The recent buzz about PPI has shown no signs of dying in the past several years. More customers are now aware that the policy has been mis-sold to them when they took out a loan or a credit from a particular bank.
Despite the fact that it was brilliantly intended to help consumers with their debt repayment by covering a percentage of their dues in times of accidents, sickness, or unemployment, Payment Protection Insurance has had a negative impact on the majority of the credit-relying population because of the way it was sold to them.
Some people were automatically signed up to the policy, as others were made to believe that it was compulsory and should determine the approval of a credit application. Others, in different instances were kept from knowing the vital information that they needed to be aware of about the policy. While some were just ineligible but were still forced to buy it. They were either under the age of 18, over 65, had a pre-existing medical condition, self-employed, or were not employed full time. The policy sold to ineligible consumers was simply just good as dead as they won’t be able to reap the insurance’s benefits.
Whatever the case is, the scandal has already been ruled on and banks are now required to review their customers’ accounts for the possibility of a mis-sold PPI. If you believe you were one of the victims of this tactical sales process, you can make a claim in a few basic steps and allow a reasonable amount of time to have it resolved.
The first thing you need to do is to gather all your account-related documents. If you have taken out a loan or a credit card, and were mis-sold PPI alongside, the paperwork related to it will help you back up your PPI claim. Check your statements, credit agreement form, and policy certificate for references to the policy. It will indicate the amount that you paid to PPI and the duration of having had it in your account.
Once you’ve got it all together, put your PPI claim in writing. Request a review from your bank and tell them that the policy was wrongly sold to you. If you need help in writing a PPI claim letter, a lot of websites have already published templates that could help you with it. In a nutshell, you need to state your wish to claim your money back on a mis-sold PPI and why you believe it was mis-sold.
It will generally take the bank to weigh the validity of your case 6 to 8 weeks. At that time you can wait for a notification from them or call to follow up if you feel that it has long been overdue. Since the law requires them to oblige to the request, you can rest assured that a notice will be sent to you.
If your claim is successful the bank will make an arrangement for your refund. The entire premium amount you paid will be returned to you and the interest incurred over time. If they decided otherwise and you feel that there’s still something wrong about the decision, don’t hesitate to bring the matter up to the Ombudsman.
The Financial Ombudsman Service is an independent body that helps to resolve disputes like this at no cost. Lodge a complaint against your bank about their decision on your PPI claim, or their failure to communicate with you and the FOS will take over the review. The bank will have to answer their questions about your complain.
Do not hesitate to make a PPI claim if you feel that it was mis-sold to you. It’s not always easy to just shrug off a large sum of money that you could be owed this time. If there was something wrong in the way the policy was offered to you, start working on the resolution and get your results soon enough.