI claim.
- You should prove that you have been granted the loan 10 years prior to your filing for a PPI refund.
- You should prove that you have bought a PPI policy at the same your loan was granted.
- You should prove that you have been mis-sold the PPI policy by the bank or financial institution that granted you the loan.
If you are able to prove all these, then you have a 95% chance of having successful PPI claims made simple.
Are PPI Claims Made Simple Applicable for Fully Paid Loans
Refund and compensation for mis-sold PPIs are applicable for both loans which are not yet fully paid as well as loans which have been fully paid. Even if you have already paid off your loan you are still eligible to work on PPI claims made simple and receive refund and compensation for your mis-sold PPI.
To be able to file a PPI refund for a fully paid loan, the last payment should be within six years from your filing of a PPI claim. Banks keep records only six years thus if your last payment was more than six years ago, you need to produce your own paperwork to ensure a successful PPI claim.
PPI Claims Made Easy, Credit Ratings and Relationship with Banks
Filing for PPI claims made simple and successfully receiving refund and compensation will not in any way affect your credit rating and your good relationship with your bank.
Consumers are overly conscious of credit ratings. Credit ratings dictate whether or not you will be approved for loans and mortgages. The PPI was sold alongside other financial products, specifically loan, mortgages and credit cards. The mis-selling of the PPI has been so widespread making consumers feel that filing a PPI claim may have an adverse effect on their credit rating and relationship with their banks.
Filing a claim for mis-sold PPI protects a consumer from any bias or prejudice on his Credit Rating as well as his relationship with his bank.
PPI Claims Made Simple and Missing Paperwork
It is important to have all the necessary paperwork when you file PPI claims made simple. If due to any reason you are unable to find your file of the needed paperwork, you can request your bank to furnish you with the required paperwork. The Consumer Credit Act states that a consumer can request in writing his bank or creditor to furnish him with a copy of the paperwork he needs. The request for copy of paperwork comes with a minimal fee.
There are a lot of options available for consumers to claim a refund for mis-sold PPIs. All the necessary resources and policies are mostly in the favor of the consumer. The most important thing required from a consumer is to prove that he has been mis-sold a PPI. PPI claims made simple are an easy task as long as you know your options and the best ways to receive a successful refund.