What To Watch Out in Making and Processing PPI Claims

Recovering all your refunds from a mis sold PPI through a PPI claim is a right of law given to any customer who is ineligible for the product. The High Court of the United Kingdom has deemed that all PPI policies in which the customer is ineligible to claim for should be refunded to customers. While banks are still “dragging their feet”, legal backing has made PPI claiming easier. However, there are a few things you need to watch out for when making claims.

1. Legalities

You might find yourself having a problem with legal technicalities if you’re not too well-versed about your policy’s terms and conditions. If you have the chance to review them, you should. Financial advisers actually talked many customers to buying PPI simply because they mentioned it as a need, but never really bothered to explain about the policy itself.

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2. Bank Rejections

Even if already sanctioned by the courts, banks are continuously hassling customers by delaying the claims process through slow service and rejections. If your claim was rejected, the Financial Ombudsman Service can help you out. However, the Financial Ombudsman currently handles at least 1,500 claims a day, which might be quite troublesome for any person.

3. Suspicious Claims Companies

Reputable claims companies like PPICo.org can actually help you with your dilemma, but it is company policy for a reputable claims management service to not bother customers to make a claim. Some suspicious claims companies may send you text messages that they’ve already evaluated your claim and you are ready to claim your refunds through bringing a sum amount of repayment for them. This is actually a trick to swindle you of more money from opportunistic criminals.