Payment protection insurance will be the payment that you will get when you are applying for the loan or the credit card. The payments will be there in case you fail to pay back the loan, but once you have paid back the loan, then you have the right to claim the payment protection insurance. But you have to be aware of when you are supposed to apply for the payment protection insurance. So that it does not become useless to you because you didn’t know when you were expected to make the claims or the reason why it failed. What will be helpful is if you have all the general information about the payment protection insurance claims. One of the most common queries about this subject is how far back can you claim ppi?
The letter
The bank will write you a letter when they have noticed that the policy was sold. If you have received the letter, then this is a go ahead that you can go ahead and claim. You should do this by following the instruction that will be given in the letter because they will make sure that they include what you should do. Some people don’t get the letter, but this does not mean that you are not obliged to get the claim it just means that you have to follow up with the bank.
Avoid claim companies
So many companies will approach you promising that they have means of which they can help. You should totally avoid them because there is no need of using them because you can do the job all by yourself. The process of claiming is straightforward, and you will not have any difficulties even if you do the whole process all on your own. The companies will only cost you so much, and mostly you will not even get the claim. Once you follow all the instructions given on the letter that you will receive, then there won’t be any challenge.
Don’t pay anything
Even if it’s the bank, you should not pay any additional fee, avoid those people that will be telling you that you need to pay a certain few so that they can make the process be fast that will be all a lie. The bank obligation is to ensure that they get the PPI because it’s your right. If the process should take more than 8 weeks before it’s processed, then you should send a letter to the financial ombudsman services he will call you back so that you can fill a questioner to identify if they were meant to pay back the claim.