How to Go About Making a PPI Claim?

One gets Payment Protection Insurance, also known as PPI alongside loans and credit cards and the purpose of this is to cover the payments in case the person fails to do so because of loss of job or some kind of illness. While PPI is very useful, there is also a fact that in many cases in which the PPI is wrongly sold and this is something that makes the PPI somewhat controversial.

In many cases, the cover is sold without the buyer knowing the various conditions. This happens when the salesperson does not disclose the necessary information to the customer.

Nowadays there are many claims that are being made for PPI by people to whom the policy was wrongly sold. However, there is an issue that many of the cases of PPI claims are being rejected. The main reason for this is that the banks and other responsible firms are trying to keep control over the compensation costs that they commit. This is something that is making these firms reject the claims when they are made.

This is what makes it important that one should fully understand the circumstances, in which a claim can be made. If a claim is made otherwise, there is a considerable chance that the claim might be rejected. Hence, it is important to make sure always before making the claim that the grounds, on which it is being made, are valid.

There are many firms that having solicitors who can represent the case on your behalf. It is recommended to use a solicitor for making the claim instead of doing it by oneself, because the process may get complicated and then an inexperienced person cannot handle the situation ideally, which is very important if you want your claim to be fulfilled.

When you make the claim, you should be clear and confident about the grounds, on which your case is going to be based. Finding a solicitor is important as this increases your chances of getting compensation if your claim is valid. The time that is taken to give the compensation varies from one company to another, also depending upon the nature of the case.

The usual time that is taken by firms to respond to a claim varies from eight to twelve weeks. However, this period is not standard and is subject to changes depending upon the situation and circumstances. When it comes to the cost of the claim, there are services available on the no win no fee basis and the firm charges you only if you win the case and get the compensation. This means that you have nothing to lose when it comes to making the claim, as you don't have to pay anything if the solicitor does not succeed.

Using a firm to represent you when making the claim also has the great advantage that you don't have to go to court and it is the firm and its solicitors who would be representing your case, hence saving you the ordeal.

Simon P Jennings is a financial consultant. Take his advise before making Unenforceable Credit Agreement now.