Payment Protection Claim Process
If you think you may have been mis-sold a payment protection insurance policy then you are probably keen to find out more about the payment protection claim process so we have put together a step-by-step guard.
Step one: Establish how your policy was mis-sold
Before you submit your complaint you should clarify the grounds for your claim. Mis-selling can occur in a number of different ways, but can be loosely divided into two types either you were given incorrect or mis-leading information at the point of sale or you were sold a policy you didn’t need or were not eligible to use.
Step two: Submitting your complaint
Once you have submitted your complaint your lender has eight weeks in which to reply. After this time your lender may either accept or reject your complaint. If the complaint is accepted you will be paid compensation. Compensation will usually be equal to the total amount you have paid into the policy and will sometimes also include an additional 8% interest. If the complaint is rejected you may ask the lender to reconsider the decision and they will usually issue a Final Response. If the final response rejects your complaint then you have the right to refer it on to the Financial Ombudsman Service for review. The Financial Ombudsman Service is an independent body responsible for resolving disputes where a Financial Services Authority authorised business and a consumer have been unable to do so. If the Financial Ombudsman Service upholds your complaint the lender will have to pay you compensation as appropriate. If the Financial Ombudsman Service rejects your complaint you will not receive any compensation.
If you would like help making your mis-selling complaint or would just like to learn more about the payment protection claim process contact us today.