With millions of citizens having already claimed for a PPI refund, no wonder that anyone who’s taken out a credit in recent years is thinking that they may be entitled to compensations too. The PPI or payment protection insurance was easily mis-sold as banks would not explain what it was meant for and for whom it was intended.
To start digging out the truth about your loan or credit card and any abusive additions you may have unawarely signed for, you need to assess your status and situation. It is possible that your PPI was not mis-sold or that you had no PPI at all.
Checking the Eligibility Criteria
The most important step before you do anything about the actual claim or investigation is to see whether you are a legitimate claimant or not. The Ombudsman also has its limitations, it will not be able to investigate any case, but only ones that fit the criteria and are backed by solid evidence.
You are eligible for submitting a complaint if you are:
- a private individual – an account owner of holder of a personal policy
- a sole trader
- a limited company (Ltd.)
Also, you are equally enabled if you represent:
- a charity
- a trust
- a club
if you are in a business partnership.
If you represent any of these but a private individual, you will have to submit a specific documentation with your application. This is meant to prove that the FSO is the capable institution to deal with your claim. They will need the name plus the registration number, the turnover for the previous financial year, the most recent set of audited financial statements (a copy of these), as well as a standard
Complaint form. The latter needs the signatures of at least 2 directors, when applicable.
If you complain against a third-party insurer and your annual turnover exceeds 3 million Euro, then you may skip the complaint submission. Also, if you are part of a joint account, you must notify the other person about the complaint you are making and get them to sign the form.
Although the claiming process foes on at a national level, you may need to hurry. There are certain limitations when it comes to how far back your credit dates. This must be no older than 6 years if you want your case to reach a resolution. Services like www.howtoclaimppi.org.uk may help you find out more about all the steps to take.
Cathy Lund is a journalist now focusing on financial blogging. She has been observing UK’s financial scandal around the PPI since it beginnings.