Payment protection insurance (PPI) was at the center of one of the greatest financial controversies in recent years. PPI was mis-sold, alongside loans and mortgages. Thousands of people were scammed off their money. Once the dust settled, all that’s left are people desperate to make PPI claims and banks who refuse to hear them.
To be certain, many PPI claims happen to be heard and several individuals have had their cash returned. However, the journey to getting years’ worth of money-back may be hard and long. Well established banks (who have been part of the entire PPI fiasco, mind you) don’t cooperate and are making PPI claims processing unnecessarily long.
So what do you do now? You’ve been scammed off your money. You’ve got to make PPI claims (yes, plural). What do you do if the bank/financial institution where you bought your PPI is making things difficult for you?
The first thing you should do is discuss with other people who’ve been scammed. There are a lot of organizations around, because of the number of victims of the PPI scandal. Get the testimonials and try to emulate their example. Try to locate those who submitted their PPI claims at similar bank as yours. Inquire if the bank was being really tough and what measures they took to have their money-back.
Then, make sure your paperwork is complete. Find all proof of your accounts, or you can demand this from your bank. The more complete your financial paperwork is, the stronger your claim will be. Even if you haven’t been collecting your accounts and bills for the last few years, you can still pay your bank to do this for you. If you’ve paid, then they’re required by law to show you your complete transaction records.
If the financial institution continue to denies your PPI claims but you have proof that your PPI was mis-sold, you can appeal on the Financial Ombudsman support for help. If they realize that your claim is correct, then you WILL certainly have your cash back… sooner or later. Because most people have now fled to the FOS for help, anticipate that you will see long lines and backlog. Don’t be discouraged by this. The critical thing is that justice will be made and you’ll get your cash back.
Oh, and one last thing. DON’T HIRE PPI CLAIMS COMPANIES. We can’t stress this enough. These conm – ahem – middlemen say that they’ll make the whole PPI claims business quicker and you’ll have your money back in no time at all. This is a complete lie, of course. PPI claims companies have no more control over the refunds process than you do. Don’t be tempted by promises of quicker refunds even if your own efforts are excruciatingly slow. These people will shave off 25% of your refunds plus VAT, thus taking a considerable portion of your refund money. No matter how much they claim they’re legitimate, they’re not. Be careful.
We hope all of you the best in doing your PPI claims, and we hope everything goes properly for you. If not, maintain your chin up and be sturdy. Best of luck!
Go Claim PPI have a 100% success rate at helping people to claim back PPI compensation.
