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Payment Protection Insurance - have you had a claim for compensation rejected?
In the first six months of 2009 the Financial Ombudsman Service received more complaints about Payment Protection Insurance (PPI) than any other financial products or accounts.
More astounding is the fact that more than three quarters of the complaints on PPI reviewed by the Ombudsman were ruled in favour of the customer.
As a result of these figures the Financial Services Authority has ordered some of the biggest sellers of PPI to review all complaints regarding this type of insurance that were rejected since January 2005.
So if you’ve previously complained to your lender about the suitability of PPI cover that was sold to you, but had your claim for reimbursement of premiums and interest turned down, now is a good time to raise the issue once again.
If you still don't get the response that you think you’re entitled to or your lender still refuses to look at your claim, refer the matter to the Financial Ombudsman Service (address below).
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London E14 9SR
Alternatively you can telephone them on 0845 080 1800.
Don't let yourself be fobbed off, if you think you’ve got a genuine reason why you think PPI was mis-sold to you, then keep persevering – as the financial recompense amounts to a significant sum in many cases.
Published: 06/10/2009
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.