Claiming PPI has become much easier these days, especially after the court ruling, which ordered the banks to put aside a separate fund to compensate the victims of mis-sold PPI. If you have been looking to claim back the amount you have paid towards the mis-sold PPI for so long, you need to keep certain things in mind. Here are those few things –
- The first and the most important thing is to check your loan and credit card agreement and documents. If the documents have any mention of terms like loan insurance, payment protection insurance, credit insurance, loan protection insurance, and so on, it means that you have been sold PPI.
- The next thing to do is to identify if you have been mis-sold PPI. Ideally, there is a checklist available online with which you can match the circumstance in which you purchase the insurance, and if any of the mis-selling technique was applied when you bought the PPI, you have the right and is eligible to claim back the PPI amount you paid all this while.
- The PPI letter needs to be written to the bank or the lender that has sold you the PPI and they ideally revert back within 2-3 weeks. If the PPI refund request has been approved, which is generally the case in straightforward cases, the money would be deposited directly into your bank account.
- However, in cases when the PPI refund request has been rejected by the bank, you have the right to knock the doors of the Financial Ombudsman Services.
- The FOS would handle the dispute for you and their decision would be binding upon all the parties. They verify the claim as well as check why the bank has rejected the request, and upon thorough investigation conclude their verdict.
- In case the FOS also rejects your application request, then you have the option to hire a lawyer and file the case in the court of law against the bank, but that can be an expensive affair.
It is advised that you check how much money is at stake and how much the legal procedure will cost, before you go ahead. It doesn’t make sense that in order to get the PPI refund; you lose more money in fighting the case against the bank.
Author Bio – Jennifer Lawrence is one of the top most blogger in the finance niche and has written many articles on PPI that has helped millions of people find the right way to get their refunds.
