06:49 28 August 2013
Banks and other financial institution have mis-sold PPI or Payment Protection Insurance to a lot of borrowers for several years. Thousands of people have filed claim and some of them were successful in getting a refund. Sadly, this isn’t the case for others. Some claims were rejected. If you were in the same situation, know that you can make an appeal and that you can possibly win it.
Write to the Financial Ombudsman who will review your case and who will make the final ruling. To speed up the whole process, make sure that you provide all the needed documents. You need to show the Ombudsman proofs that you were indeed mis-sold PPI.
Keep in mind that PPI is a legitimate financial product. You will be eligible for a refund if it was sold to you without you knowing it or if you were not eligible for it in the first place. For instance, it shouldn’t be even offered to you if you were not employed or self-employed during the time when you took out the loan.