Consumers should now be fully aware of the thousands of mis-sold payment protection insurance (PPI) policies on new loans and credit card schemes to people who either couldn’t benefit from it or even unaware they were paying for it. As a result the financial institutions responsible have been ordered to compensate the customers affected, which could reach and estimated 9 billion.
If you decide to file a complaint to your bank or lender they have five days to acknowledge it, then a further eight weeks to respond to you about whether they will uphold your complaint. If your complaint is rejected or you’re not happy with the outcome, then it’s time to take further action.
Further actions you can take if your PPI claim is rejected
Pursue your case with the bank or lender
A lot of complaints are rejected first time around. If this is the case, reiterate your case by attempting to write your claim again, restating the cause of your complaint.
Use a legal representative
If you’re struggling to instigate your PPI claim alone, consider using a claims specialist service. Their legal knowledge and experience can put pressure on the banks and often prove to be far more successful than those who attempt to go alone.
In some cases, claims specialists also offer a no win, no fee service which means you only pay for their time if your claim is successful.
Take the matter to the Financial Ombudsman Service (FOS)
If the bank has ultimately rejected your claim, yet you still feel you have a legitimate PPI claim to receive compensation then it’s time you refer the matter to the FOS. The FOS reviews every PPI cover claim they receive. Last financial year they received approximately 100,000 PPI complaints and upheld around 75% in the customers favour. However with 5000 PPI complaints a week, this can be a lengthy process.
Precision Claims are a claims management company, helping customers claim back payment protection insurance owed to them.
