What should you do if you have been mis-sold a PPI policy?

PPI or the Payment Protection Insurance has been a controversial subject for quite some time now. There is barely a household in the UK that hasn’t been exposed to advertising by PPI Claims Companies via unsolicited calls and SMS messages at the adverts on the TV are showing no signs of dissipating.

But with all the stigma now attached to PPI and the industry it has spawned, what should customers do if they have been mis-sold a PPI policy?

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Several banks and insurance companies and building societies all across UK have duped people and mis-sold PPI policies along with credit cards, home and car loans, mortgages etc. Majority of the customers didn’t even know that they were the holder of a PPI policy.

This was indeed a big financial scandal in UK that rocked the entire world. But after a long legal battle the case was finally won by the FSA (Financial Service Authority) and FOS (Financial Ombudsman Service) and the decision of the High Court Judicial Review went in favor of the customers.

Have you been the victim of mis-sold PPI policy too? What exactly should you do to claim back your PPI compensation? Should you seek for any legal advice and move to court? You were not even told by the bank or the financial company about the PPI policy. Hence you have the right to demand for compensation from the bank or financial company.

There are numerous alternatives available when you want to claim for PPI compensation. But don’t delay it and take the action as soon as possible. You can definitely make the claim for PPI compensation by yourself. But it is an arduous task and you should be prepared for a long drawn out affair as the banks are doing whatever they can to put people off from claiming and also delaying claims by rejecting them without proper consideration, meaning that most claimants now end up turning to the Financial Ombudsman Service (FOS) in order to recover their money.

However, there is an easier option. Using a PPI Claims Company like MisSolcPPIClaimsCo.co.uk, will take away all the time and stress involved in reclaiming PPI but they do charge upto 25% for their services.

In case your case remains pending after 8 weeks of your complaint, you can contact the FOS (Financial Ombudsman Service) that looks into the matter and if it is proved that you been mis-sold PPI policy, the bank or the financial company will be forced to pay you the compensation.