In 2005, upon the Financial Services Authority (FSA)’s discovery of PPI mis selling in the United Kingdom, reclaiming PPI was a complex and difficult process. Nowadays, thanks to the efforts of the consumer group Which? and the FSA, new, simplified claims guidelines were introduced into the system. The previous system had banks pay out £1.9 billion to over a million of mis sold customers. Today’s easier claiming process will be explained here.
Which?, UK’s foremost consumer group, has made an agreement with banks and PPI providers to allow customers to directly claim to them. Through a letter of correspondence, a customer can get all their repayments. It is important that customers attach a copy of their PPI claims form, which is available in the FSA or the Financial Ombudsman Service (FOS)’s website. Upon meeting for the settlement, customers are advised to bring a hard copy of their form as well.
Recently, to ensure that the 10.8 million UK citizens yet to make a claim and recover their PPI repayments, the FSA has called for banks to contact customers who might be mis sold PPI. Customers who are unsure or confused whether or not they are mis sold the insurance policy might find this advantageous. But customers can ascertain if they were mis sold PPI by reviewing their employment and health standing during the time they signed up for PPI.
Even with the easier methods of reclaiming your PPI repayments, many successful claimants still advise working with claims experts to ensure that you do not get the equivalent of a lump sum repayment. Claims companies can help you fill out every detail of the PPI claims form if you find that you do not have the time to run around to reclaim your repayments,they can do all the legwork for you on a no win no fee basis.