PPI or payment protection insurance makes up about 92% of
the Financial Ombudsman’s workload and is the biggest financial scandal in the
United Kingdom to date. PPI is designed to repay your loans, mortgages and
credit cards in case you get sick or get into an accident, but because of the unfair
sales tactics of banks and lenders, many people were mis sold the insurance
policy. Here are a few steps to regain your complete compensation from a PPI
complaint.
1.
Determine if You Have PPI
Call your bank or lender and ask if you have any form of
insurance with your current financing. Determine if it is payment protection
insurance; any kind of PPI will repay your loan. It might be called mortgage
payment protection, credit protection or accident, sickness and unemployment
(ASU) insurance.
2.
Mis Selling
Recall how your bank or lender sold you the insurance
policy. If they stopped you from processing your loan requirements if you did
not get the PPI, you can consider it as a mis sold PPI. Insurance policies
cannot be requirements because of their exceptions.
3.
Making a Call or Sending a Letter
Make a call or send a letter to your bank regarding your PPIclaim and how you believe you are mis sold the insurance policy. Include in
your complaint how the bank or lender’s representative mis sold the insurance
policy. Bank call centres could only process your claim if your reason is valid
and if you are truly ineligible for the insurance policy.
4.
PPI Claims Company
A reputable PPI claim company could help you in case the
bank rejects your claim and you do not have time to process the claim with the
Financial Ombudsman. PPI claims companies work on a no win no fee basis making
them virtually risk-free.
