How to File Your Own PPI Claim – Is It Effective?

There are so many people filing claims with their bank or lender who have wrongfully mis-sold them payment protection insurance in the recent years. Payment protection insurance has been notoriously mis-sold since the 1990s but people are only now taking proper action against the banks and lenders and reclaiming compensation.

Filing your claim can often be a difficult process and if you aren’t too familiar with the financial industry you might be unable to deal with the many problems that could come your way during the claims process. Throughout this article we’ll be giving you some general advice and guidelines regarding your claim.

Filing Your Own Claim

Filing your own claim might seem to be quite scary and intimidating at first – especially since you are dealing with huge banks and corporations – but it should be noted that there are an abundance of people who have claimed with their banks and lenders and have been treated fairly meaning that they have received an adequate amount of compensation for the trouble and inconvenience that they have gone through.

The first step in filing your claim is checking your eligibility by going through the documents and paperwork supplied to you by your bank or lender back when you took out the credit card, loan, or mortgage. After checking your eligibility, you will next want to contact your bank or lender via the means of a complaint letter – there is certain information that you need to include on these and you should be able to get more information from your bank.

Dealing with Problems Yourself

After your claim has been received you should receive a reply within the next few weeks, some people have had to wait for a month or so, so don’t be concerned if it takes this long. If the reply that you receive from your bank or lender isn’t quite as good as you hoped or you believe that you haven’t been treated very well, you can always complain to the Financial Ombudsman Service.

The Financial Ombudsman Service is the people who regulate the financial industry and make sure that the banks and lenders are following the certain rules and regulations that have been put into place. If you decide to contact them then they will be able to take your claim into consideration and review all the details. If your bank or lender is found to be at fault then necessary action will be taken against them.

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