By Abigail C. McKenzie
In recent years cases of mis-sold Payment Protection Insurance (PPI) have been on the rise. In our jargon-filled culture, here are tips on how to recognise it and what to do next.
PPI is otherwise known as accident, sickness and unemployment insurance- if you were sold it within the last six years you may be eligible for a refund. You should not have been sold it if at the time of purchasing the policy you were self-employed, retired or unemployed -from health reasons or otherwise. It is also worth noting if the firm in question had PPI age limits; particularly if you were sold insurance whilst over this age limit. If this is the case it may be possible to reclaim your lost insurance money.
If you think you could be have been mis-sold PPI within the last six years, your first port of contact should be the firm that sold it to you in the first place. It doesn't matter if they were working on behalf of a different company. Write them a letter clearly stating your complaint- why you feel you were mis-sold the insurance.
If any of these scenarios seem familiar to you, it is worth getting in touch with the company responsible. Contact the firm that first sold it to you, regardless of who they may have been representing; there is a useful stencil for this first point of contact on the Financial Ombudsman website. Don't worry if the loan was cancelled or repaid early. If the PPI could not be cancelled then it is still possible to claim for a refund.
Companies will often reject your first complaint even if it is grounded in fact- if you believe you have a case, be persistent. If they consistently refuse you a fair compensation, contact a Financial Ombudsman directly. If you wish, you are within your rights to pursue your complaint personally with the free service supplied by the financial ombudsman- it is not obligatory, or necessary to employ a third-party company to pursue it for you.
PPI is otherwise known as accident, sickness and unemployment insurance- if you were sold it within the last six years you may be eligible for a refund. You should not have been sold it if at the time of purchasing the policy you were self-employed, retired or unemployed -from health reasons or otherwise. It is also worth noting if the firm in question had PPI age limits; particularly if you were sold insurance whilst over this age limit. If this is the case it may be possible to reclaim your lost insurance money.
If you think you could be have been mis-sold PPI within the last six years, your first port of contact should be the firm that sold it to you in the first place. It doesn't matter if they were working on behalf of a different company. Write them a letter clearly stating your complaint- why you feel you were mis-sold the insurance.
If any of these scenarios seem familiar to you, it is worth getting in touch with the company responsible. Contact the firm that first sold it to you, regardless of who they may have been representing; there is a useful stencil for this first point of contact on the Financial Ombudsman website. Don't worry if the loan was cancelled or repaid early. If the PPI could not be cancelled then it is still possible to claim for a refund.
Companies will often reject your first complaint even if it is grounded in fact- if you believe you have a case, be persistent. If they consistently refuse you a fair compensation, contact a Financial Ombudsman directly. If you wish, you are within your rights to pursue your complaint personally with the free service supplied by the financial ombudsman- it is not obligatory, or necessary to employ a third-party company to pursue it for you.
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