How To Make A Claim On Mis-Sold Financial Product (PPI)

There have been a lot of financial products which were mis-sold like, Payment Protection Insurance, Mortgage, Loan, and many others.

 

PPI was mis-sold to quite a number of people, for the following three board reasons:

 You were not told, but it was part of the loan

 

You were mis-led or forced to buy the policy

You would not have qualified to make claim on the policy:

If you were not employed at the time you took the insurance - whether you were unemployed, self-employed or retired - it will be impossible for you to make a valid insurance claim.

When you took the insurance, you had a medical problem that could have kept you from working, you should have been warned that the insurance was unlikely to be suitable for you. If it wasn't explained, you can claim

Most policies have an upper age limit - usually 65 or 70. If you were older than the age limit for your policy when you took the insurance, you can claim

If have bought any of the following products in recent years:

Credit card

Loan
Mortgage
Overdraft

PPI might have been mis-sold to you.

While a great many PPI policies will have been mis-sold, not all were. Some banks would investigate your claim to decide whether to uphold (pay, because they agree it was mis-sold) or defend (not pay, because they do not agree it was mis-sold). But others would pay as a good gesture, once they confirmed you had a policy with them.

To make a claim you can contact the Bank, Free Professional Adviser, or use a Claims Management Company.

Contact the Bank:

Walk into the branch where you got the loan, and provide details, to make a claim.

Walk into any branch of the bank where you got the loan, and provide details, to make a claim.

Visit their website, check their contact and support, then call or make note about your claim.

If you make a claim to the bank, and they refuse, you can appeal to the bank, Financial Ombudsman Service or the court.

Free Professional Advice:

Google free PPI advice, there are quite a number of them.

Use a Claims Management Company:

NEVER PAY ANY FEES UPFRONT as it more than likely to be a fraudster posing as a claims management company.

Their fee should not be more than 25%.

Check to ensure they are registered, on ministry of justice website.

These steps can also be used to make claim on any mis-sold finance product.

Fortunately, they have buckled under the pressure and now agreed to the following provisions:

 

£3.2 billion - Lloyds Banking Group

£1 billion - Royal Bank of Scotland
£1 billion - Barclays
£270 million - HSBC
£100 million - Clydesdale Bank
£100 million - Co Operative Bank

Although the actual cost of repayments may well be double as recent figures released by the FOS indicate that the average pay-out is now £2,750.