The first step of filing a PPI claim is to piece together information that will constitute your claim. You need to pinpoint why you think you were mis-sold a PPI policy. You can claim that you were mis-sold a policy if the agent in-charge persuaded you to buy a policy to increase your chances of getting a loan or a credit card application approved. Some agents even go as far as telling their customers that a loan or credit card application can only be processed if it comes with a PPI policy.
A person who has been mis-sold a policy is usually never informed of the restrictions that come with PPI. A person who is retired, self-employed, or unemployed cannot be covered by a PPI policy. Only employed people can claim their PPI policies because insurers need proof that the policy holder can pay for the premiums. Retired, self-employed, and unemployed people can buy policies but they cannot take them out.
The same is true for people with a pre-existing medical condition. Some agents make the mistake of not asking you about any pre-existing medical conditions but insurers will not pay out for the PPI policy the policy holder did not declare any pre-existing medical condition.
Finally, some victims of mis-sold PPI policies simply did not know that they were already paying for them. Unscrupulous agents employ various methods of selling PPI policies by omitting details or making it sound like PPI is really necessary. Some agents dont even mention PPI at all. They just include the PPI premiums in the bill.
Once you’ve cited the reasons for your PPI claims, you need to gather evidence for it. Your claims company or your lawyer may ask you to fill up some forms. You also need to prove that the agreement for the loan or credit card was created in such a way that it was impossible to obtain it without getting a PPI policy. If you can, obtain a record of the interview so you can prove that you weren’t fully informed of the requirements (e.g. no pre-existing medical conditions, full employment needed, etc.).
Once you send your complaint to the bank or lender, your claim will either be accepted or contested. Many of them also put up a good fight. If you’re lucky, your PPI claims will take about 2 to 4 months to settle. If there are complicated circumstances surrounding your claims, it will take up to 9 months to reach a settlement for your PPI policy claims.