A number of companies offer services to make a fast and easy PPI claim online. When it first emerged that large numbers of people would be eligible to apply to have their Payment Protection Insurance costs refunded, the process involved an awful lot of work. However, an entire claim can now be started by providing just a few important details, with specialists taking over all of the research, the contact with financial services companies, and eventually the successful pay-out.
Starting a claim
When you contact companies like Moneyback PPI to begin a PPI claim, the first step is to provide your personal details and a list of companies that you have had credit products from – these could be loans, mortgages, credit cards, store cards or home shopping accounts.
If you are unable to remember all of the lenders that you may have used in recent history, you can get hold of your most recent credit report for details that cover the last six years – this can also be done online. In general, it is helpful if you can provide a complete history, and there have been instances when forms of PPI have been reclaimed from more than 20 years ago.
Gathering your information
As part of this process, you will also be asked to provide consent for the claims specialist to make contact with the various companies on your behalf. They will be able to gather details of all of your accounts, and for each one, they will get confirmation about whether or not you had payment protection insurance.
For this stage, there will be no further action required on your behalf because of the consent form that was signed at the beginning of the process, and your chosen claims company will be in a position to build an entire picture of your PPI history as quickly as possible. This is especially important as the Financial Conduct Authority has already set a claims deadline of 29th August 2019.
Making your claim
With every credit agreement that is discovered with a PPI policy attached to it, it will be quickly established if the extra cover was sold to you in a manner that could be classed as ‘mis-selling.’ Perhaps you were unaware that you were paying for it, or the amount of commission payable to the seller was concealed from you. Whatever the original circumstances may have been, they will be able to spot the warning signs that should lead to a successful claim and refund.
Finalising your pay-out
Your chosen claims company will then set about persuading the lender or lenders that a refund is due, and with the current financial landscape, it is likely they will be successful.
The full amount will be paid out to you, minus a percentage fee to cover the claim company’s costs. When you consider how much time and aggravation can be saved by using a claims specialist, you will probably agree that it is money well spent – bear in mind that your only input needs to be a few details and a consent form at the beginning of the process.