How To File A PPI Claim

Many UK consumers have certain financial obligations they sign up to. These normally include credit regulations and include such programs as a home mortgage, car finance, store credit and even a credit card bill. Some UK consumers find it prudent to take out an insurance cover that will protect them should they be unable to meet the regular monthly repayments. This is in case they fall sick, lose their job or in any way become incapacitated. This insurance cover will then take effect and make the necessary credit repayment for as long as the consumer is unable to make the repayments. This is the main use and benefit of PPI (payment protection insurance). However, in recent times, many banks have been faced with accusations of PPI mis-selling and as such, consumers have been filing PPI claims.

What are PPI claims? These are claims that consumers can file with the UK government’s financial services department. Any consumer who believes they were wrongly or illegally sold their PPI insurance cover can file a claim with the bank, through the office of the financial services ombudsman of the UK. A mis-sold PPI insurance is one where a customer purchased the product without being aware of the fact, they were given wrong information, they were made to feel it was a mandatory cover and any other such situation. If any consumer believes they have a mis-sold insurance, then they can file for PPI claims. The process of filing for PPI claims is pretty simple and straight forward, an applicant will need to write a letter to the financial services ombudsman and then express the nature of the mis-sold PPI insurance cover.

A form will need to be filled in order to document this application and some form of evidence will also be needed, such as a copy of the insurance policy. Once these are received by the government and found to be OK, they will be forwarded to the concerned bank for payment. Most applications for compensation are approved by the ombudsman, with over 95 per cent approval rate. This is as long as the claim is genuine and filed correctly. Some consumers may wish to receive assistance with this process as they may not be aware of the entire procedure. There are private individuals and organisations assisting with the process and are charging a fee for the service. However, the process is completely free and no one needs to pay for it.

For those who do not have the time or knowledge to begin a claim, you can visit PPI who will take care of everything.