Payment protection insurance has had an overhaul lately, and that’s thanks to a massive scandal where companies large and small deliberately hid information from consumers about this coverage. They sold it as a cure all for everything from unemployment to disability, but all that glitters certainly isn’t gold. If you find that you have payment protection insurance hiding in some old bills, there are three bi things that you need to do:
1. Make copies.
A lot of people find themselves carrying around a bunch of original contracts. While the company certainly could furnish you with another copy, we don’t suggest that you trust them to do that. They might not cooperate, which is a separate legal issue but one that could cost you in terms of deadlines. Once you know that you were mis-sold PPI, you have a very limited deadline to take action. If you dally too long, the company that you’re trying to get money from may refuse to play along. The court could also say that they’ve made a good faith effort to help you, but you haven’t done what you needed to do. So, if you find an old contract that contains PPI, make sure that you set up a few copies of it. If you choose to seek legal action, you’ll need to give copies to your key legal team members. They’re going to want that information as they intervene on your behalf. While it’s true that they will do most of the work and most of the research, any information that you can give is always helpful.
2. Talk it out.
Seek out that zero pressure consultation. You’ll be able to ask questions, and then see where you really stand. There is only so much speculation you can do before you just go crazy, and we know that better than anyone. We’ve been talking to our readers about payment protection insurance for a while. There comes a point where you have to stop reading and seek out legal counsel. It doesn’t cost you anything upfront, so there’s really no obligation at all. If they don’t win? There’s no fee.
3. Remain positive.
PPI is the beast that sometimes takes a long time to die. What we mean is this: sometimes it’s not an open and shut legal case. Sometimes it takes many weeks and months to get a resolution. No matter how long or short your case is, the last thing that you want to do is just give up because it’s taking multiple steps. Be sure that you’re getting regular updates from the legal team, but don’t constantly call. If there’s no news, sometimes it means that things are still in motion but there’s no update. Be patient!
Overall, you can get your money back from bad PPI policies. But you have to act quickly, time isn’t really on your side in matters like these!