Seen in isolation, you could be forgiven for considering that payment protection insurance (otherwise more commonly known as PPI) was a great idea, an audio precaution against those wrong doings that strike us when we least expect them. After all, the complete idea behind PPI was to provide an insurance coverage which would kick in to make certain you were still able to meet your financial obligations under a visa or mastercard or personal loan should you be struggling to work through redundancy, illness or inability. ppi claim forms
Regrettably, while things came out perfect in theory, the fact was drastically different, with the majority of PPI plans affording little or no protection to policyholders in their time of need.
Over the last several years banks and other financial institutions have sold a large number of PPI policies to personal bank loan or credit credit card applicants, whom they recognized, or need to have known, would not be shielded by the polices in the event they required to claim. For occasion, once of the most glaring examples of PAYMENT PROTECTION INSURANCE mis-selling involves the a sole proprietor. Generally speaking PPI cover is not available in people who are self-employed, but that did not prevent banks from selling these policies to self-employed loan applicants, notwithstanding that they would gain no advantage from them. Other afflicted groups include students and pensioners who are also not covered by PAYMENT PROTECTION INSURANCE policies, but have recently been sold them as the banks sought to increase their profits.
And this is merely one of the reasons why there has been a massive outcry about the mis-selling of these policies in recent times, with thousands of claims having been stuck and continuing to be lodged with the banking companies for compensation.
Claiming back again PPI do not need to be complicated. Here are a few simple tips to point you in the right direction.
Write To The Bank
The first thing you must do is to contact your bank or other financial institution concerned in writing. There is no need to go into too much detail at this point – simply provide them with salient information of the transaction, intimate that you consider you have been mis-sold PPI, proclaiming your reasons why, and get a refund of the monies you have paid out.
It is suggested that you send any correspondence by recorded delivery and keep hold of all recorded delivery moves, to avoid any recommendation that letters were not received. Patience is vital to pursuing a claim yourself. The banks have recently been flooded with complaints over recent years, and either as a consequence of this, or by design in an attempt to put people off, a response can take time to be received.
If the banking institutions do not respond to your letter or if they reject what you consider to be a validly explained claim, you may wish either to write to them again at a more mature level or alternatively to bring the matter to the interest of the Financial Services Ombudsman(FSA), by lodging a complaint against the bank or other financial institution concerned. The FSA have the ability to investigate matters on your behalf also to bring the bank to reserve if they consider you complaint is valid.