To deal with the mis-sold PPI policies banks in the UK have paid out more than £9 billion as compensation to customers who requested a repayment of their money.
Here is all you need to know about how to claim a PPI refund. It is always recommended that you make the claim yourself rather than go to a PPI claim agent, because it if free.
I have a PPI, do I qualify for a refund?
Although a large number of PPI policies were mis-sold, not all of them were. It is recommended that you check the policy sold to you and see if it was what you needed at the time of purchase.
There were a lot of major ways in which policies had been mis-sold. If any of the following questions are a ‘no’ for you then you might have been mis-sold:
(1) If the policy was optional while you took the loan, credit card or other such cases, were you informed of it?
(2) There are certain things that the policy doesn’t cover. Did you insurance adviser inform you of such important exclusions like there won’t be any coverage for pre-existing medical conditions.
I have already sent in my claim. What is the process now?
If you have made a written complaint to the party who sold you the PPI, they are bound to respond within 5 days of receipt of the complaint and 2 months to resolve the matter and bring it to its conclusion. If they fail to do so, you have an option to take your case to the Financial Ombudsman Service (FOS) within six months.
My PPI is way past its expiry. Can I still claim for compensation?
Yes, you can. If you are sure that it is a case of mis-selling.
I got a successful claim on my PPI. Can I still claim?
Yes, you may. Even though you might have made a successful claim, you may have been a victim of mis-selling when you got the policy.
I made my original complaint to the Ombudsman and not to the insurance seller. Will the court’s judgment be affected by this?
Although the outcome of your case will not be affected, it might take a longer time to get resolved since the ombudsman is usually swamped with PPI complaints. But if you are in a severe financial strain, you may request the FOS to take a look at your complaint on an urgent basis.
You can find out more about -http://www.ppimadesimple.com/
How to claim your PPI refund from Ask Solicitors
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