Further Actions You Can Take If Your PPI Claim Has Been Rejected
It will be hard to find someone who isn’t aware of the PPI scandal which was mis-sold to thousands of consumers. The insurance policy was additionally sold with new loans and credit card schemes however in most cases it was sold to people who wouldn’t benefit from it or didn’t even know about it. As a result the banks and lenders responsible have been forced to pay compensation which could be a total of 9 billion.
If you decide to file a complaint to your bank or lender they have five days to acknowledge it, then a further eight weeks to respond to you about whether they will uphold your complaint. If your complaint is rejected or you’re not happy with the outcome, then it’s time to take further action.
Further actions you can take if your PPI claim is rejected
Contact the bank or lender
It’s certainly not uncommon for some lenders to reject your claim in the first instance rather then make an offer of compensation. If this does happen don’t be afraid to be persistent. Try writing to them again, reiterating the cause of the complaint.
Use a legal representative
If you’re struggling to instigate your PPI claim alone, consider using a claims specialist service. Their legal knowledge and experience can put pressure on the banks and often prove to be far more successful than those who attempt to go alone.
If you’re looking for a claims specialist to handle your case, check if they work on a no win, no fee basis, as this will mean you will only pay for their service if they are successful.
File a complaint to the Financial Ombudsman Service (FOS)
If the bank is still rejecting your claim, the final step is to refer your case to the FOS. The FOS is the arbiter for complaints regarding financial institutions and reviews every claim it receives. However with an estimated 5000 new cases a week, the FOS has a substantial back log and has become a rather lengthy process.
Precision Claims are a specialist claims company with expertise in helping you to make a PPI claim if you were a victim of mis-sold payment protection insurance.
