Tips To Keep In Mind While Reclaiming Mis-Sold PPI Funds

It is naturally frustrating to know that you have paid thousands of pounds on insurance product you were wrongfully sold. The money that was spent on it could have been useful in many different ways, but due to the mis-selling techniques of the bank, you were devoid of that money for a long time. There are millions of customers across the country who were paying installments towards the PPI unknowingly for long. However, after the PPI bubble burst a few years back and the court rules in favor of the customers, the banks are paying back the amount to the customers that they have paid towards the PPI.

The process of filing back the PPI is very easy, and very simple. In most of the cases, when it is clear that the PPI was mis-sold, the banks simply approves the claim application and deposits the money right into the account of the customers. But, in a few cases the banks even reject the offer. It is essential to apply for the PPI refund in a descriptive manner, so that it is clearly proved that the customer have been mis-sold the PPI. Many people even prefer to hire the PPI claim company to manage their claim application. The PPI claim companies are experienced and expert in handling the claim application, and ensures that the customers get what is rightfully theirs, without hassles. They can handle the paper works, documentation, validation queries, negotiations, and so on. Here are the few tips you should keep in mind while claim back the PPI amount.

  • Make sure that you have gathered all the documents and agreement pertaining to your loan or credit card for verification at the bank or at the Financial Ombudsman Service. 
  • If you are not able to find the loan agreement, you can always request a fresh copy with the bank and they can furnish you the fresh copy for a minimal amount. 
  • Write a written letter explaining how the PPI was mis-sold to you to the bank along with the documents and agreement. 
  • The bank generally reverts in 3-4 weeks or more, but it can be much earlier as well. If they reject your written letter, you can take their rejection letter to the Financial Ombudsman Service for help. 
  • The FOS will verify your claim and agreement and then investigate further to come to a decisive conclusion that would be binding upon all. 
  • In the worst case, when the FOS or the FOS inspector also rejects your claim, you can hire a lawyer to file the case in the court of law.

Author Bio – Fiona Anderson is one of the noted authors and bloggers in the insurance niche and has written many articles and books on the topic of PPI. Her writings have helped many find the right way to claim their PPI refund.