PPI is a suitable insurance product only when it used by the eligible person in the correct place at the precise time. However, it was found to be a bit difficult, in case of PPI as records show that a large amount of PPIs were missold and forced upon the customers who had no intention of having them.
Products Covered by PPI
PPI basically covers all those credit payments, which the borrowers are unable to accomplish due to illness, job loss or death. As credit includes a wide range of monetary products, it is obvious that misselling would be just as prevalent. The products covered by PPI are credit and store cards, mortgages, personal and secured loans, overdraft (sporadically), car dealership, etc.
Time Factor in Checking PPI
Time plays an important role in finding and checking your PPI because it has the ability to increase or decrease the chances of your claim’s success. Six years is the maximum time limit for filing complaints when you are paying for the PPI policy and 3 years is the limit when you find out that it was missold.
If six years have passed, then you would have to provide evidence as the companies are entitled to keep records of their customers only for six years. If you have the knowledge about misselling for more than three years, the authorities will not take your complaint into account and there is a possibility that it would get rejected.
Lack of Policy Number
You need to produce documents so that you can verify your claims. However, it often happens that the customers lack the required loan or policy number, which if not provided to the respective bank, would lead to claim rejection. You cannot trust the bank to help you in this matter as it is about PPI compensation.
You have to do it by yourself and in case, you don’t know what to do, you can go to http://www.howtoclaimppi.org.uk as a detailed description is given here on how to reclaim your PPI without the availability of paperwork or policy numbers.
Lastly, if you still can’t get hold of your account details, including your policy number, take the help of PPI claim organizations. You can find them online and choose the one who is reliable, inspects every detail of loan, credit and account. They make the claim on your behalf after gathering required information. You might also be asked to provide your previous bank statements.
A number of these companies also provide inspection services free of cost and give you a full report on your credit information. They make sure that you get your well-deserved money back in full amount.