Every PPI claim is a little different but whether you have been paying for 3 years or 6 years you have a right to submit a claim in order to try and recoup the money that you paid against a policy that was mis-sold or unlawfully sold to you. The value of these claims will vary but you can use a PPI calculator in order to get a rough guide to the financial value of your claim. You may be surprised to learn just how much you have paid and how much you owe.
When submitting the claim itself you will need to provide as much information and any evidence during the submission. Even if you do not have any written proof of what was said, it could prove an erstwhile venture to proceed anyway. Some banks have decided that their best option is to automatically accept such applications for PPI policies that were sold alongside certain types of financial product. Lenders have taken this move in order to try and reduce administrative costs associated with dealing with these claims.
All of the major high street banks and many of the country’s biggest lenders have been caught up in the scandal and this means that whoever you bank with now, or did at the time, you could be in line to pocket several thousands of pounds. Do bear in mind that this is money that you had paid over a series of months and years; money that is rightfully yours and that you have the right to claim back.
A PPI calculator is very easy to use and requires only minimal information. There is no guarantee that the calculator will show you a precise amount for your total compensation but the approximation that a PPI calculator offers can be used to determine the efficacy and validity of the claim as well as the size of potential payment. Using this information you can determine whether you believe it to be worthwhile pursuing the claim.
A PPI calculator cannot determine whether your application and submission will be accepted. While it can give you a good idea of how much you should expect to be offered by your lender, you should not take it to mean that your case will definitely be accepted. Most banks treat cases individually, although there are a number that automatically accept claims. According to the Financial Ombudsman Service there are also those organisations that are more inclined to reject the application and forward it straight to the FOS for their own investigation.
If you have applied before but were rejected then there is still a chance that you can claim now. The laws have changed and if your first application was prior to the High Court ruling, when many lenders put applications on hold or automatically rejected them, then you do have a good chance of being able to successfully submit the claim and receive the compensation that you are due.
To find out how much you could be owed, try the PPI calculator provided by leading PPI claims company, NorthernIrelandClaims.co.uk.