Some Unknown Facts about PPI Compensation Claims in 2017

Many people are still not aware of what PPI is completely and while many have claimed their money back from the bank, others are still waiting to get the right answers to their queries on PPI. The information is freely available on the internet and can be taken from the bank as well.

If you have purchased credit card, loan or mortgage from bank, starting from 1990s, then there is a high possibility that you have purchased PPI too. If you don’t know already, checking with the bank is a good idea. You can also in the meantime check your documents and see if you find PPI anywhere. This would help you get the idea and to know the approximate amount bank owes to you, visiting is a good idea. Using the PPI calculator would help you know how much bank would repay you and what claim to file for.Image result for Some Unknown Facts about PPI Compensation Claims in 2017

Here are some facts about PPI compensation claim in 2017 that you should know about –

  • There might be a deadline looming for PPI compensation claims. Banks and financial institutions are campaigning for a deadline to be imposed for PPI claims. The deadline might be summer of 2018 but no announcement has been made yet.
  • If the lender or the bank had written to you that you have a PPI claim, then you need to act within three years of receiving the letter. In addition, the account for which PPI was bought need to be active to make a successful claim.
  • The banks need to provide a reply to your compensation claim within eight to ten weeks otherwise they can be fined. Since everyone knows that PPI was mis-sold, the compensation claims are resolved very quickly.
  • Even though PPI compensation claims are becoming more complex, it does not mean that you should worry about it. Even if your compensation claim is complicated, there is no reason why you cannot get your money back.
  • You can also hire a PPI compensation claim company to help you file your claim since they have the knowledge and the experience to help get your money back.

These are the few facts about PPI you need to know to ensure that you file for claim more confidently and have the knowledge necessary to file the claim without hassles.