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How to make a successful claim

It is not new information that many banks and lenders have mis sold PPI on a large number of mortgages, loans and credit cards. As a result of the PPI mis selling the industry is expected to have to pay a £7 billion compensation package, which is refunded to successful PPI claims.

Therefore, if you feel PPI was unethically added to your product, then you are entitled to part of that money. It is important you lodge any claim you are entitled to as the refund is something you deserve as an injured party.

1. Steps- take a note of each stage in the process of your PPI claim, including how the product was sold to you. The more information you have the more likely your claim will be successful in offering you the highest refund possible.
2. Recount- to recount your claim you must recognise the length of time you have had mis-sold PPI in your account. Make sure you note down when the loan, mortgage or credit card was first taken out and obtain all the necessary documents involved that can guarantee you have the right date.
3. Amount- as you have been unfairly charged for your mortgage, loan or credit card it is important that you know how much the bank charged you for it each month. This aspect of the claim can be difficult as some banks add the repayment for the mis-sold PPI next to the total of your outstanding debt. You will need to demand a billing statement from your bank if you have an automated paying service. If however, you manually pay, then keep hold of all receipts for the repayments you are claiming from.
4. Letters- write to your bank to inform them why you are claiming for the refunds of your mis-sold PPI. Include the date of when the bank approved your loan and the date when you were first made aware that you were mis-sold PPI. Your repayment statements are your evidence so make sure they are kept safe. To back up your evidence send a photocopy as proof for your claim.
5. Legal service- you may require the help of a legal service when lodging your complaint. Claims handling companies will often proceed under a no win no fee cost basis and will be able to handle all aspects of your claim for you, making the process easier to manage and less disruptive.

In case you have been mis-sold PPI it is important to notify your financial institution as quickly as possible.

The law grants you permission to legally fight for your PPI claim. Many people choose to use a dedicated firm or claim service because of the benefits which it offers.

Claiming directly from the lender could see them offer you a compensatory amount than is less than you deserve. Whilst this is not a guaranteed outcome the fact is banks will be eager to reduce the amount of money they pay out and that means they may have a hidden agenda.

Claim companies will not have this and that means PPI Claimline claims  and other services could provide you with your full claim entitlement.