How to go about reclaiming PPI which has been mis sold 

Thousands of us have been mis-sold PPI. PPI has been mis sold in many different instances, and you could even have it without knowing. PPI may of been mis sold if you were told it was compulsory, if the seller didn’t make it clear the policy was optional, if the seller was very pushy whilst selling the product or would not let you continue with the application if you didn’t sign the insurance agreement.

If you fall into one of those categories then the first thing you need to do is contact your lender. It’s sometimes possible to deal with your whole complaint by phone. If this works then great, and if not then send a letter. When you hear back from your bank, they could well offer you a refund on your PPI premiums at this stage. If you are not happy with the decision made by the bank then you could contact the Financial Ombudsman Service who specialises in settling disputes between financial companies and their customers. The Ombudsman has the power to adjudicate on whether your complaint  should be paid out or not and is completely free to use so don’t be afraid to reach out to them if you feel like you are owed more than what you’ve been offered.

Once the Ombudsman’s decision has been made, if you are still not happy then you have the right to complain. You do this by requesting that a formal decision be made by one of the official ombudsmen at the service. This could take a few months as it requires a thorough investigation, but again, don’t be afraid to push your case if you feel you haven’t received what you are owed. After that, while the finance company must accept the Ombudsman’s decision you still have a right to take the company to court. All of the above steps can be carried out easily without getting a claims handler involved.

For more information on this, please visit: http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance