If you don't want to receive marketing calls, join the Telephone Preference Service register. I wasn't stupid enough to get PPI, what do I get back? In summary If you have an inappropriate PPI product and weren't told it was inappropriate, or you don't think you were given full information on what the policy would and wouldn't cover, ask for an explanation. I found several old loan statements showing PPI in my late husband's paperwork. Any provider that was regulated before this will be covered by the ombudsman, so all banks' and building society loans should be fine. Estimating the reclaim size. Passion and commitment are words often used and referenced by all organizations, but not always executed and delivered in day-to-day business and services.
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This situation's rare, as providers' records should flag up someone's age being too high from their date of birth, but do check. Read the other categories to check if you've more reasons to complain, then write a letter to your lender. Most policies exclude existing medical conditions, meaning you're unlikely to be covered for any medical problems you've had in the past. You should've been asked about this, and informed the policy could be affected.
You should have been asked about health issues when you got your policy. If you weren't, or were never asked about your medical history, a reclaim may be possible. Have you had any illness, accident or other treatment which resulted in you being off work for more than 14 days? Each provider has its own rules, but most are strict. It may decide whether to pay an insurance claim based on what it considers to be reasonable for you to have known about before the policy started.
If you make an insurance claim on health grounds, insurers may ask for medical records or proof you didn't have the problem when you took out the policy, and will probably turn it down if you've had a similar medical problem before. This is one of the biggest reasons insurance payouts are rejected.
Providers often take a 'broad brushstrokes' approach; for example, if you had a bad lower back, they may decide not to pay for other unrelated back problems. Salespeople are not obliged to have a detailed medical discussion, but if they didn't mention medical exclusions at all, the policy could be void. Having had medical problems in the past is not enough to make a reclaim. The key point is whether, at the time of application, you were told this was an important part of the policy and were asked to disclose any past health issues.
Some insurers provide medical cover if you've been symptom-free for a few years prior to taking out the policy, so check your own paperwork carefully. If this applies to your policy, you weren't mis-sold, so this section doesn't apply to you. As well as pre-existing health conditions, some general health problems are excluded from many polices, such as stress.
Check the terms of your policy carefully to see if any conditions are not covered. If you weren't told about such exclusions, or were incorrectly informed when you asked about them, you may have been mis-sold. Read the other categories to check if there are other reasons to complain, then contact your lender. The regulator has said it wants to see better practice.
Many major providers, including Lloyds, LV and Capital One, have been fined for "not treating customers fairly". If yours has, it's very likely you've a case. If you're a customer of one of these companies, it may have already been in touch. Technically, this isn't mis-selling — it's a breach of rules regarding fairness relating to the Consumer Credit Act — but the effect is the same. The Plevin case suggests almost anyone who has simply had a PPI policy was likely mis-sold, and could be due money back.
But this ruling will also potentially apply to millions of others too — those who took out PPI and have no other type of mis-selling claim against the policy.
Use our Resolver Plevin tool to claim. When the form asks why you're making a complaint, simply state you weren't told about PPI commission and that new Plevin rules from the City regulator mean you're now likely due a payout. Then make clear if you've previously had a mis-selling complaint rejected or you're applying because you simply had a policy but didn't know about the commission.
While every effort's been made to ensure this article's accuracy, it doesn't constitute legal advice and you act on it at your own risk. OK, if you're here, we reckon you're ready to make a claim! However, we're making two big assumptions. If you've got all the information above — or as much of it as you can — then you're ready to start using the appropriate tool below This is the tool to use if you think you were mis-sold a PPI policy because — for example — you were told it was compulsory to get a credit deal, they didn't tell you it was included or you're self-employed and it included employment cover.
Our free online tool helps draft a letter which you can alter before sending , sends it, tells you when you've a response, keeps track of your complaint and escalates it all the way up to the ombudsman if necessary.
We do this using the complaints firm Resolver, which provides the technology, but the underlying template letters and logic behind it are ours. We're working with Resolver on many projects to combine our expertise on how to complain with its cutting-edge technology. This is the tool to use if you were previously rejected for a PPI mis-selling claim by a bank, building society, other major financial lender or the Financial Ombudsman. Our free online tool helps draft a Plevin complaint letter which you can alter before sending , sends it, tells you when you've a response, keeps track of your complaint and will escalate it all the way up to the ombudsman if necessary.
Don't worry if you can't find all the details; Resolver says banks have prepared to process applications with just a few bits of key information. Any copies of your statements or other relevant documents Resolver lets you attach these before sending off the complaint will also be helpful. We've put all our information into Resolver and believe that's the easiest and best way to do it. However, if for some reason you decide you don't want to use the tool and are making an ordinary mis-selling claim, we have a template letter that you can either use, or use as guidance to call the firm and ask for a refund.
In the old days this often meant following a protracted dance — thankfully, it's much easier now. It's sometimes possible to deal with your whole complaint by phone. Use the information in the template to guide your conversation. We don't currently have a template letter but will let you know here and in our weekly email as soon as we do. Fill in and send a copy of the Financial Ombudsman Service's questionnaire below.
Whichever route you choose, to help, we've written a guide to take you through it, step by step. It's written in Microsoft Word so you can easily cut and paste sections or have it next to you as you fill in the form.
If you're still having problems, call the ombudsman on from a mobile. What to do if you're having problems opening the guide. Find additional details for the banks on their websites: The most important thing to understand is: You may also need to go to the ombudsman later, but you need to have written to the lender first.
Whether you apply using our new free tool or the template, it's crucial that you keep a close eye on the progress of your complaint. These are the key stages you must keep track of, and take action once you reach each one. If you're making a mis-selling claim not Plevin then at this stage you could hear back from your bank with an offer to refund your PPI premiums.
Some that offer letters may also include a leaflet from MSE and Which? The letter's hit the doormat and it's good news. You're getting a refund and it says you'll be put back into the position you would have been in had you not taken out PPI in the first place. But, hang on, before you get too excited, there's an extra sting in the tail being inflicted by some of the banks, which means you might not get as much money back as you'd hoped.
And it goes by the name of comparative redress. There are two types of PPI. One is added in full at the start of a loan known as a single premium and the other is added to your account monthly also called a regular premium. If your bank has decided it shouldn't have sold you a single premium but it should have sold you a regular premium instead — you've been offered something called comparative redress. It's basically suggesting it wasn't wrong in selling you PPI; it just sold you the wrong type.
If it's made this call, your offer will be the difference between what you actually paid and what you would have paid, if you'd been sold, in the bank's opinion, the correct product.
It'll only be used for PPI taken out with a loan and not other types of PPI, such as credit card, store card, mortgage, catalogue, overdraft or car finance insurance. You're unlikely to be affected if your case has been to the ombudsman, as it would have already looked at this part of your complaint.
Since the High Court ruled in favour of mis-sold consumers in April comparative redress became part of the regulator's rule book, so they are well within their rights to use it. Not only that, but there's also a strange rule that says how much they're allowed to charge for the replacement PPI policy.
The firm should pay to the complainant a sum less the amount the complainant would have paid for the alternative regular premium payment protection contract. The rules say this can only be used as long as it's done "fairly" and consistently.
It's often been used when the bank decides you had no other way to repay your loan if you were ill or lost your job, so you needed a way to protect your payments. It wasn't used straightaway though. A couple of lenders started in late and early Others soon followed suit but some have since stopped. See which lenders below. But the point is:. We contacted the major banks and building societies and the following confirmed they use comparative redress or have offered it in the past:.
HSBC says it offered comparative redress to a handful of customers, but it was never part of the bank's formal complaints process. Dig out your PPI offer letter and look for the mention of comparative, or alternative, redress. If you no longer have the letter ask your bank to send you a copy. If you're not sure, call your bank to ask: Whether you received your refund offer in the last week or over a year ago, if you disagree you would have bought this different PPI it's NOT compulsory for you to accept your bank's decision — and you can get your money back EVEN if you've already received a payout.
If you believe you never needed PPI in the first place, simply call your bank to tell it why. You are able to rightly reclaim what is yours.
Examples of when you might want to challenge a decision include when you already had cover from work or savings, or you repaid the loan early or refinanced so there was no need for loan insurance.
Complaints are time-barred from going to the ombudsman if it's over six months since your last contact with your bank. But don't let that put you off. Call the ombudsman on from a mobile. As comparative redress is a more recent development, the FOS said it's happy to be a point of call for enquires and will look at taking on cases, new and old, on a case-by-case basis.
If you're rejected during the reclaim stage, whether it's from an old mis-selling claim or Plevin claim using our Resolver tool, you'll automatically receive a trigger reminder to take your complaint to the ombudsman.
There'll be a few brief details to fill in and then our tool will send on the details of your original complaint to the ombudsman. Otherwise, if you're using our template letter, it'll be up to you to escalate it. The ombudsman is the official, independent service for settling disputes between financial companies and their customers. It is completely free to use, and will adjudicate on whether your complaint should be paid out.
It can only do so once eight weeks have passed from the date of your first complaint letter, unless your bank sends a final letter within the eight-week period. While the process of using the ombudsman PPI claim form is simple, and the amount of money you could receive is massive, it's not usually quick.
Your case may take a couple of years to be settled, so don't count on the cash now. Just contact the ombudsman and ask it to take on your case. The Resolver tool allows you to do this. The ombudsman will then look at each case individually, so if yours is a matter of you saying one thing happened but the company disagrees, the ombudsman will decide if it thinks the company acted fairly.
As the party with responsibility to provide full details of the insurance, the lender is expected to have more evidence on what happened to back up its case. In the last few years, of the cases that needed to go as far as the ombudsman, around two-thirds were awarded in consumers' favour.
And even if yours isn't, there's no penalty for losing — it just means you don't get the money back. Enclose copies of any paperwork that backs up your case. If you need help at any stage call the ombudsman's helpline on or from a mobile. Again, it's quite simple to fill in, though do take care.
To help, we've written a guide which takes you through the questions step by step. It's written in Microsoft Word so you can easily cut and paste sections, or print it and have it next to you as you're filling in the ombudsman's form. Ombudsman complaint form help. What to do if you're having problems opening the guide The ombudsman will then send you a confirmation letter to say it'll look into your case and get back to you if it needs any more information.
Sometimes this will take a long time, maybe even a couple of years, as the ombudsman deals with huge numbers of complaints. Though don't worry — you can leave the matter to the ombudsman to resolve and it will contact you with any offers from your lender.
The ombudsman's decision is usually made by an assigned adjudicator, but if you disagree with the result, you can ask for a formal decision to be made by one of the official ombudsmen at the service. This usually takes several months as it involves a detailed investigation into your case, but don't be afraid to push your complaint further if you think the initial decision isn't right. After that, while the finance company must accept the ombudsman's decision, you still have the right to take the company to court — see the ' Use a claims handling firm?
It's also worth noting that if you feel the ombudsman hasn't handled your case correctly, eg, there have been unnecessary delays, you can ask for a senior manager to review it. If that doesn't resolve things you've a right to go to the Independent Assessor, though this is only about quality of service, not the actual decision made. All PPI sales from January are regulated by the ombudsman, but some earlier policies aren't.
Any provider that was regulated before this will be covered by the ombudsman, so all banks' and building society loans should be fine. This makes reclaiming trickier, though it's still worth trying. This is a bit of a nightmare for some. Using the Financial Ombudsman Service is simple, and the best way to go, but it takes far too long.
PPI reclaiming numbers have exploded. While the ombudsman's working hard to get it together, it may take a couple of years to be settled.
So don't bank on getting your reclaim and payout sorted quickly. If you're in the midst of immediate, severe and provable financial hardship, let the ombudsman know. It may be able to prioritise your case. Sadly this is a common, frustrating problem.
Banks say it should be within 28 days, but it could be weeks. You'll get interest on the payout up to the date it's issued though, so that's a minor consolation. If the delay's unreasonable, there's nothing to stop you contacting your bank to say you aren't happy, and asking for extra compensation for distress and inconvenience. Banks call this 'setting-off'. Most banks have the right to transfer cash from your bank or savings accounts to pay off other debts held with them, such as credit cards or loans.
Yet a bank taking money shouldn't leave you in financial hardship. If it does, tell your bank and complain to the Financial Ombudsman Service if you think you aren't being treated fairly. A goodwill payment's an offer of a payout without the company admitting it did anything wrong. Companies rarely say they're in the wrong — they simply offer some cash to stop your complaint going further.
If you don't think it's enough, you can negotiate for more. If you still don't think it's enough, you can complain to the Financial Ombudsman Service. You don't need the help of a claims handler to do this; it's free and easy to do yourself. Usually not, although if you're in any doubt your bank has offered you the correct amount, call it to ask.
An example of this may be if your lender made you an offer including something called comparative redress. A few lenders, including Barclays, Lloyds and NatWest, have been using this system since late , and it may have meant they underpaid you, often wiping a third off your refund. It's used when your bank decides it shouldn't have sold you one type of PPI, but another was more suitable.
It'll offer you the difference between what you actually paid and what you would've paid, if you'd been sold — in the bank's opinion — the correct product. We think some lenders split payments into two parts, eg, when your account's still open and needs restructuring, the interest can be paid separately. If you're not sure what you've received and why, contact your bank to ask.
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Your nine need-to-knows incl: Don't pay a claims handler, do it yourself. Told it was compulsory? Didn't realise you had it? Self-employed, unemployed or retired? For all the latest deals, guides and loopholes - join the 12m who get it.
The nine need-to-knows PPI was an insurance policy sold or forced upon you when you got a loan, credit or store card, catalogue account, overdraft or car finance. When did PPI mis-selling start? Why was PPI mis-sold? Worse still, in June , after a month investigation into PPI, the Competition Commission found the following average payouts: Why is reclaiming possible?
Have you been Plevined? A new rule means just having had PPI means most were mis-sold. If you've previously been rejected, you're likely still due a Plevin payout Plevin could work for you if you've had a claim rejected from a bank, building society or other big financial institution even if the ombudsman agreed with the rejection. Here's what you need to know A five-year personal loan taken out in where the last repayment was 20 April A credit card taken out in occasionally used but still live on 6 April despite nothing being bought on it for a couple of years.
A year mortgage taken out in with PPI on it that was live at the end of April Rules mean that, in this circumstance, you would still qualify. Already had a payout from a mis-sold PPI policy? Plevin isn't for you. Providers can write to you explaining Plevin but there's no need to wait — claim now. I deliberately chose to take out PPI and am sure I wasn't mis-sold it — I even successfully used it to cover loan repayments for a year while ill.
Can I claim on Plevin? How much am I likely to get back? Had a Plevin offer from your bank? Don't just accept it without checking. What happens if I used a claims handler for a previous PPI reclaim which was rejected?
How long will a precedent take to be set? Does the FCA deadline on reclaiming apply to the courts? Is it worth me waiting for a precedent to be set — is there a cut-off for me going to court? How would I go to court now if I wanted to? Why are the courts differing from the regulator? What does the new deadline mean? Is everybody limited by the 29 August deadline? What happens to vulnerable people, will they have to stick to the deadline too?
We don't agree with it. If you don't know if you had PPI, who your lender was, are missing info or lack paperwork, don't worry — it's easy to find out.
Don't know if you even took out PPI? Don't have any paperwork at all? Check your credit report If you don't have any documentation or simply can't remember which lenders you've borrowed from, don't worry — you can check your credit report.
Don't think it's unlikely — take the following successes as brilliant examples: Think you had PPI and know the lender but don't have the paperwork? Contact 'em for details If you've thrown away your paperwork, don't panic: Here's a template letter to send off to ask your bank. Got your old bank paperwork but not sure if you had PPI?
Call 'em to ask The easiest way to check is to contact your lender. See contact details for the main banks. I've asked but my bank says I didn't have PPI. Is there another way to check?
There's NO time limit on how far back you can go to make a traditional PPI claim; the only problem may be the paperwork. If your policy ended over six years ago: The 'statute of limitations' means banks don't need to keep records that are over six years old. However, there is no official cut-off time so if you've still got the paperwork — while your chances of success are a little lower with older loans — many still do successfully reclaim.
There is a time-limit on Plevin claims: Although the Plevin rule means almost everyone was mis-sold PPI and is therefore eligible to claim, your policy has to have been active since April We've had many successes for traditional claims going back to the early s: MyMoneyMantra is India's leading financial services marketplace. Our services come at no cost to you. Our team of financial experts works hard to find and get you the best deal. Since its incorporation in , MyMoneyMantra has created a mark of excellence in providing the best loan deals to customers across various financial products.
As a company, we continually strive to increase our partner base in order to offer maximum choice and quality products to our customers. You can easily compare interest rates of various banks on our website. Further, you can speak to our Loan Specialists who will guide you through the entire process and help you choose a loan best suited to your requirements.
To give you a hassle free and satisfactory loan deal, we take care of your documentation process. Our specialists after guiding you on all the related loan terms will have your document kit collected, and submit them to the respective bank or NBFC. All documents to be self attested. The above list is indicative in nature and additional documents can be asked for.
The prepayment charges as mentioned above are as on date of execution of this loan agreement, however they are subject to change as per prevailing policies of HDFC and accordingly may vary from time to time. Customers are requested to refer to www. You can take advantage of this facility by paying a nominal fee and opt for either reducing your monthly instalment EMI or loan tenure.
Terms and conditions apply. A copy of the policy can be obtained by customers from the concerned branch on request.
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