If you feel that you have been mis-sold PPI and is eligible for the PPI refund, the first thing that you need to do is to understand the process of claiming a PPI refund. There are millions of people who have lost thousands of pounds in paying for the PPI premiums over the years, but after the recent verdict of the court, it has become much easier to get the PPI refund. The people can simply fill the PPI claim form along with the relevant paper works, and the rest would be taken care of the bank. Most of the people are confused and finding the answer of the question – Have I got PPI? However, the best way to know this is to check the loan documents and agreement papers.
If there are any terms like loan insurance, credit insurance, payment protection insurance, and similar sort of terms, it means you have the PPI. Once you have identified that you have the PPI you didn’t know about, you need to sort out and identify the circumstances and the reasons through which the PPI was mis-sold to you. Then, you need to follow the below mentioned steps to claim PPI successfully.
- Contact the bank and file a complaint over the phone and follow the procedure they mention to claim PPI.
- You can write a letter explaining how the PPI was mis-sold to you, along with the loan agreement and documents.
- Along with the letter and the agreement paper, attach the PPI claim form of the bank.
- They will revert with their answer within a few days.
- You will get a complaint reference number, you need to keep safely.
- If the refund is approved, you will get the money deposited in your bank or a check would be issued in your name and sent via post.
- If not, you can take up the issued with the Financial Ombudsman Service (FOS)
- If they reject, you can ask for a case specific FOS inspector to be appointed in your case.
- If he also rejects, the only option left is to hire a lawyer and file the case in the court of law against the bank.
Claiming PPI successfully is not as difficult as it used to be, because the rule and regulations have become stricter and the Financial Ombudsman Services also verify and investigate thoroughly for the benefit of the consumers to help them get justice and the rightfully deserved money, quickly.
Author Bio – Vicky Dewan is a noted author, journalist and writer. He has helped cover the PPI scandal from the very beginning and his writings have helped many find the right way to get their money back from the banks.