Get a PPI Refund Back if Mis-sold
Once the grounds of mis-selling have been identified, one must go ahead to make the PPI claims. The procedure to make the claim is:
• Sending complaint to the company or bank that sold the insurance; and in case that particular firm happened to be representing another company, one should bring it to their notice also.
• One should enumerate all the reasons that make it evident that one has actually been the victim of insurance mis-selling.
• One needs to equip the complaint with all the paperwork and notify any change of contact details, change of name or change of address,
• In case, one is unable to provide the policy provider’s details or paperwork, but the loan or credit card has been active in the last six years, the credit file can be accessed via Experian, Equifax and CallCredit and the relevant information can be tracked.
• If the account closure has happened for a period exceeding six years, one can still get hold of the information through FOS – the Financial Ombudsman Service.
• If you don’t hear anything on your complaint from the bank or insurance company for eight weeks or if your claim has undergone rejection, then the FOS needs to be approached within six months.
• You can also approach those claim management companies that make the PPI claims on a claimant’s behalf. However, 25 per cent of the claim amount is charged in case they are successful in making the settlement.
Once the bank or the company accepts their flaws and gives confirmation that the PPI policy was mis-sold, one is eligible for PPI claims. All the premiums paid along with the interest will be given as settlement. Even in cases, where the event does not qualify as mis-selling, but the customer was given unfair treatment when he opted for the cancellation of the single premium policy, the firm should be giving a fair-refund. However, if one still feels that the refund is unjust, one has the option to re-file the complaint with the FOS.