PPI or payment protection insurance is designed to repay consumers debt and other expenses in case of sickness, accidents or unemployment. However, due to the high incentives associated with selling PPI, most banking representatives mis-sold the insurance policies. Half of the UK’s consumer population has been mis-sold the insurance policy.
One way to see if you were mis-sold PPI is to check with your bank. A data access request costs about £10, but it allows consumers to see all their financing activity including their PPI repayments. All these costs listed, the consumer could receive their exact repayments.
Next is heading to the bank and delivering the claim. If the claim is rejected, consumers could head to the financial ombudsman for re-evaluation and assessment of the complaint. As banks are likely to have wrongly evaluated consumer complaints, consumers are likely to get a proper repayment amount. However, all FOS decisions regarding payment protection insurance is final.
Lastly, make your claim early. The Financial Conduct Authority has set a PPI deadline on August 19, 2019. Any claims made from this point will earn no legal backing and will solely be the responsibility of the bank and the Financial Ombudsman. This is likely to clutter the already-backlogged PPI claims queue of most banks in the country.