Find out the Truth: Mythbusting PPI Falsities

Find out the Truth: Mythbusting PPI FalsitiesWith the on-going PPI scandal that appears the media, in one form or another, at least once a week, now is a perfect time for you to take the initiative and find out whether you have the grounds to claim. Are you missing out on money that is rightfully yours? With the current economic climate, finding money in unsuspecting places can be a godsend Ė if you have fallen victim to the PPI scandal, make PPI claims and get refunds faster, giving you cash you didnít realise you had and adding to the slush fund for that rainy day excuse.

With all the hype about PPI claims, is there anything that is putting you off taking the plunge? So many falsities circulate regarding the issue, itís sometimes difficult to separate the truth from the myths Ė this guide should help.


You Knew About the Insurance Ė You Canít Claim


In some cases, yes you can. One of the main routes the banks took, was to claim that the PPI policy was a mandatory pre-requisite of the financial agreement. This is false, and one of the reasons why the FSA are instructing banks to contact victims that they know have been mis-sold PPI. In fact, theyíre expected to write between 4 and 12 million letters[1] when there could be a lot more victims out there who have fallen off the radar.


Thereís a Central PPI Database

No, there isnít. Some unscrupulous cold-calling claim management companies say that there is to try and encourage individuals to reclaim PPI through them. If you do get phone calls from people claiming to have retrieved your details from this imaginary PPI database, itís not true. Banks are not allowed to provide your data to anybody, under the Data Protection Act, so this you canít be on this database, because it doesnít exist.

Itís too Much Hassle

If you use claim management companies, it can take all the hassle out of chasing the claim yourself, but even if you do decide to do it off your own back, itís certainly not impossible.

The chances of getting a refund are considerable, especially in the current scheme of things seeing as the scandal doesnít seem to be slowing down. Last year, £1.9bn was paid out to people all over the UK in the form of PPI compensation[1] and the expected total redress is now over £12bn[2], with 2013 being a particularly crazy year for it. So crazy, in fact, that the FOS have had to hire 1000 new caseworkers, just to deal with the volume of PPI complaints[3].

Anyway, if you donít try, you donít get Ė give it a go, it may surprise you.

You Threw the Paperwork, so You Canít Claim

Yes, you can. Even if you shredded the agreement as soon as you paid it off, banks have records too. If you believe that you may have grounds to claim, even if you donít have the paperwork to prove it, give it a go. If you think youíre a victim of this momentous PPI scandal, take the initiative to make the first move. You donít have to wait for a letter to drop through your letterbox Ė just head online to make a claim, today.

This helpful guide was provided by iSmart Solutions who specialise in getting as much of your claim back as possible and handle all the forms and leg work for you.


Dated 30 January 2013


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