Most of the residents in UK buy PPI or payment protection insurance. A PPI policy enables a person to repay his debt installments, if he is unable to pay off his dues due to his inability to work as a result of reasons mentioned in the policy. As a result, more and more people in UK buy a PPI policy to cover their debt repayment. Unfortunately, many folks are mis-sold PPI either intentionally or unintentionally by their banks. Thankfully, the UK law has made it mandatory for banks and other institutions that are responsible for mis-sold PPI to repay the dues to policyholders. If you have been mis-sold PPI, it is not very difficult to reclaim PPI.
PPI Reclaiming Process
The process of reclaiming your money is pretty simple and straightforward. It is obligatory for banks to investigate and make repayments. The Financial Ombudsman has outlined the process, and banks are required to process the claims within eight weeks of receipt of complaint. If your claim is rejected by the bank, you can file an appeal with the Financial Ombudsman and their decision is final.
The Process of a Claim
In order to get through the process of reclaim, you can hire the services of agencies that do all the legwork and help you to reclaim PPI. However, they charge their commission in the process. It is not a prudent idea to pay a company for a job which you can do on your own. Hence it is preferable to proceed with the reclaim process in a do it yourself way.
First of all, find out the terms of loan in order to ascertain whether you were mis-sold PPI or not. If you do not have relevant information, obtain necessary information from your bank. Find out whether you were actually mis-sold a PPI policy or not. If you have been mis-sold PPI and are eligible for reclaim PPI, visit your bank and discuss your issue with a relevant bank representative. Request a claim form from your bank for furtherance. Submit all your policy documents along with the claim form and a letter requesting your PPI refunds. Find out how much amount is owed to you and mention the amount and mistakes in the reclaim PPI form. Finally, sit back and receive your refunds.
What to do if the Bank does not Respond
If your bank does not respond within eight weeks in a satisfactory manner, you have the option to file an appeal before the Financial Ombudsman. Your case will be revised by the Ombudsman who will decide whether you were mis-sold PPI or not. Unluckily, they are quite slow with the process, but your chances of reclaiming your money are increased by filing for an appeal. More than 85 percentages of claims are ruled in favor of the borrower. Hence, there is nothing to lose if you send your claim to the Ombudsman, in case you are not satisfied with the result from your bank. Thus, going through the reclaim PPI process is not very difficult. However, it takes a bit of time and efforts before you receive your refunds, but your time and efforts are rewarding. To reclaim your PPI in Scotland visit ppiclaimsscotland.org