PPI mis-selling scandal in the recent times has been immensely publicised, by numerous media houses across the globe. New emerging companies are offering to offer their services in claiming back mis-sold policies owed to their clients by financial lending institutions. Numerous people are not aware that applying for ppi claims is an easy process that a person can perform for himself. There are various key steps that a person can follow when seeking a ppi refund.
Step 1: Checking if you have a policy
This is performing by checking all loans paperwork to deduce if PPI policy information was included in the statements. In some instances, it could be reffered to as loan protection, credit insurance, or even repayment insurance. If still not sure about the status of the policy in the loan statements, a person can contact the concerned bank for clarification.
Step 2: Checking if a PPI Policy was mis-sold
A person should ascertain from his or her loan statements whether his or her policy was mis-sold. There are various reasons why it would have been mis-sold. For instance, an individual may have been coerced to take the policy as it was issued alongside the loan. It was not made clear during the application period that the ppi policy was optional.
Step 3: Making a personal PPI refund claim
Apply for ppi claims is a remarkably easy process. There are numerous companies, which offer their ppi refund claiming back services for a small charge. Nevertheless, it is always advisable to file for a refund personally.
Step 4: Filing a Complaint to the lenders
It is always advisable to notify the lending institutions about the imminent mis-sold ppi claims. This way, the financial lending institution can offer viable advice, which can be entirely profitable when seeking a ppi refund.
Step 5: Contact the Financial Ombudsman services
This is considered to be the final result after all other attempts of seeking ppi refunds fails.
Posted in Claim Back PPI