British citizens who took out loans in recent years have already registered millions of complaints concerning the mis-sold PPI, insurance that was supposed to help them pay out their initial loan in case they eventually failed to do so.
You don’t have to pay for the service of a claims company if you want to get your refund. You can claim by yourself if you know the following basic steps of the process. For any unclear issue, you may want to check
- Revise your situation.
You will have to check if you were eligible and whether you were sold PPI or not. PPI applies to loans taken since 2007. any of the financial Services Providers could have sold this to you. The Central Bank directed all these providers to send letters to their clients. In case you never got one, you have to take action yourself.
If you got the letter and they informed you that your PPI was legitimate, you may want to revise that. It must be in accordance with the Consumer Protection Code. If it’s not, you are free to disagree and take the next step.
- Complain in writing.
Write to your bank, more precisely to its Customer Service Complaint Department. Outline your personal circumstances and include all the details you have.
- Wait for a response
Replies don’t come immediately. They will need to investigate your case. This is something that may take up to 40 working days. The provider will; most likely write you back. The Financial Ombudsman tells you more about this here. After those 40 days, you have the right to take the complaint to the FSO. It depends on what the providers tell you about the procedure and the time frame. It is important to check the Consumer Protection Code to find out the full timeline and also the guidelines for handling such complaints.
- Complain to the FSO
The Ombudsman will receive your complaint if the 40-day timeframe has expired. You can read everything you need to know about this complaint on this official page for submitting and also access the standard complaint forms to be filled.
The Ombudsman represents the solution in case your initial dispute is unresolved. Make sure you have all the relevant and necessary documentation before you submit your complaint on the given page.
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