If you have ever opened a credit card or purchased something on credit, chances are you were sold payment protection insurance. This insurance was advertised as a way for customers to avoid becoming delinquent on their accounts in the event that something adverse happened, such as an extended illness or the loss of a job. Unfortunately, many people were missold these insurance policies, often spending hundreds that they didn’t need to spend. If you believe that you have been missold PPI, you can submit a claim to have your money returned to you.
Here are some things you can do to increase your chances of having your PPI claim approved.
To claim PPI refunds, it is best to be proactive. While some banks are issuing letters to affected consumers informing them of the issue and the claims process, waiting for a letter and delaying the filing of your claim will only delay the return of your premium. To determine whether you may have been missold PPI, review your statements for any insurance payments made to the company holding the account. If you were charged for insurance and you were either a student, retired, or did not realize that you authorized insurance for the account, chances are good that you were missold PPI.
Locate Any Paperwork For The Account
Claims are much easier to get approved when you have paperwork proving that you paid for the insurance and how much you paid. Try to find any paperwork that you have for the accounts in question and send copies of these documents along with your claim. You can still make a claim if you do not have any paperwork for the account. Your credit report will list all of the accounts you have opened over the years and you can contact your loan or credit card provider to have them send you any documents related to the account that you can use for your claim. These providers are required to keep your account information for at least 6 years.
A Claim Rejection Is Not Final
If the lender that issued your loan or credit card rejects your PPI claim, it is not the end of the line for you. Nearly 70% of claims that were initially rejected are accepted when resubmitted through the Financial Ombudsman Service (FOS). The FOS handles complaints that have not been settled to a consumer’s satisfaction by a lender. While your claim may be ultimately approved, it will not be a quick process. The FOS is dealing with an enormous caseload when it comes to PPI claims, so it may take them a while to get to yours.