How You Can Claim Back Money from Mis Sold PPIs
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If you are one of the thousands of people that have been mis sold PPI cover then there are ways you can claim back your money. PPI fraud is a huge problem in the banking industry and there is a lot of pressure now on lenders to refund customers who have fallen victim to overzealous salespeople and dodgy credit practices.
Contact Your PPI provider
The first thing you need to do is write to your PPI provider and explain why you feel you have been mis sold your PPI policy. This should be done as soon as possible and you start up a file of supporting paperwork for your claim. Send the letter by recorded delivery and add the postage record to your file. Also add any supporting paper work such as a note from your doctor explaining about pre-existing medical conditions. On this note explain that these conditions were not double checked before you were sold a policy.
Your PPI provider will most likely contact you in a couple of weeks with a letter refusing your claim. This is standard practise and they should provide you with details of what to do next if you are not happy with the answer. Now it is time to move on to the next stage. Contact your PPI provider again and inform them that you will be taking this on to the FOS (The Financial Ombudsman) and FSA (Financial Services Agency). At this stage they may write back and offer you back some of the money you paid for PPI cover. If this is a fair offer then you could accept now and save a lot of time and hassle. If you want to hold out for a better deal then it is time to contact the FOS.
FOS
The FOS receives thousands of PPI complaints every month so this will not be a quick process. Once your letter has been received the FOS will review your case so make sure you send any supporting paperwork including contact from the provider (letters and notes from phone calls) and correspondence you have sent. In 2009 reports have shown that the FOS held up as many as 89% of all complaints in the consumers favour. The FOS can order the lender to refund part or all of your money and you may even get your debt wiped as well. |
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Author Resource:-
Have you had PPI mis sold ? Gladstone Brookes can help you reclaim payment protection insurance . Contact them today.
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By :
Gareth Hoyle
Submitted
2010-07-15 14:57:05 |
Article From Article Mayhem
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