If you have mis sold PPI then there is provision to file PPI claims to get compensation for your losses. You can write former letter to your lender for compensation and further contact to FOS for full compensation of your losses. For more details visit: http://www.ppiclaims.uk.com/
2. It has been noticed that loans and mortgages
that were sold in last ten years comes with PPI
protection and in most cases it was sold as
compulsory product with lending product. In
such situation, people have to buy this
payment coverage product even they do not
need that. All such PPI plans that were sold
with such misconceptions comes under the
category of Mis sold PPI. Banks are legally
obliged to pay back the amount to consumers.
3. If you have a mis sold PPI then you are entitled
to make PPI claim in order to get back the
amount that was out. There is legal provision
with the efforts of FSA and FOS for banks to
pay back the entire amount to the victims who
have faced financial losses due to mis selling of
PPI. Banks are obliged to pay back full
compensation to the victims for their losses.
Entire process will complete under supervision
of FOS. At the end of mis sold PPI claim
process, you will win compensation for your
losses.
4. If you have been paying unnecessarily
premiums for payment protection insurance
and faces financial losses with it due to unfair
trading practice of banks then it is your legal
right to get back your entire amount. PPI claim
is quite beneficial in this context. You will get
back your all amount that was out at the end of
the process. You can arrange PPI claim process
for yourself and hence you can save fee for the
process.
5. You can claim for PPI plans that are not more
than six years old. Claims can be made even
you have clear off all payments.
If you have PPI plan more than six years old
that is still alive then also you can claim to get
your money back
If your policy is more than six years old then
there is lower chances of recovery. However, if
you have all your documents safe then you
may file claim to get back the compensation.
6. If your bank refuses to pay back the amount on
certain grounds or doesn’t make any response
to your claim letter then you may contact to
Financial Ombudsman Services for further
process. Further, you will need to follow the
instructions guided by them in order to get
back the compensation amount. You should
know that it will take time to complete the
process. So keep patience till the end of the
process to get back your amount.