I’ve been mis sold payment protection insurance… What should I do?

The first thing to do is double check you have been mis sold payment protection insurance. Confirmation of your policy will be detailed in your credit agreement. If you can’t locate them – these kinds of documents do have a tendency to sprout legs – you should contact your lender and ask for a copy. Please be aware though, there may be charge for the copy.

If you do have payment protection insurance in your agreement, then the next step is to check if you may have a claim. The most common mis selling techniques were:

  • You were told PPI was compulsory
  • You weren’t asked about your medical history
  • You were not in full time employment
  • You just weren’t told about it.

If any of these examples sound familiar, then it would seem you may have a case for mis sold PPI.

The next step gives you a choice: DIY-it or pass it to a solicitor or PPI claims company.

You can make a claim yourself. If you do wish to make a claim yourself, you need to write to your lender who will then review your case to see if it is valid. If you make a claim before the end of the year, the banks have to respond within 12 weeks of receipt. If your claim is accepted then you should also receive confirmation of the amount you will receive.

However, if your claim is rejected and you still wish to pursue it, it is then up to you to write to the Financial Ombudsman Services (FOS) and make a formal complaint. The FOS is the official service for setting disputes between financial companies and its customers. It is an independent body and it will decide the validity of your claim. However, as Money Saving Expert Martin Lewis points out, “it’s [the Ombudsman process] not usually quick. Your case may take over a year to be settled so don’t count on the cash now.”¹

It sounds a simple enough process but we all know how easy it is to put off things like this, especially if your initial claim is rejected by your lender and you need to find the time to write to the FOS. We all do it; if something seems like it’s going to take a bit of time and effort, if it needs a bit of thought and consideration, then we put it off and put it off and then never get round to doing it.

PPI Return takes away all that hassle and the legwork. We’ll write to your lender and make the claim on your behalf and if they reject it, we can write to the FOS and pursue it while you get on with all those other things on your to-do list.

We work on a no win no fee basis so if your claim is unsuccessful, it doesn’t cost you a penny and you haven’t wasted any time writing letters. If you are successful in your claim, we will deduct our fees from the award. Unlike some other solicitors and claims companies, we cap our fees, therefore ensuring you enjoy more of your compensation. Click here to find out more about our charges.

So far, we have recovered over £12.5m in compensation for our customers and the average claim is worth £2000².

¹Money Saving Expert (May 2011)
²GW Data

Content correct at time of publication