Millions of UK consumers are likely to make their PPI claims by the third quarter. The Financial Ombudsman anticipates receiving higher than 5,000 PPI complaints per day and ensuring bank claim centres become clogged. Submitting your PPI claim immediately is the best option and these three tips ensure it would be easy.
Contact your bank and ask to use their data access request. The request could cost around £10 but it would retrieve information from your loan or financing even beyond the six-year mark most banks postulate as beyond the amount of data they hold per consumer. This also shows the payments you have made to your PPI policy.
Now that you have the complete list of your PPI repayments, forward your claim to the bank claim centre for PPI. Rectify your claim with a letter stating the amounts you have paid, the manner your PPI was mis-sold and the amount you expect to receive post-claim. Be sure to consider the Plevin guidelines freshly introduced in the earlier months of 2017.
Lastly, if the bank refuses your claim, forward it to the Financial Ombudsman Service. The FOS would provide a result within 30 to 60 days upon evaluation of your complaint. The likelihood of banks committing erroneous rejections is high still as the FOS favours consumers seven against 10 in most cases.
If you feel you could not re-do your claim and feel it is still valid despite the FOS’ decision, you could use the help of a PPI claims company instead. Most work under a no win no fee basis. Avoid those asking for up-front fees.