Payment protection insurance also known as PPI was sold to consumers without their knowledge or with false information. This resulted to gross mis-selling of the insurance cover by banks and other lending institutions. However, the courts ruled in favour of consumers and ordered all banks and lending institutions to compensate the affected customers. Even though the claims process is open, there are several ways to go about claiming compensation.
Fill-in a compensation claim with the bank
This is the best, not the easiest or the fastest but the best. Consumers are advised to file their own claims with the bank or lending institution once they realize they have been mis-sold a policy. You need some knowledge of the bank processes. In most cases the bank will pay you as soon as possible. In some cases where the bank declines the claim further action from you may be required. They either refuse to pay you or take you in circles.
This is the best, not the easiest or the fastest but the best. Consumers are advised to file their own claims with the bank or lending institution once they realize they have been mis-sold a policy. You need some knowledge of the bank processes. In most cases the bank will pay you as soon as possible. In some cases where the bank declines the claim further action from you may be required. They either refuse to pay you or take you in circles.
Hire an attorney/solicitor
This is mostly an option if the bank refuses to pay up. In this case the attorney will take the bank or lending institution to court. The probability is that the court will rule in your favour. However, make sure the bank owes you some compensation. This means you have to read all the contracts and financial agreements you entered with the bank before going to court.
This is mostly an option if the bank refuses to pay up. In this case the attorney will take the bank or lending institution to court. The probability is that the court will rule in your favour. However, make sure the bank owes you some compensation. This means you have to read all the contracts and financial agreements you entered with the bank before going to court.
Use the Financial ombudsman services
This is a body that is mandated to assist consumer in matters regarding finances. Their services range from distributing information, carrying out research and even filling compensation claims for PPI consumers. You do not pay anything while filing a claim this way. However, the process could take longer as the body handles many cases.
This is a body that is mandated to assist consumer in matters regarding finances. Their services range from distributing information, carrying out research and even filling compensation claims for PPI consumers. You do not pay anything while filing a claim this way. However, the process could take longer as the body handles many cases.
Hire an online claims specialist/company
This is the worst case scenario. Even though these companies have the knowhow of how to make claims fast and do follow ups, their charges are crazy. These companies usually offer no claim no-fee terms. What they do not tell you is that they will take 25-50% of the compensation sum. You only use this as a very last resort.
This is the worst case scenario. Even though these companies have the knowhow of how to make claims fast and do follow ups, their charges are crazy. These companies usually offer no claim no-fee terms. What they do not tell you is that they will take 25-50% of the compensation sum. You only use this as a very last resort.
Making a PPI claim can be daunting but it very simple once you know what is required. To make it easier for you, ask a neighbour or a friend to assist you if you get stuck. Consumer groups advice filing the claim yourself as the best way!
Do you think you have been miss sold payment protection insurance then we can help you make a PPI claim, our process is free and we have a huge success rate in making claims from all types of financial institutions.
Article Source: http://EzineArticles.com/?expert=Lee_T_Stevenson
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