PPI is the UK’s biggest financial scandal. It has amassed more than £40 billion in collective administrative costs and refunds for millions of UK consumers. You could be one of them. If you were told to purchase a specific brand-name insurance policy upon taking out a loan, mortgage, or credit card in the last ten years, you have the right to reclaim all your refunds. Here are three things you need to know.
Corresponding With Your Bank
Consumers can call or send an email to their bank asking whether they have any payment protection insurances tied to any existing or concluded financing. If banks deliver a brickwall by stating they only keep six years of your consumer information, you can ask a credit company to review your credit scores. You can use the complete evaluation of your financing performance, which reflects your possible PPI instalments in full, as proof you were mis-sold.
Lining Up For The Ombudsman
In many cases, bank claim centres do not sufficiently review and hastily conclude PPI claims. Should this happen, you can forward your claim to the Financial Ombudsman Service. However, the sooner you do this the better. The FOS expects all bank claim centres and its own pipeline to clog while handling hundreds of thousands of complaints by the first quarter of 2019.
Making a Claim By Yourself
You can make your respective claim for refunds. Once you receive your credit review reflecting your PPI payment performance, procure documents that would prove your ineligibility. Medical certificates and payslip gaps as you transitioned from one employer towards a new one or your new business will help prove that from the start, you were ineligible for the insurance policy.