Imagine checking your credit card statements because you had an inkling you were paying a premium for payment protection insurance and discovering you had a claim for over £ 20,000! Well, this is EXACTLY what has happened to a consumer last week. Within 24 hours of submitting PPI Claim Forms he discovered he had been paying PPI premiums all the way back to 1999.
A letter of claim to the lender was immediately sent for over £ 20,000 reinforced by an undenieable statement of redress for the mis sold PPI. It is becoming increasingly apparent that more and more credit cards have significant claim values and clients in many cases are unaware of the fact they are able to lodge a substantial claim. If you think you may have paid Payment Protection Insurance on a credit card, loan, mortgage, car finance or store card then you should consider making a claim – you too may discover a hidden windfall!
If you do decide to file a claim, it is important to provide the Lender with the clear facts. This can be done be providing a detailed calculation and statement of the precise refund required to place the agreement into the position where the PPI had never ever existed. The loan can then be redressed accordingly.
This can be an extremely complex calculation which is usually taken on by specialist financial claims firms, specializing in payment protection refunds. Software systems which are usually bespoke to claims management firms allow a clear message to be delivered to the Lender that the issues of PPI and other contract breaches need redressing. It is a case of saying to the Lender 'Here is the precise amount the client is due, if you do not agree kindly show us your calculation'!
In this way, the message is delivered loud and clear to the Lender that you know your rights and you are fully aware of the amount of redress which is due. After all, if you are going to make a complaint, then should you really allow the company that made the mistake in the first place decide on how much you should be refunded? If you have the evidence and calculations to support your case then you will have a much greater chance of success with your claim.
The PPI product is rapidly becoming the case for the largest financial mis-selling of all time. Consumers are advised to be fully aware of their rights so they are able to reclaim exactly the correct amount which they are owed. Only by taking into account all the factors can a true amount of redress be calculated and you never know, you may reclaim a substantial sum even as much as £ 20,000!