When you discovered that there was something totally unreal and fishy going on with the PPI charges on your statement, you began thinking that your bank may have done something to jeopardise that relationship built on mutual trust. You relied on your bank when it came to finances. You’ve got your savings, loan, credit cards, and maybe even mortgage in one place and that’s just about to be in question because of the financial betrayal – the mis-selling of Payment Protection Insurance.
You and every second person in the country are mostly to have that feeling. Not only have you felt being pushed to the wall just to purchase a policy meant to help you keep up with your repayments in times of sickness, accident or death, but you were also kept in the dark with the most important details. Now it just feels like you’re caught between just calling it quits with your bank and do nothing about the money you paid to PPI, or hound their back-ends to make sure you get your money back.
Setting the aggression aside, there’s a reasonable way that you can pick yourself up from this feeling of financial betrayal by a mis-sold PPI. Potentially millions of pounds have already been reclaimed by a lot of people who were wrongly signed up to this policy and you have that chance and power in your hands now. Not only will you be able to set things straight and make things right, you might also be able to save yourself from getting broke all the way. The charges on this insurance policy were never a joke.
If you’ve come to terms with how it was wrongly applied alongside your credit agreement you’ve got to put it in writing. Yes, write to your bank about how you want to make a PPI claim because it was mis-sold to you. There are plenty of reasons you could put down if they happened to you. PPI in the first place is an optional product and does not determine the approval of your credit. That means there’s no way that the bank could have forces you to take it out on that premise. Secondly, there are charges and interest together with other terms that should have been discussed with you before proceeding. It will totally sound dodgy if those details were missed.
But even before discussing the nitty-gritty of PPI, were you ever asked questions that could have established the product’s suitability to your needs? If not, then you definitely should not have been made to buy it. Aside from that you should have been eligible for cover. Your age should have been determined. Consumers under the age of 18 and over 65, those with pre-existing medical conditions, and the ones not fully employed are limited from reaping the benefits of this seemingly-brilliant option. No one under those premises should have been made to sign up to PPI, otherwise it will just be a dead-policy being paid – just the same as shoving all your money right down the drain.
Together with your recall of what you were informed and what did not happen in the PPI sale process, you need to also attach related documents that will serve as evidence. References to PPI such as your statements, credit agreement forms, and the policy certificate itself will show how much money was paid to it and for how long. Get them all together and attach it to the letter to back up your claim. The bank will refer to it when they review your case.
So, once you’ve got it all together and the bank has received your PPI claim letter, a review will have to take place. Allow a reasonable 6to 8-week timeline for the bank to investigate and weigh things around. Valid claims are generally awarded with a full premium reimbursement in no time. Delays are not necessary but they happen if PPI claims are a bit complex. Your bank should tell if they need more time when you call to follow up. Otherwise, they’ll contact you once a decision has been made.
When things don’t go your way, for instance, they decided that your claim was invalid don’t think you’ve reached a dead end. – not just yet. There’s still another way to resolve this issue. You may lodge a complaint against your bank to question their decision at the Financial Ombudsman Service. The FOS is willing to look into your PPI claim and make further enquiries with the bank. They’ll ask about the reasons for the unsatisfactory decision and get back to you. The same complaint can also be made in cases where the bank fails to get in touch with you after the general turnaround time. One way or the other, there has to be a point of contact between you and the bank.
When finally decided on, and the ruling goes in your favour, you’ll realise how much it’s worth the effort. You’ve finally cleared things up and picked yourself up from being betrayed with the mis-selling of the policy. But more importantly, you’re going to a mile away from being broke. The bank will be required to arrange how you are going to get your PPI money back, interest included of course.