When it comes to PPI, it's the most commonly mis-sold financial option in the world. A lot of people have ended up with payment protection insurance that they don't want, don't need or may not even know about. This can be a real problem because it's actually now illegal to sell something like this without you knowing about it.
PPI benefits If the bank added the payment protection insurance in your loan payment without your knowledge, you can ask for the refunds. The bank is also bound to compensate you if the policy was sold to you when you were self-employed, over 65 years or are or under 18 years of age, or you had a medical condition.
The companies ensure that you receive your money as soon as possible and once this happens successfully they charge you a nominal percentage of your reclaimed money. Some companies charge as little as 20% of the reclaimed amount and this percentage may or may not include VAT.
Every bank sells PPI to the loan customers and credit card seekers. However, you become a victim of a mis sold PPI when the bank does not take certain rules set by the government in selling the insurance to the customers. For instance, if you are over 65 years of age, the insurance is simply useless, as it is not going to ay your loan installments. If you have a previous PPI that is capable of covering your loan payments, then the new PPI is worthless, and you can file a case with the bank for Learn the how and why to claim car accident claim from a top solicitor.
Once the bank has denied payment protection claims, it is time to write to the Financial Ombudsman. This letter should state that the customer was mis-sold PPI and exactly how that happened. Include the name of the company, the loan amount and dates, and the cost of the insurance plus interest. State when PPI claim forms claims were sent and when the rejection letter was received. The Ombudsman needs this information to pursue PPI refunds.
Once you have decided that you have a case, you'll need to write directly to the person who sold you the insurance such as the banker, credit provider or loan officer. There's a very good chance your claim will be rejected, in which case you will then need to make a formal complaint with the Financial Ombudsman Service.
When you have been duped into purchasing a policy and are looking to get out, there are several ways to file for a reclaim. The most simple way is to consult with a financial advice group. Such organizations can be contacted by just visiting their site. Some even have online applications which can help reclaims. If you were duped in some way, and are thinking of getting your hard earned money returned, then a PPI reclaim must be your next move.
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