Payment protection insurance otherwise known as PPI was a very good idea. It sounded precautions against misfortunes that would limit your ability to pay back your loan. With a PPI policy, you had very little to worry about the inability to pay personal loans or credit card payments due to redundancy, illness, or incapacitation. Regrettably, as much things look perfect of paper, it was never the case. A majority of PPI policies were mis-sold and never helped the policyholder at their point of need.
Mis-sold PPI claims
Banks and financial institutions sold thousands of PPI policies on personal loans or credit card payments. They did it to unsuspecting applicants, whom they knew, or ought to have known, would not be protected by these policies. For instance, PPI cover against unemployment is not available to people who are self-employed. Well aware of this and other facts, banks and other financial institutions went ahead and sold this to self-employed loan applicants. Students and pensioners also found themselves on the receiving end.
Well aware of this fact, most people have now realized that they had been victims of a mis-sold PPI policy. As such, behind the massive outcry, most people have lodged claims for compensation against this mis-spelling. Making a claim should not be complicated. Here are a few tips that will see you get your money back.
Write To The Bank
The first thing to do when you suspect that you are a victim of this scandal is to write to the bank or concerned financial institution. At this point, you only need to write them a simple letter indicating that you are convinced the PPI you paid for had been mis-sold. You should also provide them with salient information about the transaction and wait for their response.
Financial Services Ombudsman
If the banks fail to respond or reject your claim, the next alternative should be to reach out to a financial services ombudsman. The ombudsman is legally tasked to investigate this matter on your behalf. If you have a case, they should also bring the bank to book.
Consult A PPI Claims Company
The final and probably the best option is to pass it to the best ppi companies. With them, you are only required to present your case, let them validate it and pursue the claim for you in case you have a valid case. As much as they charge a commission, they also bring in the aspect of convenience and effectiveness is presenting your claim.