Guiding Tips You Need Before You Make a PPI Complaint

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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

or

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.

Author Bio

Cathy Lund is a journalist now focusing on financial blogging. She has been observing UK’s financial scandal around the PPI since it beginnings.

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James is a financial expert who has contributed several business and finance related articles. His expertise and first-hand knowledge of economics makes his blogs and articles informative and helpful for those looking out for guidance and assistance in matters related to finance. He has an active schedule of TV and radio interviews He is co-host of the popular VT Radio show Jim and Gordie Show. latest-articles-buttonJim comes from an old military family dating back to the American Revolution. Dozens of Confederate ancestors fought for the South in the War Between the States. Uncles fought in WWII and Korea. His father was a WWII P-40 and later P-51 Mustang fighter pilot. Vietnam found several uncles serving, a cousin, and brother Wendell as a young Ranger officer. His mother was a WWII widow at 16, her first husband killed with all 580 aboard when the SS Paul Hamilton, an ammunition ship with 7000 tons of explosives aboard, was torpedoed off the coast of Algiers. He has been writing, speaking and doing public relations, television, consulting and now multimedia work for a variety of American heritage, historical, military, veterans and Intel platforms. Jim’s only film appearance was in the PBS Looking for Lincoln documentary with Prof. Henry Lewis Gates, and he has guest lectured at the Army Command and General Staff School at Fort Gordon. Currently he is working to take his extensive historical video archives on line to assist his affiliated organizations with their website multimedia efforts, such as the Military Order of World Wars, Atlanta, Sons of the American Revolution, Sons of Confederate Veterans , Assoc. for Intelligence Officers, the Navy League, Georgia Heritage Council, National Memorial Assoc.of Georgia.

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