Millions of people across the UK have lost over 44 million pounds in PPI premiums and the overall PPI scandal runs to a much larger amount than that. Considering the basics, there is nothing wrong with the coverage that PPI provides, but in the way the PPI was sold.
People were never told that they are being sold PPI, and many of them were told that buying PPI was necessary in order to get the approval for the line of credit they were purchasing, whether it was home loan, credit card, or anything else. The main intention of the banks or the financial institution behind this was to secure their line of credit through the means of PPI, while not actually trying hard to let the customers know about it.
And, this was the biggest fault in the entire process that caused the PPI scandal in brief. If you have PPI that you never wanted in the first place, then you must take action to recover your money, and the process of claiming PPI money is now made easier. So, waiting any further means losing more, without reasons.
Here is what you should do to claim your PPI refund –
- First, find all of the documents that you can and ensure that you have multiple copies of each of their pages. This includes the documents that show you have bought the policy and documents showing the payments you have made. If you are unsure that some documents are relevant or not, making a copy of them too.
- The next thing you need to do is a write a letter to the bank, loan or credit card provider, you have sold you the PPI. You can easily use an online template or fill in a questionnaire at their website. Also, don’t forget to attach all the relevant documents that you think might be relevant.
- If you do not get a response or decision, is best to send a complaint to the FOS who will then decide if you have been mis-sold PPI or not.
These are the few basic steps that you should take to claim your PPI. If you have rightful claim then the process generally doesn’t take much time, and is seamless. However, if you do not have all the documents needed to make the claim or which are needed by the bank to process your claim request, then there might be some issues but with the help of financial ombudsman service, it can be sorted out. But, in any case do not delay filing your PPI claim.