Categorized | Insurance

The Bank Pushed You to the Wall Once when They Mis-sold Ppi

Do you remember having left no choice but to take out Payment Protection Insurance alongside your application for a loan or credit card? We’re pretty sure it most likely happened – having had that feeling that you were pushed to the wall and forced to buy an insurance policy that was meant to be helpful to your financial standing but proved to be otherwise.

You, and potentially thousands of others, could have been put under a pressure-filled process just to buy Payment Protection Insurance. After you were told it will protect your account from being in arrears as it will cover your repayments in times of accident, sickness, or unemployment, the tirades to convince and force you to buy it began. It even went with a few tactics of making you believe that it will help in the decision of your credit application.

If they did this to you once, would you let them scare you once more if you made a PPI claim after you realised that the whole sales process was wrong? Your answer should be a big NO. You can’t let them put you off from making PPI claims because that money you paid to it should never have been there in the first place if they followed the right sales flow. The kind of pressure you were put under just to agree to sign up to the policy even though there were bits of information that you should have known of were left out was bad enough, you can’t let them make it worse by keeping the money they systematically stole from you.

And yes, you could be owed thousands by now if you’ve had PPI for a long time. The premium amount and the interest it incurred over time could be enough to pay for the outstanding balance you have with your bank. There might even be more left to afford you a few days of holiday off the coast – if you’re willing to shake that doubt off and claim your mis-sold PPI back.

Some people are hesitant to make the first move to file a dispute because they either haven’t got enough information and evidence with them, or they’re just worried that the banks will bully them out of it. These are bankers we are talking about and some of them are hardcore sellers, too. So there might be a slight chance that an argument will start from them and work their words to convince you that you haven’t got a case against them. They could be right, but they have yet to show you that.

In the meantime, if you don’t want to be disregarded when you make that claim, you can gather as much evidence and learn as much PPI information as you needed. You’ve gone through the basics of what it does, you may just need to learn a few more. Things like what makes you eligible for cover, the general costs of the product and how it is applied alongside any finance agreement will be good enough. You should also be good to learn that even before you were signed up to PPI you should have been aged between 18 and 65 years old, have a full time job, and not have a pre-existing medical condition for you to reap its benefits. If you were otherwise when it was sold, the policy will never protect you at all.

A PPI claim may also be at its strongest if the policy was sold without the customer’s knowledge and consent. However, it is not conclusive that other reasons may be weaker arguments. Whatever your reasons may be, if you just had the very least suspicion that something was not write when PPI was sold to you, you can write to your bank and file a PPI claim. They should run an investigation and weigh things around if your case was valid or not, depending on the amount of information they get from you, their own database, and the evidence you’ve attached.

The bank cannot ignore your PPI claim, that’s for sure. Why – because the law said so. The high court ruled that they should, at the very least, conduct a review of the accounts that have been signed up to PPI and return all the money paid to it if found mis-sold. So, you really have a good chance of getting your money back.

After roughly 6 or 8 weeks you should be hearing from your bank about what happened to your claim. It still depends on how complicated the case is. Then again, the general turnaround time would be that. So expect to hear about what happened and how they came up with a decision.

If in case you do not hear from your bank you can taker this matter up to the Financial Ombudsman Services for a further review. The Ombudsman would want to find out why your bank has not contacted you about your PPI claim and why, if ever, they came up with an unsatisfactory decision. If they do begin an investigation following your complaint, be ready to cooperate with the FOS by sending them document they may ask of you, and tell them additional information if needed.

Once decided on and the Ombudsman favours your claim, the bank will be required to give you a full policy premium refund plus interest. That would be enough to keep you from being broke. So, the greatest advice you could ever hear at the moment would be to shake that nerve off and get started with making your PPI claim by gathering the evidence you need. You cannot let yourself be thrown aback by the tactics done by banks to push you away from getting your money back from a mis-sold PPI.

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