Right, we’re doing a Mayan prophesy post and yes I know it’s boring and been covered loads by everyone but if we’re all going to face an apocalyptic event in less than a week I want to be able to say I warned you. Plus there isn’t any pictures of goats in the press at the moment, but there is one of a lone Udinese fan, but I couldn’t think of an angle, anyway I’m rambling now because I’ve got no idea how I’m going to link this post to PPI claims but here goes…
If the end of the world is on the 21st of this month then we only have 7ish days (at the time of writing) left to do fun stuff, so we should all be feeling a sense of urgency. In fact ‘urgency’ is exactly what PPI claim companies want you to feel when they tell you “Time is running out to make your claim”. The truth is; there’s no time limit on claiming back PPI payments at the moment. Sure, the sooner you claim the sooner you’ll get anything you’re owed but there’s no date after which you can’t seek a refund.
Ministers and banking execs have called for one but there are no plans to put one in place. That said it’s best if you claim within 6 years of a loan ending or within 3 years of discovering PPI mis-selling, whichever is longest – your case will stand a better chance.
When anything good ends you have a period of reflection, take the end of the year (if we all make it) – you’ll think back over what you achieved and what you didn’t. Then the new year comes and you forget it all. Well think back over all those old loans, credit cards, car finance arrangements and mortgages, some of them may have ended but you need to reflect on them because mis sold PPI may have been hidden in the agreements.
Dig out the paperwork or ring the lender and ask for it, if you’re doing the latter then ask them how much it will cost to send you the information. Look through it and think back to the initial conversation with the sales person, did they mention PPI?
In the US, people have actually paid hundreds of thousands of dollars for underground bunkers in an old cold war missile silo, ready for the supposed end of the earth. One Company in California even runs a course teaching people how to survive after the cataclysmic event. Sales of kerosene and tinned goods has steadily risen as has bottled water so one thing’s for sure – if you’re going to start selling inflatable dartboards, chocolate fireguards or underwater hairdryers; America’s the place to set up shop.
Jokes aside, the point here is that whether the Mayans were right or not, these people are all very well prepared, which is what you need to be if you’re going to reclaim PPI by yourself:
– Dig out your loan/credit card/mortgage paperwork
– Be ready for potentially awkward phone calls with current/ex lenders
– Prepare for delays in your lender replying, don’t get frustrated – they have to get back to you by law
– You’ll need to dedicate some time to the paperwork required when claiming, so download the letters and find a quiet room to fill them out
Ultimately, be prepared for a wait and don’t expect the cash inside 8 weeks. It might come sooner, but probably won’t.
With impending doom probably consuming your thoughts, you might consider making some religious allegiances in the final few days, you know, just in case. But which one to choose? After all – there are quite a few. If you don’t want to reclaim PPI cash yourself then the same can be said of your options when it comes to choosing a PPI claims Company.
Recent Ministry Of Justice figures revealed that there are over 900 PPI claims companies operating in the UK, so which one do you choose?
OK, I’ll be a bit more impartial, here’s what to look for in a good PPI Company:
– Ensure they are No Win No Fee, it sounds like a given but some companies still charge you to make a claim, win or lose. Most don’t but always check.
– Check their fee, most charge 25% + VAT payable after a successful payout. They should explain the fee with an example before signing up. So if you’re due £2,500, then they’ll want £750.
– Avoid claims companies that charge a fee for ‘future savings’, for example: you’re one year into a 5-year £5,000 loan. The PPI cost attached to the entire borrowing is £1,500, and you’ve paid £300 of it up to now.
If your PPI claim is successful, the bank will give you £300 back, but some companies will charge you 25% + VAT of the total amount that you would’ve paid over the 5 years, which in this case would be £450. So you’ve received £300 back but are being charged £450, meaning the whole experience has actually cost you £150.
Much like the Mayan prophesy; mis sold PPI has been all over the press in the last 12-18 months, whether it’s through the extensive news coverage or payment protection insurance claims companies pushing their services. You’ve been reminded over and over (and over) about the fact that PPI has been mis sold, it’s annoying I know (that’s why Oracle Legal doesn’t do any advertising).
But behind all of the straplines, statistics and average refund figures is an important message – if you have been mis sold PPI then you’re owed money, it’s yours and you just have to ask for it. Same goes with the prophesy – if that meteorite whizzing past earth at the moment decides to take a left, don’t say you weren’t warned!
And there we have it, it seems the Mayans can teach us a thing or two about making PPI claims or at least I’ve made it sound like they can. Either way you’ve discovered what PPI claims companies and Religions have in common and learned just how gullible Americans can be – result!