Payment Protection Insurance (PPI) may seem like a sound investment at first glance. PPI gives the buyer a safety net if they are unable to make mortgage payments or payments on any other current debt. For whatever reason, whether from illness or injury or any other extenuating circumstances, people may lose their job and thus their income. PPI will cover these debt payments for a specified time span. Some bank employees, however, were pressured to sell the insurance in order to reach maximum pay. They would then present PPI in a false manner to customers in order to increase the number of takers. If you feel that you have been mis-sold PPI, there are steps you can take for a refund.
Now that the issue has come to light, it has been found that a large number of buyers may be eligible for refunds. If you believe that you were sold PPI under false pretenses, the first step is to file a complaint with the bank or provider of the insurance. Because they may drag their feet about issuing a refund, if you have not received compensation within eight weeks, it might be a good idea to contact the Financial Ombudsman Service.
It is not always clear whether you were mis-sold PPI. Go over your credit card and mortgage billing and determine if the PPI appears on the statement. If you do not remember choosing it on your own or if you were never presented with the option of refusing it, then it was most likely forced on you. In the event that you still are not sure or do not know how to make sense of it all, a claim company can help you. They obviously do not work for free, so look closely at their services and fees and determine whether the investment is worth it to you.
You may also turn to the internet for help. Some claims businesses have sites that will walk you through yes or no questions to determine if you have been mis-sold PPI. Some of these sites include forms that will fill out a complaint letter based on the provider and contact information you provide. Once the letter is generated, you can choose to have the firm email it to your provider or you may choose to have them send it to you so that you are able to directly post it to the provider.
The BBA presented a case at the 2011 Judicial Review which they subsequently lost. This cleared a path for many PPI buyers to retrieve their funds for mis-sold PPI. A hands on approach can be taken or you may wish to seek help by way of a claims firm. Although the money may not return to your account overnight, it is still wise to begin the process if you have been mis-sold PPI.
Further Reading : PPI Claim