Are you one of them whose PPI claim was rejected by the lender or the authority? This happens with a lot of people, but you need not give up. The banks have to pay lump sum amount of money to you, which you have been depositing from the past few years every month bit by bit hoping that one day you will get all of it with some interest.
To save some money, banks usually trick people by rejecting their claim without any good reason. They will ask you for your details, paperwork, and look for reasons to reject your claim. Here is all what you need to do, if the PPI claims company rejects your claim.
What to do
File a complaint to your credit card company, Loan Company or your bank for the same. There are deadlines of every process and both you as well as the bank have to follow the deadlines when you file a complaint. These deadlines are usually for replying back the queries. This may help you, but if you are unhappy with the results of filing a complaint then you can forward your issue to the FOS that is Financial Ombudsman Service.
FOS will review your case and according to the past records they have won around two third of the cases that come to them for the PPI claim. If they find that you’ve not been fairly treated they will take action to get the work done, but if they feel that the bank is right then they will give you an explanation.
If you didn’t make any efforts on your own then asking for help from a FOS is of no use. They will send you again to the bank or loan company to get all the things done yourself first and then if nothing happens they will look in the matter.
When to contact the FOS
You should talk to the FOS only after
Make sure you contact them within six months of filing a complaint. If you don’t contact them within the deadline, it won’t be possible to get back the money.
So, if your PPI claim was rejected, you should try to sort out the things on your own, but still if you feel unsatisfied then you should contact the Financial Ombudsman Service.
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