PPI is an insurance product that you may have unknowingly signed up for six to three years ago when you first took out a financing or credit card from your lender. You may expect them to have informed you, but they took the chance that you would pay for it and increase their work volume. If you’ve been putting off reclaiming your PPI, you shouldn’t worry; there’s no time limit to reclaim your PPI.
However, it is advised that you reclaim your PPI at the soonest possible time. The Financial Ombudsman guarantees a reply within eight weeks, which is a very long time for any consumer. As you should first contend with your bank regarding your mis sold PPI, they could go over eight weeks.
Banks have been notorious with delaying customer refunds in any way possible. Even if they do address your concerns swiftly, chances are you may not be satisfied with their decision.
At least 1 out of 3 PPI claimants forwarded their unjustly compensation claim to the Financial Ombudsman after the bank’s decision. Banks may also present inaccurate information about your financing. If you hold your original receipts, presenting it to the Financial Ombudsman could give you a higher chance of success.
If you’re too sure that you are mis sold PPI because it is quite old and you couldn’t remember when you first paid for it, read this post.
Always have a financial expert with you to guide you through the PPI claims process.