Reclaim Mis Sold Payment Protection Insurance Payments
In the UK the past four to five years, something referred to as PPI reclaiming has become something many people are finding great debate in
. What this does is it allows people whom were mis sold payment protection insurance a way to try to get money back which is rightfully theirs. Many whom have received a loan, credit card or mortgage may be able to reclaim a good amount of money in which they made in PPI premiums.Payment protection insurance is an insurance that may make repayments of a number of your loans, credit debt, mortgage, etc by chance you are unable to work due to illness or accident, as well as if your job entered into redundancy. PPI in itself really is not necessarily a bad thing, however, with all the mis-selling of it by dishonest sales representatives it is no wonder that ppi reclaiming is as high as it is.
If you feel you were mis sold payment protection insurance and want to reclaim your money, you should first contact the firm which issued it. You will have to fill out a questionnaire which was developed by the Financial Ombudsman in 2010 which will be your initial complaint form. You should visit the FSA website first and check to make certain that the company which sold the ppi to you is registered with them, if it is not, you do not need to fill out the questionnaire, although filling it out will give you record of your information.
After you do file your ppi claims, you will probably be denied the first time. This is typical, once your complaint is denied; you need to write them another letter and inform them you will be forwarding your claim Financial Ombudsman.
Depending on how much ppi you are attempting to reclaim, the business may send you an offer to settle. You can either accept it or deny it; you may want to tell them how much you are prepared to settle for. This does not always work, but it sometimes may.
Should the above fails then it is actually time to file with the Financial Ombudsman (FSA), where filing is free of charge. It may take you some perserverance but figures show that about 95% of the adjudicated cases are for you.
Please note that even if your loan, credit card or mortgage is actually paid back, you might still be able to get your money back by filing the ppi reclaims as quickly as possible. There are many websites online that could possibly help you with the process.
Reclaim Mis Sold Payment Protection Insurance Payments
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