PPI Guide: How to Make an Effective PPI Claim

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A customer with a mis sold PPI actually worth £2,750 lost to their banks. Imagine if you have multiple mis sold PPI on multiple financing, that is going to really be a big problem. Making a PPI claim is actually easy, but you’ll need to take note of the following.

1. Proof of Purchase

Most banks reject claims that don’t have any proof that the customer purchased the insurance from their bank. Be sure to keep at least one receipt that has the address of the bank as well as an official receipt number to enable them to check into their records that you have purchased the insurance.

2. Knowing More About the Mis Selling

In proving that you were mis sold the insurance policy, knowing how your financial adviser has mis sold you the insurance is one thing. The Financial Services Authority may prove that around 75% of most claims state that customers purchased the insurance on account of their financial adviser’s statement, but you need to know why or how.

3. Proving That You’re Mis Sold

If through advice, personal statement or urging from your financial adviser that you purchased the PPI, you need to prove through evidence that you were mis sold. A medical record dating a few days before signing up for the insurance or your birthdate and last employment date could help prove that you were already unemployed, self-employed, retired or already having a pre-existing medical condition proves that you’re mis sold PPI.

4. Help from a Claims Management Company

A claims management company, such as PPI Claim Co can help you understand more about claiming. Again, if you have multiple claims, these are certainly the people you can ask help from. They can also work on your claim under a no win no fee basis.

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Effective Tips When Haggling With Lenders

Filed in Personal Finance Leave a comment

Haggling is the most effective way to at least reduce the rates of your mortgage or loan from a lender. However, a borrower needs to know a few things to ensure that they are haggling at the “right moment”. Timing, facts and research is very important when it comes to haggling with lenders and here are a few other things you should remember.

1. Credit Scores

Nothing says your authority to haggle other than your credit scores, especially if you have a score that’s over 630 and reaching 680. Most lenders will provide you with additional payment protection benefits, but if you can, you can have your rates lowered instead of having the added payment protection. Work on your credit scores first before you decide to haggle.

2. Shopping Around

You understand that your lender is not the only lender that’s around in your area. You can meet with other brokers and ask them about the rates of their respective lenders. Having at least three or four rates on hand, you can compare them and see one that has potential to lower their rates. You can use these as ammunition for your lenders.

3. Arguments

Engage with an argument with your lender regarding the rates they offer you. Allow them to explain first why they have such rates before rebutting their argument. You can tell them that other lenders have lower rates for the same kind of mortgage or financing for the same item you identified.

4. Compromise

If your lender agrees conditionally to lower the rates for a certain detail to be removed, try to see if you need what they have to take away from the deal. For example, if you believe that you could forego two “goodwill” adjustments that they offer with the standard rates, then have a go at it. Assess first which ones you need and which ones could you live without.

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