What To Do If Your PPI Claim Is Rejected
Consumers should now be fully aware of the thousands of mis-sold payment protection insurance (PPI) policies on new loans and credit card schemes to people who either couldn’t benefit from it or even unaware they were paying for it. As a result the financial institutions responsible have been ordered to compensate the customers affected, which could reach and estimated 9 billion.
If you decide to file a complaint to your bank or lender they have five days to acknowledge it, then a further eight weeks to respond to you about whether they will uphold your complaint. If your complaint is rejected or you’re not happy with the outcome, then it’s time to take further action.
Further steps to take if your initial claim is rejected
Re-iterate your complaint to your bank or lender
If your bank has rejected your initial complaint, the first thing to do is not panic, as it’s quite common for lenders to uphold the claim in the first instance. In this case the best thing to do is be persistent and attempt filing your claim again, reiterating the cause of the complaint.
Speak to a claims specialist
While some may choose to instigate their PPI compliant alone, many people have found it beneficial to consider going down the route of full legal representation. If your lender is proving to be particularly uncooperative, a claims specialist can use a range of methods and processes on your behalf as well as having the legal knowledge and experience.
If you’re looking for a claims specialist to handle your case, check if they work on a no win, no fee basis, as this will mean you will only pay for their service if they are successful.
Take your complaint to the Financial Ombudsman Service (FOS)
After you have tried every other alternative and still believe you have a legitimate case for compensation, the final step is to file a complaint with the FOS. As the arbiter for complaints for financial institutions, it receives an estimated 5000 cases a week. However the FOS path is a lengthy process and can take months before your complaint is read.
Precision Claims are a claims management company, helping customers claim back payment protection insurance owed to them.
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