FCA(Financial Conduct Authority) has set a deadline of August 29, 2019, so that all the consumers who were mis-sold PPI policies by the banks or credit lenders, can now file a claim for a refund. FCA has also launched a new set of guidelines which makes the consumers eligible to claim PPI refund. This step will also help customers whose PPI claim was rejected before as now they would also be able to file a claim for the money they have paid for the PPI policy.
Here are a few points to make you understand if a PPI policy was mis-sold to you by the credit providers.
1.If your bank or other credit providers took high commission while selling you the PPI policy and they didn’t inform you about it. This makes you eligible to claim PPI refund and get your money back.
2.The credit lenders told you that buying a PPI policy is a must to get your credit card, loan, mortgage, car finance, overdraft, and store card.
3.They didn’t inform you that you will need to pay interest on the PPI policy too if it was sold to you along with the loan.
4. They told you that you will get a cheaper rate on the interest if you bought a PPI policy along with the credit products.
5.They did not inform you about selling you the PPI policy at all and you later realized it.
6.They sold you a policy even if you were not covered under PPI. For example, if you were a retired person, self-employed or if you were unemployed.
7.They misguided you by telling you that if you take a PPI policy your credit application would be processed soon.
8.They sold you a PPI even after knowing that you had a pre-existing medical condition and having a PPI policy will hamper your insurance claim. They may have told you that the PPI policy will cover you for pre-existing medical conditions too.
9.They didn’t inform you that the PPI policy would end even before the credit policy or the loan was repaid.
You can either claim PPI by yourself or you can take help of a Claims Management Company (CMS). However, make sure that you are reading all their terms and conditions before you assign them the job to claim PPI refund for you. Such companies will never force you to take their services and also they will not sell their services to you by calling or sending you messages. You should check out with them if they work in terms of “No Win No Pay” and they should never charge you any upfront payment.They should not charge you any money if they check with the banks on your behalf whether you had a PPI policy or not.
So, if you had a PPI, then this is the time to file a claim and get a refund from your bank.