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Archive for tag: How to Make Your Claim for Mis-sold PPI

How to Make Your Claim for Mis-sold PPI

If you believe you have been mis-sold Payment Protection Insurance (PPI), you will no doubt be looking in to the possibility of claiming compensation. But how do you go about it? How will the bank react?

Make your claim

You first need to contact your bank or lender to tell them you have PPI and you believe it was mis-sold to you. In the very early days of compensation, customers were advised to put their concerns in writing but, attitudes towards compensating their customers had changed.

In effect, this means that many banks have information, as well as forms and so on that can be accessed via their website. You complete one of these and send it back to them.

Alternatively, some banks are in the process of writing to customers to tell them they were sold PPI and that they may have a claim.

This has led to some confusion with many customers believing that on receipt of this letter, they claim to compensation will be automatically successful. This is not the case as the background of how and why the policy was sold to you will still need to be investigated.

If it is a positive outcome…

… you will have a pleasant windfall of anything from a few hundred pounds to thousands to enjoy as you wish.

If it is a negative outcome…

… there is still one more avenue open to you, if you feel you have a genuine claim for compensation. This will mean involving the Financial Ombudsman in your case, a prospect that some feel is a daunting one but it could work in your favour.

In disputes between a financial company and a customers, the body that resolve the issue is the Financial Ombudsman. They will look at you PPI case, take into account everything you say and the bank say, weight up the evidence and make a final decision.

They don't only deal with PPI compensation claims, but all kinds of financial products and complaints relating to them. It is fair to say they have been inundated with complaints regarding PPI compensation claims thus, it may take a little time. The payoff for this is that 7 out of 10 cases are found in favour of the customer, and not the bank.

Do you have a claim for PPI compensation?

If you do, Payment Protection Scotland can help to make a claim; find out more by calling for an informal chat today.