If you are looking to get back your PPI payments after being a victim of mis-sold PPI policies, you can now take all your money back from your policy lender without much hassle and extra fees. Thanks to the latest high court ruling that has made reclaiming much simpler provided you hire a licensed claim management company. Irrespective of whether you hire or not, you need to know about how you can go ahead and make your PPI claims.
The very first step is to find out whether you have a PPI or not. It makes no sense to claim without a PPI from your insurer just because it was involved in selling misleading policies. In order to find out whether you are a PPI holder, check your statements for your loan or credit card for any additional payments that may be towards PPI. In case there are no such documents, the most obvious way to find that out will be to contact your lender directly. Therefore, the initial contact point is the company from whom you got your loan or credit card. This also means that directly approaching your provider may be the quickest way to make PPI claims.
In most cases due to the new ruling, the company or provider will repay your payments without backfiring or challenging it. This means you can claim your PPI payments hassle-free. However, there have been cases wherein the provider itself has disagreed with the PPI claims by upholding the fairness and transparency of selling the PPI policy. In such a situation, you will have to request for your claim and prove them false about their claims.
In case such a direct approach does not work, the next step would be to seek the help of the consumer complaints organization. This is none other than the Financial Ombudsman Service (FOS) that is legally authorized to formally get involved in case the lender does not resolve your complaint in eight weeks of your notice or request, or if you are unsatisfied with the company’s response. It acts on your behalf without charging you a penny to independently assess whether the policy was sold in an unfairly manner to you. This is the best alternative to a claims management company who will make claims on your behalf but will charge 20-30% of refunds.
You need to write and send a complaint letter to your provider in an official format that will be explained to you by FOS. Just focus on listing the reasons why you think that the policy was mis-sold and attach copies of relevant documents to justify your claim.