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Things You Need To Know When Claiming PPI Refund

If you are one of those who have been mis-sold PPI, you need to act now and ask for refund. Yes, it is very much a possibility, and there are many people who have already got the refunds. However, before you start you need to know how to claim PPI and what are the things you need to keep in mind before filing for PPI claim. Here are the few factors you need to keep in mind –

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  • First of all, make sure that you check all the documents related to PPI. These are the documents that would stand as valid proof when filing for PPI refunds. Lack of proper documents or misplaced documents can lead to bank rejecting the claim of the PPI being mis-sold.
  • Make sure that you do your research and understand the process of filing for PPI. This would help you avoid the mistakes many people make while filing, which only increases the hassles.
  • Fill the online questionnaire or the questionnaire available with the bank as to how the PPI was mis-sold. The statement should be supported by evident and document proof, if available.
  • The PPI calculator is an online tool you can use to come to the approximate amount you are liable to get as the PPI refund. Using this tool is a very productive option to know the amount.
  • If the bank rejects your PPI claim, do not worry as you can always take the help of Financial Ombudsman Services or FOS to mediate between you and the bank and re-verify your claim. This would help you get the claim on hold to get approved.
  • If Financial Ombudsman Service also rejects your claim, but you are still sure about your claim, then you have the right to hire an attorney to file for claim refund.
  • However, it should be noted that hiring an attorney to get the PPI refund is an expensive option, and you may end up giving money from your pocket rather than getting left with any as per PPI refund.

These are the few factors that you need to keep in mind when claiming PPI. It is essential that you follow the process accurately and if you have any doubts, you can also take the help and hire a PPI claim management company. They have the necessary experience in this field and would have successfully got the PPI refund for many of their clients, and can do the same for you.




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