Get Your PPI Reclaims Now! : How Do I Choose the Right PPI Claims Company?

These past few years, almost everybody is talking about getting hold of their PPI reclaims.  So much hype has been created on how banks and financial institutions have maliciously sold PPIs (Payment Protection Insurance) to almost all their borrowers. You joined in the bandwagon and discovered in your loan agreement that you have been a victim of a mis-sold PPI. You do not have the time to go through the tedious process but the amount you are entitled to reclaim is so significant, you do not want to pass on the opportunity.

Making the Right Decision

You have decided you want to make a PPI claims company do all the dirty work of your PPI reclaims.  That is not the end of the line. Actually, your work is just starting. You have paid hard earned money for a PPI you did not need. That was money down the drain. Now the drain can be released and the money reclaimed. You need to make the right choice amongst the mushrooming claims management company. How do you make the right decision? Do some research and get answers to these questions:

  • How much do they cost? A legitimate claims company will usually charge a maximum of 15% of the claimed amount plus VAT. Cross out a claims company that will charge more.
  • Does the claims company have a minimum guaranteed fee? If they do, it must not be more than 50% of the possible reclaim amount.
  • Do they charge only for successful reclaims? Reputable claims companies only charge when they win your case.
  • Is the staff assigned to work on your case highly qualified for the task?

You have been remiss on your responsibility of checking the paperwork when you applied for a bank loan. As a result, you were mis-sold a PPI. Be more cautious now; make sure you are working with the right claims company.

Establishing the Reliability of the Claims Company

After checking on the administrative details of the claims company, check on its reliability. First things first. Check if the claims company has a license number with the Ministry of Justice. If they are, then they are well regulated and have the expertise to handle your PPI reclaims.  Check too, how long the company has been in existence and their batting average on successful reclaims.

If the claims company harps on the fact that they can guarantee your reclaim, will be able to guarantee a higher reclaim amount and the reclaim process is faster with them, they are exaggerating what they can do for you. Reliable and reputable claims companies do not emphasize these points.

Are You Better Off With a PPI Reclaims Company?

While you have the option to handle your own PPI reclaims, a claims company has the financial and legal expertise to handle your claim. If you have chosen a reputable claims company, for sure they have handled a lot of successful claims. The claims company may have even handled a claim with the same bank or financial institution as yours. More importantly, a claims company knows the right way to deal with the Financial Ombudsman Service.

Thoroughly check on the background of the claims company. Trust your instincts in making your choice. Only you know the answer on which company to choose for your PPI reclaims.

When Is a Level Term Life Assurance the Most Appropriate Insurance Coverage?

Level term life assurance or insurance refers to the fix death benefit amount applicable for the duration of the policy. Simply put, the amount your beneficiary will receive remains the same regardless of whether the benefit is claimed on the 100th or the 1000th day of the policy.

Level term life insurance is one of the cheapest life insurance coverage you can purchase to ensure the financial protection of your family in the event of your death. Level term insurance remains constant and does not appreciate over time and is only valid for a determined period of time. When your policy expires, the death benefit expires too. Never mind, at least you are still alive!

How Different Is an Annual Renewable Life Insurance From a Level Term Life Insurance?

Term life insurance is an insurance cover that has a fixed annual premium with a predetermined coverage period. Term life insurance comes in two forms:

  • Annual Renewable Term Life Insurance. This type of life insurance is valid for one year with an option to renew annually. Each year the term life insurance is renewed, the annual premium increases.
  • Level term life assurance or insurance. Premiums for this type of life insurance cover are basically higher than an annual renewable term life insurance. The annual premium though remains the same for the duration of the life insurance cover which is usually a 10 20 year period. Once the cover expires and you still qualify, a new policy will have a higher annual premium.

When Is a Level Term Life Assurance Most Appropriate?

A level term life assurance or insurance is most appropriate when you have a mortgage to pay. When you have a mortgage to pay, you want to make sure that no matter what happens to you, your family will not be ejected from your home due to non payment of mortgage. The duration of the level term life insurance is coterminous with the duration of the mortgage or until such time the mortgage is fully paid. In short, you will only need cover while you are still paying your mortgage.

Level term insurance is also appropriate when you have other types of loan that need to be paid regardless of death. Some people purchase level term insurance simply because they want to bequeath a certain amount of money to their loved ones when they die. Level term life insurance is preferred by most individuals because of these features:

  • Level term life insurance is temporary.
  • Level term life insurance allows the insured to have maximum coverage for the least amount of money spent.
  • Cheaper premiums give you the opportunity to purchase a higher amount of coverage if you are still young.

Does a Level Term Life Insurance Have Any Limitations?

 

While a level term life assurance is more appropriate when you have a certain amount to pay in the event of your death, this insurance cover is only good for your interest only mortgage. If your mortgage reduces as you pay (standard repayment mortgage), a decreasing term assurance is what you ideally need.  Premiums for a decreasing term assurance, decreases as the policy nears expiration.

A level term life insurance has cheaper premiums. Before you purchase a level term life assurance, though, make sure it is the type of insurance cover you need.

Is Whole Life Insurance a Runaway Winner?

Whole life insurance is an insurance coverage that combines a death benefit with an accumulated cash value. This type of insurance policy is designed to provide the insured with both safety and stability. Safety and stability are assured because whole life coverage has affordable premiums and a good amount of annual dividends.

Why Choose a Whole Life Insurance Policy?

It can be quite difficult to choose the type of life insurance that would be a perfect fit for your needs. When you are faced with a lot of life insurance policies, you will never go wrong with a whole life insurance.  Whole life coverage is a runaway winner because of these features:

  • The beneficiaries of a whole life coverage are covered while you are alive, making it more comfortable to own than a term life insurance policy which has an expiration date.
  • The monthly premiums you pay have a cash value. You can take out a loan out of your accumulated cash value.
  • If you have a high income and have reached the limit of your tax deferred investments, a variable life or variable universal type of whole life coverage can be an added investment.

When the insured individual finally meets his end, the beneficiaries of his whole life coverage will receive a lump sum amount provided his coverage is active.

Whole Life Insurance Is Not for Everybody

While a whole life insurance is considered a runaway winner, this insurance policy is not for everybody. Premiums for a whole life policy can be expensive. In return, premiums paid, less insurance and other incidental costs are deposited by the insure to the insured’s cash value account.

There have been a lot of whole life policyholders who did not anticipate the difficulty they would have in paying the annual premiums causing them to cancel their policy. Policyholders who cancelled their whole life coverage because of certain difficulties should have been more comfortable with the less costly term life insurance.

Whole Life Insurance vs. Term Life Insurance

During the 1949s all the way to the 1970s, most individuals opted for a whole life insurance. In the 1980s, the Tax Equity and Fiscal Responsibility Act (TEFRA) became a law and most banks and insurance companies started to be susceptible to interest rates. Most individuals who had whole life coverage converted their policies to term life insurance policies.

Today whole life wins over term life insurance in more ways than one:

  • Whole life coverage has a cash value with interests being tax-free. In short whole life coverage is an earning investment. A term life insurance policy provides only a death benefit and that’s it.
  • Term life insurance is a temporary insurance valid only for a specific period of time. The cost of premiums is level for the duration of the term life policy. However when the policy expires premiums for a new policy increases making them no longer affordable. The increase in premium has caused a lot of policyholders to cancel their policies.  Conversely, whole life coverage has an annual level premium. Since the premiums do not increase it continues to be affordable.

 

Whole life insurance is a good financial; however care must be done in choosing this insurance coverage because it is not for everybody.

DYI: What Are the Dos and Don’ts in Reclaiming a Missold PPI

Are you confident you have the time, energy and patience to work on claiming your missold PPI? Almost all customers who have taken out a loan, mortgage and credit card have been mis-sold a Payment Protection Insurance (PPI). Most high street backs have committed to making available billions to repay mis-sold PPIs. Claiming a mis-sold PPI can be mind boggling especially with banks and financial institutions trying to take every effort to delay the release of claims. You have all the right to reclaim your mis-sold PPI. Work on it now and get your money back.

Make Sure to Do These Things

Before working on claiming your missold PPI, go over your documents to check if you have been mis-sold a PPI. Be patient, more often than not, you will not find an entry on your paperwork with the term PPI. Banks and financial institutions have creatively used a lot of aliases to conceal an added PPI in your credit agreement. Look out for terms you feel relates to a PPI. Once you have confirmed you were indeed mis-sold a PPI check on the amount you have paid and for how long the PPI policy has been included in your account. After the presence of a mis-sold PPI has been established, make a decision on whether to process the claim yourself or hire the services of a claims management company.

Don’t Ever Do These Things

If you are working on claiming your own missold PPI, do not allow your emotions to get the better of you. The reclaiming process can be overly stressful. The key to a successful reclaim is your patience and determination. Here are the things you should never do when processing your reclaim:

  • Do not be too anxious into immediately having a successful reclaim. Proving your case and eventually getting a decision can sometimes take up to 8 weeks. The length of time it takes to get a decision depends on the weight of the evidence you attached to your PPI reclaim letter.
  • Do not allow your anger to be obvious in your reclaim letter. It is understandable that you are furious for having been cheated and misled. Antagonistic content however may take over the evidence you are trying to present. Be as objective, courteous and reasonable as you can get when preparing your reclaim demand letter.
  • If the bank does not get back to you weeks after you have forwarded your PPI reclaim demand letter, do not give up. Hang in there and wait further.
  • Do not just sit there and runt if your claim has been rejected by the bank. This does not mean you do not have a mis-sold PPI and do not qualify for compensation.  File a complaint with the Financial Ombudsman Service.
  • Do not allow the bank to intimidate you and talk you out of dropping your case to reclaim missold PPI.

 

 

Are You Overwhelmed?

Are you starting to get overwhelmed?  Are you starting to get stressed and losing your patience? If you answered yes, consider having a claims company handle the claiming of your missold PPI.