FAQ: Payment Protection Insurance FAQ's

No Need To Use A Solicitor

As the Payment Protection Insurance (PPI) mis-selling issue continues to dominate the headlines, many consumers may be wondering what they need to do when making a claim. Just as taking out loans and other credit agreements can be both a confusing and difficult process to understand, filing complaints and undertaking legal proceedings can be just as daunting for individuals.

It will be welcome news to consumers then that there is no need to use a solicitor when filing a complaint over mis-sold PPI. There are numerous claim management companies who can handle your case for you, taking your complaint directly to the lender or responsible party, or you can choose to handle your complaint yourself.

Where you chose to instruct a firm to act on your behalf, they should keep you updated of the progress of your claim and all you need to do is provide relevant policy information.

How does the claim process work?

The claims process will vary depending on your chosen method of claiming, either personally or using a claim agency.

If you choose to use a claim management company, they will enter into discussions with your lender over whether you are entitled to compensation or not. A number of these cases will be rejected by lenders but this does not mean you will not get the compensation you are owed.

Cases which are not upheld by the lender can then be referred to the Financial Ombudsman Service (FOS), where there may be a higher chance of success.

Of course, these cases will typically take slightly longer to settle, This time is measured from when the claim is formally instigated rather than when you first make enquiries about your situation.

The firm which you are using should notify you of any notable developments. This will ensure that you are kept in the loop without requiring you to become actively involved with the process.

Once the claim has been settled you will be notified of the outcome.

. As consumers may be entitled to lodge many claims however, the total figure they receive could be far greater.

Consumers are entitled to lodge multiple claims because PPI was mis-sold across numerous products offered by many banks and financial companies. The more credit cards, loans or other finance agreements you took over the last ten years the more likely you are to have been mis-sold PPI.

For this reason there is no limit on the number of claims which you can lodge – helping to ensure you get the compensation you are entitled to.

Each claim is handled independently of others and that means any delays experienced with one claim will not hold up the resolution of the others.