How to Reclaim Your Mis-sold PPI Part Two: Making the Claim

If you think that you’re one of many who has been mis-sold PPI, then do not worry, this step-by-step guide will help you through the process of making a claim. From gathering your evidence to what happens after the court case, here is the route to easy PPI recovery.

Gathering your evidence

To begin with, you’ll need to make a note of how, why and when you took out your loan and clearly state where PPI was attached. You will also have to explain why you took no action to resolve the issue at this time. Put lots of effort into assembling your notes: you want a coherent, well-structured argument. You’ll soon discover that the more you put into them, the more information you’ll remember about the mis-sold PPI. Next, you’ll need to send a data protection act demand to your bank. For advice on how to put these together, check out consumer websites such as Money Saving Expert. Here, you’ll find that many people have had similar problems.

Making the complaint

Once all of your evidence is together and it’s as clear as possible, it’s time to make the complaint to your bank. Thoroughly state your demand for a refund. It’s likely that the bank will tell you that they don’t have to respond to your claim for at least 8 weeks, but do not be distracted by this. It is a time frame established by the industry and neither of you are legally obliged to follow this. If your case is strong then you will be able to take them to court to resolve the matter. If it is less obvious, then you will have to take your case to the Financial Ombudsman Service (FOS). However, this route will mean that you’ll have to wait the 8 weeks that the bank demands.

Fighting the battle: in court or to the FOS?

As previously stated, where you take your case will depend on how defined your evidence is. In a court, a judge will be very likely to fight for what is right for you. Under these circumstances, you may find that you don’t need a lawyer – your evidence will speak for itself, and this could be made up of agreement papers that were not signed by you. The FOS, however, will be a better option if your evidence isn’t as polished. It will take more time to reclaim what has been mis-sold, but you should be just as prepared as you would be for a court case.

Later

After a year or so, your bank will try to present you with a compromise. However, they will attempt to fix the amount of compensation they offer you without your consent. You will be able to negotiate a figure with them before you sign anything, but this will take even more time to finalise. Remember that they are ones who have done the wrongdoing. Remain consistent and fight for what belongs to you.