For the past several years there have been thousands of credit consumers who started making PPI claims when the news broke out that a lot of policies have been mis-sold from when it was introduced in the financial services industry market. People have started checking their loan, credit card, mortgage, and other finance agreements for references to the insurance and to find out how much they could probably be owed by the bank that sold it to them.
The truth is, since the scandal broke out, you could also be one of these people who have been cheated into buying an insurance policy designed to help you keep up with your debt repayments in cases of accident, sudden unemployment, and sickness. You could start by following what they did if you believe that there were selling regulations that were breached when it was offered to you.
Apparently, you might also be one of those who did not know that PPI has been sitting in your account all along. So it’s high time you go over the documents you have. Check your statements, your loan agreement forms, mortgage documents, or whatever relevant paperwork you have that has any indicators of Payment Protection Insurance and see how long you have had it and how much money you spent on it. You’d be surprised at how much you had been ripped off.
After you have checked your documents, get in touch with your bank by writing and telling them that a PPI mis-selling took place and that you want to reclaim the money paid to the policy premium and whatever interest incurred. State the reasons it was mis-sold to you and let them handle a though review afterwards.
Generally a policy is considered mis-sold of the consumer was totally unaware that it was applied into their account without their knowledge and permission. A lot of these incidents have happened for years and people have been utterly furious upon discovering such.
PPI claims are also made on grounds of misrepresentation of information. If you were told that it was a compulsory product or it determines the approval of your credit application, then PPI was mis-sold and should be reclaimed.
There are also other grounds for making PPI claims. If it happened that your eligibility was not established prior to signing-up, then you can demand a refund. Eligibility requirements such as age, pre-existing medical condition, self-employment, and full-time employment status; together with establishing your need of the policy should have been determined. Otherwise, it would have just been a dead policy.
As mentioned, a thorough review of your case will have to be made. Your bank will refer to your letter, the evidence you attached to it, and the account information they have of you in their database. Allow them to weigh the case around for roughly 6 or 8 weeks. A few delays may be encountered if PPI claims are lacking evidence and information, so make sure you’ve got everything in.
When the bank has reached a decision they should get in touch with you to make an arrangement for payback. Otherwise you need to contact them and find out what has gone on. If they fail to give you a justified decision or if it happens that they deliberately did not contact you at all after making the claim, you can take it up to the Financial Ombudsman Service.
When you lodge a complaint at the FOS against your bank, their decision or lack of communication with you will be questioned and you PPI claim will be up for another review, this time by the Ombudsman. They are going to have to ask you, if needed, additional information, as they will with your bank.
When they decide favour your case, the bank will then be required to return all your money – the total amount paid to the PPI premium, plus the interest incurred over time.
As you can see, there’s a way that you can prevent yourself from getting broke and wondering what happened to your money. Start looking into your account paperwork now and make that PPI claim at the earliest possible time.