The process of PPI claim has become one of the most vicious banking scandals in the United Kingdom. Almost four million people were affected due to mis-selling of PPI in the country. There are a few reasons that led to mis-selling of these policies among the borrowers. Some of the companies forcibly sold them without full knowledge of the customers, and others lied to stating such policies are mandatory for all borrowers.
The process of mis-selling of PPI policies has been going on since 2005. It came to realization only when Financial Services Authority received many complaints from customers from different parts of the country. Many borrowers claimed that they have been mis sold PPI, and they want their money back. The scenario became worse in 2007, when the number of victims increased to a great extent. With such unpleasant situation in the banking world, the country’s High Court ordered all lenders to return the policy fee to their respective borrowers.
How to claim your money back
There are two ways through which you can get compensation for mis sold PPI policies.
- You can file on your own to recover the money that you paid for policy
- You can get professional assistance of any claims management company to recover your funds.
These recovering agencies or companies have team of experienced experts, who deal with all kinds of legal issues associated with the claiming process. It obvious that they will ask for a certain amount of fees for the service they offer, but it is very less when compared to the loss your have incurred. Thus, the price of getting your money back on PPI is quite affordable.
Claiming money by yourself
There is no harm in claiming the funds yourself. If are determined that you will get back the PPI policy amount yourself, then you must be strong enough to fight for your rights. It may take longer to get your funds, but you have to be firm about your decision and patient. Follow the below mentioned steps:
- Collect all the documents associated with your policy.
- Inform your lender that you have been mis sold through a written note.
- Get the claim form from the lending company, and fill it in detail.
- Attach the duly filled form with a written note, and send it to your concerned lending company.
Once the lending company has received your note with the claims form, they will verify all the documents. They may call you for a hearing, along with all original documents. If your claim is genuine, the company is bound to pay your money back.
If you have provided any incomplete information along with the claim form, there are probabilities that the lenders may reject your application. Thus, it is advisable that whatever information you are providing the lender must have supportive documents to prove your authenticity. This reduces the chances of rejections, and you will get your money back in a very short duration of time.