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What Happens When Your PPI Claim is Denied?

Payment protection insurance (PPI) is used by millions of UK citizens to protect them from missing their mortgage, loan or credit card payment when something unexpected happens. An injury, illness, becoming unemployed or other reason that is covered means that the loans will still be paid on time.

However, it was revealed that in recent years many bank and lending institutions abused the PPI system and overcharged their customers. The courts and the government have stepped in to provide a system for borrowers to get their money back. For most people, the PPI reclaim process is successful and they have received what was rightfully owed to them. But what happens when your PPI claim is denied?

PPI Claims Denial

There can be many reasons why your PPI claim denied. The first step is finding out why your claim was denied so that you can take the next step. In most cases, the reasons given for denial may be quite apparent, such as the government finds your claim to not be legitimate. However, there may be other reasons that are more hidden such as the following;

–          Filing the wrong information

–          Not filing the information in the proper order

–          Making a mistake on the information that you filed

–          Leaving out important information

Such mistakes are actually common as the forms used can be a little difficult to understand. For many people who don’t have the time or energy to fill the forms out correctly, they can make a simple mistake that gets their PPI claim rejected. So what are the steps to take when what happens when your PPI claim denied?

Go Over the Reason Why it was Rejected

If there was a specific reason that was given why the PPI claim was rejected, such as a particular form was not used, certain information not included or numbers that didn’t add up you can make that correction yourself and send the paperwork back in.

However, in many cases it may not be exactly clear why the PPI claim was rejected. In this case, it is advisable to go over your forms again to see if you can spot any mistakes, though even that might not provide you with the clues needed to file a successful claim. In these circumstances, it is important to take the next step and seek the services of a professional PPI claims company.

Seek Professional Help

A professional PPI claims company will go over your paperwork free of charge to see if mistakes were made in filing. If they do find something that is wrong, then they can file another claim for you and only charge a small percentage of what you were owed. If the government still rejects the claim, then at the very least you are not out of any money for the effort.

By using a professional PPI claims company, you have a group of professionals whose best interest is in making sure your PPI claim stand the best chance of success. When facing a PPI claim denied, you should turn to the professionals who can offer their services to help you get your money back.

The Benefit of Using a PPI Claims Company

For millions of UK citizens who have had payment protection insurance (PPI) as part of their mortgage, loan or credit card payments. The added security of knowing that if an unexpected event prevents you from making your monthly loan payment is covered by PPI is very reassuring.

However, recent news has revealed that many bank and lending institutions have abused the PPI system, either charging their customers PPI rates higher than the law allows, telling their customers that PPI was mandatory and in some cases charging PPI without their customer’s knowledge.

The government has recently set up a reclaim system that helps people who taken advantage of to reclaim their money back. However, like most government systems the filing process is somewhat complex and a single mistake can mean having your PPI claim rejected.

For those who do not fully understand how the PPI reclaim system works or cannot spare the time themselves to go through the process, hiring a professional PPI claims company does offer some strong advantages. What follows are just a few reasons that demonstrate the benefit of using a PPI claims company when trying to get your money back.

Professional, Experienced Service

The best benefit of using a PPI claims company is the experience and knowledge they bring in filing PPI claims. A professional company has years of experience which means they know all the proper procedures so that everything is done in order.

A professional company will file the right paperwork that is completely filled out correctly and in the proper order so that the PPI claims process can proceed forward. By using a professional company, you greatly reduce your chances of having a single mistake set back your PPI claim. The professionals understand what is needed in order to get your PPI claim on the right track.

No Money Upfront

The PPI claims company will not charge any money upfront for their services. Typically, they will take all of your information and evaluate whether you have a legitimate PPI claim. If you do not, then you are not charged any money. If the company believes that you do have a legitimate claim, then they will do all the work and if it is rejected by the government, they still will not charge you any money.

However, it is exceedingly rare than any professional PPI company will file a claim without almost certain knowledge that you will get your money back.

Small Percentage Charge for Successful Claims Filing

This is how PPI claims companies make the money to cover their expenses. Generally speaking they do take a small percentage of the money from the return. That means when the check is issued, it will have a percentage deducted by the PPI claims company before you get the rest of the money that is owed.

In most cases, the percentage is reasonable and certainly well worth the expense of filing for a PPI claim if you are too busy to handle all the work yourself. The benefit of using a PPI claims company and the percentage that they charge outweighs the risk of the time and money wasted in trying to file a claim that may not be legitimate or full of mistakes.

 

Have You Been Overcharged Interest on Your PPI

Payment Protection Insurance (PPI) has been used for mortgages, loans and credit cards to protect borrowers if they are forced to miss a payment. However, news of how certain bank and lending institutions over the years have misused the PPI system to their own benefit has allowed borrowers to reclaim much of their PPI payments.

There have been a number of abuses in the PPI system over the past decade. However, one of the most prominent has been interest overcharging. Essentially, this means that lending institutions have overcharged on the interest rate that is allowed by law. In some cases, the overcharging was up to four times or more of what was allowed by law.

The standard interest rate for PP insurance is 8%, which means that banks and lending institutions could charge 8% of the total amount of money allocated for PPI coverage. This was a way for lenders to help cover the cost of PPI insurance. However, there were many abuses to the system which allowed some lenders to overcharge. Here are a few examples of how these lending institutions abused the system so they could overcharge.

Telling Customers that PPI coverage for their loan was only available at their institution.

As a borrower, you can obtain PPI insurance for your loan from any qualified institution no matter where you got your loan. By the lender telling you that PPI for your loan was only available at their institution, they might have charged you rates that were over and above the 8% as required by law.

Informing their Customers that PPI was mandatory.

This was another common tactic that was used by lenders abusing the system. While PPI is mandatory for certain types of loans, it does depend on the financial situation of the borrower. The law explicitly outlines what types of situations require PPI. In many cases, people who were told that PPI was mandatory were simply not true. In turn

How to discover if You were Overcharged

If you feel that you might have paid too much for PPI coverage, then there is a simple method to find out if you were overcharged. Take your last monthly loan payment statement and see the breakdown of what was being charged. Your PPI interest should be separate from your loan and other charges.

If you do the math, the total percentage should be around 8%. If it is much higher, you should have another person double check your figures. You can at this point start seeking professional help if you feel that you were overcharged.

What to do if you believe You were Overcharged

There are professional institutions that are specifically geared towards getting your money back if you were subject to interest overcharging. The reputable firms that handle PPI reclaims will not charge you upfront for their service. In fact, if they find that everything is in order, you were charged the proper amount and the PPI was legitimate, you do not have to pay any money for their services.

However, if you find that you were the subject of interest overcharging, and then you can have the professionals file reclaim PPI proceedings for you or you can do it yourself.

PPI Claims Company to Claim Back PPI

Are you looking for the best company to help you claim back your PPI? With the news from Lloyds and Barclays about their increased pot of money to cover the misselling of PPI (Payment Protection Insurance) because of the claims that they are expecting in the next few years it has never been a better time to look at claiming.

There must be a reason why you have not claimed up until now? The most relevant reason is that you probably don’t know that you have had PPI, sadly the old grey matter means that it is hard to remember what went on a few years back. Let’s face it when you wanted a loan or card the most important thing on your mind was getting it and not some insurance that the guy sorting the forms was bleating on about.

The other reason is that people do not have paperwork or account details and feel the bank cannot locate the information.

This is where we can come in, we have been dealing with bank complaints since 1999 and before this had various roles in one of the main high street banks and so know their sales methods having been trained in the art of misspelling.

So what can we do? Nice and simple all on a no win no fee basis we will find the account details. Again don’t worry about how far back we can go as a general guide about 10 to 15 years but our oldest successful claim was the beginning of the 1980’s and from a claim we submitted to the ombudsman 1988. So we prefer to look at all the firms that you had finance with from Loans through to cards, HP and even mortgages and from there look at whether PPI was applied and if it was apply for a refund.

If for some reason there is no PPI, the lender cannot locate your information the claim is unsuccessful then there is nothing to pay as it is a no win no fee agreement.

If we are successful the fee is 25% and that includes the VAT, so what have you got to lose. Just email your name and address and the details can be forwarded to you to get the ball rolling.

About 15 million policies remain unclaimed since 2001, so there is a good chance that you have one!

We work on a No Win No Fee basis so if no PPI is found or if a refund is not agreed then there is no fee to pay so don’t delay email your name and postal address to info@rymltd.co.uk or call on 01752 840623 to run through your situation.

When Will PPI Claims End?

The PPI scandal that rocked financial institutions around the UK has allowed thousands and thousands of people who overpaid on their loans to get back the money that is owed to them. However, there may be thousands more who have not made any attempt to reclaim what is owed them because they feel that their time has passed or that the loan was created too far back for them to get their money.

Essentially, payment protection insurance (PPI) was instituted to protect borrowers when they could not make their monthly payments on their mortgages, loans or credit cards. Reasons such as illness, injury or unemployment were covered under PPI which provided the payments until the borrower could once again make they payments themselves.

However, it was revealed that many banks and lending institutions abused the PPI system for their own benefit. This meant that for thousands of borrowers, they were paying PPI interest rates that were above what the law allowed, where told that PPI was mandatory when it wasn’t or even that they were charged PPI without their knowledge.

The scandal caused the government to set up a program that allows for borrowers who have legitimate grievances to reclaim the money that was taken from them. For those who want to file a claim, it must fall under one or more of the reasons that are presented here;

–          PPI was charged without the knowledge of the borrower

–          The borrower was told that PPI was mandatory when it wasn’t

–          The interest rate of the PPI was higher than what was required by law

–          The PPI coverage did not match the value or length of the loan

–          The borrower was told that PPI coverage was not available from another lender

–          The borrower was above the age limit when PPI coverage was instituted

These represent the most common reasons that allow borrowers to reclaim PPI payments. In fact, any incident that misrepresented PPI coverage to them, such as being told that PPI improved their credit or not being fully explained the value of PPI could also qualify them to reclaim their money.

With the current rush of PPI claims being made, many people may be under the impression that time is running out in filing a claim. However, at the current time there are no plans on stopping the PPI reclaim program. This is mainly due to the fact that there are still thousands of people who are either have not reclaimed their money or are not aware that they still qualify for a PPI claim.

For those who believe they may have a legitimate PPI claim, there are two options that they can pursue. They can file the claim themselves or seeking out the help of a professional firm that can do the filing for them and charge a percentage of the money that is returned.

When will PPI claims end? The answer certainly appears to be that it won’t end until everyone has had the chance to reclaim their money no matter how far back the loan was written or when it ended as long as they qualify for repayment.

Which Banks and Financial Institutions Were Involved in the PPI Scandal?

PPI is now referred to as the UK’s biggest financial scandal of all time, but how did payment protection insurance begin and who were the major players in this great scandal that has rocked the UK’s financial industry? The PPI, by all intents, began as a genuine attempt to cover borrowers against any future inability to pay up loans ranging from mortgage, credit card debts, or unsecured loans. This was done in case those customers would be unable to settle those debts in the future due to factors such as illness and unemployment which might lead to loss of income.

So this was a standard insurance product but it was “mis-sold” by slick insurance salesmen and frontline staff as most customers were not aware of what they were paying for, and in some cases customers were even pressured into purchasing the PPI claims.

Banks involved with the scandal

All the major UK banks and building societies sold PPI often in cooperation or collusion with affiliated insurance companies. Those banks are now represented under the umbrella of British Bankers Association. Some of the top insurance companies and brokers were also involved in the sales of PPI include Aviva Life Insurance, Prudential, Friends Life, Phoenix and Royal London. Amongst the British Banks, Lloyds was one of the leading distributors of PPI along with HSBC, RBS-NatWest, Co-op, Santander, Nationwide, Clydesdale, and Barclays. Here are a few of the banks that distributed the PPI products to their customers and are currently mired in multi-billion pound PPI compensation claims.

Lloyds

Lloyds was one of the largest distributors of PPI services in the UK and the British bank received the largest number of at over 860,000 PPI complaints in the first 6 months of 2012. Lloyds has paid out over £2 billion so far and is expected to run out of its allocated PPI compensation provisions in November this year.

Barclays

Barclays was another major distributor of PPI to its clientele and has so far received the largest number of individual compensation claims at 442, 266. The bank is expected to run out of its PPI provisions by December this year.

Royal Bank of Scotland

RBS has received 362,869 PPI compensation claims and its PPI compensation provisions will likely run out by March 2013

HSBC

HSBC is also amongst the major banks that actively distributed PPI although it has not been faced with the scale of PPI compensation claims as the other big three. At the current rate of compensation, HSBC is expected to deplete its provisions by August next year.

Many other smaller banks that are members of the British Bankers Association along with building societies were also involved in the PPI scandal although not on a scale similar to that of the biggest financial institutions in the UK.

Is It Difficult To Make A Claim For PPI Compensation?

The declaration that PPI had been mis-sold created a big issue among people who had been paying out for this type of insurance. Many people are constantly trying to claim their money back.

Two ways to claim PPI compensation

  • Make the claim through a claims management company.
  • Make the claim yourself.

 

Using an agent from a Claims Management Company

You can go to a no win – no pay agency. Once you contact an agent to handle your PPI claims, your hired claim adviser will begin to investigate your case. It is paramount that you co-operate with your agent, providing this expert with important documents and data that will support your claim.

The hiring of your claims company tends to make the process smooth. In many instances, the payout is made faster. These experts know what they are doing. so the insurer or bank may not be strict in screening the claim. Furthermore, the claims company has solicitors that provide advices to the clients or claimants. This makes the claim correct and the insurer or bank can be forced to compute the right amount. However, the difficult part is the payment of consultant fee which can amount to 25% of the total claim.

Making a claim independently

This just means that you are claiming the PPI benefits by yourself. While claiming the benefit under this scheme, the first thing you need to do is to compile your documents, receipts and evidences of payment that are related to the loan agreement. This will prove that payment protection insurance was collected. This can be a tough job as the lender might not have provided you with copies of the PPI – loan transactions.

When you have all the paperwork, you need to contact your creditors in order to file your request for PPI refund. This is another tricky endeavor because the bank may dispute your claim. There are times when you have to even go to court to prove your stand. This makes you lose interest in your claims because you will have to employ a solicitor.

The other problem here is that the bank may not pay you the right amount or may give you a lower amount. Then if ever the bank pays without resorting to court, the payment process can get stretched for several months.

Claiming your PPI refund without the help of a professional company can prove to be difficult.  Just pay a small fee to your company and remain hassle free. If you do not want to pay the fee, you will have to endure expected difficulties and long process.

 

Can You Reclaim PPI for a Deceased Spouse?

A lot of people have had PPI applied to facilities with banks and lenders and unfortunately passed away. If this is the case then the spouse or husband/wife can make a claim. It can take a bit more time than a normal claim due to the lender needing some additional paperwork such as death certificate but apart from that it is a claim as usual.
 
There is no problem in claiming on a deceased estate and there should be nothing to put you off as you do not need paperwork or information confirming that PPI was applied as we can obtain this on your behalf.

We deal with a lot of clients where their husband has sadly passed on and have successfully recovered money on the wife’s behalf. This can apply to any facility where our same terms apply in that if no PPI is found or we obtain no refund there is no fee payable as we work on a purely no win no fee basis.

Banking companies for several years were guilty of mis-selling payment protection insurance, we can provide help to claim back that which you are due. PPI is usually available to people to make certain they were able to meet their finance repayment schedules at times of monetary trouble for example loss of a job or perhaps severe illness. Payment protection insurance ended up being mis-sold to many people that just didn’t require it such as retired persons as well as self-employed, so that bank personnel and loan providers could easily receive huge commission fees. A dishonest approach was to tell the purchaser that the particular loan could solely be obtained equipped with payment protection insurance bundled. Virtually every bank and loan companies within the United Kingdom are accountable for some form of payment protection mis-selling.

You have been most likely mis-sold PPI if:

 

  • The PPI agreement ended up being included in the loan with out your actual knowledege
  • It wasn’t discussed that Payment Protection was in fact non-compulsory
  • Although it was quite clear PPI had not been acceptable you had been nevertheless advised to consider it
  • You weren’t informed about any specific exceptions to claiming Payment protection insurance which include health concerns and self employment
  • That you were never told that your particular PPI arrangement would conclude prior to the closing loan settlement date
  • You actually felt pressured into obtaining payment protection insurance

We’ve got several years experience in claiming back Payment protection insurance and will be able to help you claim back money you could end up being owed this includes interest charges. You won’t have to provide any original agreements or even the loans policy number to create a claim. Our company is able to claim in some cases around 15 yrs of mis-sold Payment protection insurance for our own clients. If you feel you have a PPI claim, Recover Your Money Ltd can quickly and efficiently help you claim any money that you are owed.

 

Make a PPI Claim Even With Lost or Missing Paperwork

Have you thought of making a claim for the mis-sale of PPI but haven’t because you believe you cannot make a claim as a PPI claim with missing paperwork is not possible? If you believed that you cannot make a claim for this reason then fortunately you are wrong. Yes you can and almost certainly should look at any borrowing that you have had both in the past and current and if paperwork is missing, has been destroyed or disposed of as the account is closed you could potentially be sat on a claim for several thousand pounds.

The vast majority of our clients do not know if they ever took out Payment Protection Insurance and they do not believe that as they cannot prove they did they can make a claim. Fortunately this is incorrect. As long as you know the name of the lenders for any borrowing that you may have had that is either closed or still in place we can find out first what facilities you have had and if PPI was applied to them. Of course there is no guarantee with anything so if we find that there is no PPI attached to whatever facility you had whether it is a credit card, a personal loan or a mortgage then there is no fee to pay. If the lender is after us checking thoroughly not able to find details there would be no fee to pay. The only time we charge a success fee, which is 25% of any refund, is if we have been able to obtain a refund on your behalf.

It is so important that you look at any facilities that you have which in many cases can go back to the 1990’s and on several we have been successful in obtaining refunds from the 1980’s although these are few and far between but everything and anything s worth looking into and we certainly love the challenge at looking at any claim regardless of how difficult says it is on the internet!.

The type of facilities that we can look into span more than just Loans, they include, and for some reason people forget these although they can have the largest refunds being Credit Cards though to mortgages, store cards and Hire Purchase, we have even found PPI on some current accounts.

About 20 billion pounds has been paid out by the banks, which is a huge sum of money. When you consider that if they were to refund all of the premiums ever charged to clients from when PPI started this figure is close to 200 billion pounds then you may realise how many people could claim. If you have had facilities in the past and have not found out if PPI was applied don’t leave it any longer contact us today!

 

Barclays PPI Claims 2013

Want to make a Barclays PPI Claim ?

If so, you’ve come to the right place!

First of all we would like to make it clear that we have no connection whatsoever to Barclays Bank Plc or any of its subsidiaries.

We are PPI Claim Management Company and we solely deal with mis-sold PPI and are very successful at winning back unfair charges and premiums on loans taken out with Barclays, or their subsidiary Firstplus. If you have been mis sold Barclays PPI then we could reclaim all charges in full (premiums plus interest), on a no win, no fee basis! Our success rate with Barclays PPI claims is 100% so if you were mis sold Barclays PPI (and many people were) then contact us right now and you could look forward to good news very soon!

Getting back (reclaiming Barclays PPI) does not affect your loan which gets restated after the mis sold PPI has been returned to you BUT there is one big difference, the total amount of your loan is much less, and so are the new monthly repayments!

Sounds to good to be true? Well maybe, but it really is true. Many people have found that they were unfairly sold PPI and as such are entitled to reclaim all charges as stated above, although the case may have to be argued with Barclays to get the settlement you deserve; that’s where we come in!

With absolutely no hassle on your part, if we take on your case we will deal with Barclays and complete all the necessary paperwork as well as handling the legal issues on your behalf. Simple, once you engage us you just sit back and wait for the repayment cheque!

If you have been charged unfairly why not reclaim PPI ?
You pay us nothing if we are unsuccessful but you should know that we have already achieved substantial refunds for many of our clients.

  •     Contact us if you think you have a PPI claim
  •     We claim back Barclays PPI mis-sold on loans
  •     We claim back Barclays mis sold PPI on mortgages

Don’t lose out, we are expert at reclaiming PPI on a range of financial services and we work on a No Win, No Fee basis. All you need to do is contact us and we’ll investigate whether you are entitled to reclaim your PPI.

Reclaiming PPI mis-sold does not affect your credit rating and it may be that you simply replace your original policy with one that offers the same cover, but at a lower price. Why pay more than you need to?

Recover Your Money Ltd is a leading UK financial claims company registered with the Ministry of Justice. We are here to assist you with claiming back money you’ve paid for unfair, overpriced, and mis sold loan insurance.  PPI reclaiming is not as easy as some people think, we are specialists in this field and will succeed where others may fail, so please do give us a call or email your enquiry to us using one of the forms above.

We can quickly assess any PPI claim on your behalf and if your Barclays PPI was mis sold, let you know what sort of lump sum repayment you can expect.

Don’t forget, reclaiming Barclays PPI DOES NOT AFFECT YOUR LOAN WITH THEM, OR YOUR CREDIT RATING.

So contact our friendly advisors today, you’ll be glad you did!

Remember, we do not charge anything up front and work on a NO WIN, NO FEE basis.