As one of the victims of the PPI scam, it is natural for you to be skeptical about how beneficial it would be to invest your time and effort in claiming the refund. But, rest assured that it’s much easier today to get the refund than it was earlier. And, if you are going ahead to claim your PPI refund, here are the few tips that can help.
- When you are going ahead to claim PPI, you should first verify whether you have PPI that was mis-sold to you or not.
- Make sure that you have enough paper work and documentations that clearly proves that the PPI was sold, and mis-sold to you.
- There is a checklist available online and even with the bank that would inform you about the circumstances and situations under which a PPI sale is considered as mis-selling.
- These days the banks are very helpful and would provide you with all the assistance and answers you are looking for when it comes to claiming back your PPI amount.
- You can also request a PPI refund over the phone these days, and by sending the letter and documentation over the mail.
- Writing a letter to the bank suggesting how the PPI was mis-sold to you is very crucial to successfully claim the PPI back.
- The people whose claims have been rejected by the bank have an alternative of knocking the doors of the Financial Ombudsman Service, which will independently conduct the investigation and come to a conclusion that both the parties have to comply with.
- The customers even have the option of hiring a lawyer and filing a lawsuit against the bank in case the FOS also rejects the claim. However, this option is rarely used by people as the entire process of hiring a lawyer and filing a lawsuit is too expensive, and the total expense can be potentially much bigger than the sum to be received through the PPI claim.
These few factors would help you claim back the PPI amount easily. The answer to your question – how to claim PPI – can be much more easily answered when you are geared with the above mentioned facts. There are many things you need to know to make the process of getting your refund easier, and the above mentioned facts would guide you through the process in a streamlined manner.
Author Bio – Larica Johnson is a reputed investment consultant and also runs a famous blog on investment. His blog also suggests and advises people who are the victims of PPI scam as to how to get their money back, without hassles.