Judging by the figures you see on your statement, you could have been paying way too high on Payment Protection Insurance that was offered to you when you applied for the loan or the credit card. You didn’t know it would be that huge and the interest was not helping at all. Bit of a problem, isn’t it? To make matters worse, you wouldn’t have signed up for it if you weren’t forced to. The sale just happened too fast and there were just too much information you wanted to ask about but were not discussed.

Well, if you’re about ready to move on from this whole mess and claim your money back, you’ve got every right to and you stand a really good chance to it especially if you can back it up with all the paperwork you are holding. It may not be a walk in the park because you will be faced with strong and reasonable arguments when you try to prove your case but you shouldn’t find it too complicated as well. This insurance policy is supposed to protect you in the first place, not to cause you too much trouble as it has done now.

If there was a point at the time that PPI was sold to you where your need and the suitability of the product were not established, you may have a very strong case. It won’t be any less strong if your eligibility was not determined. You should have been at least 18 and not over 65, working fulltime, and have not had a pre-existing medical condition to be eligible for cover. If this was not discussed, you stand a big chance of reclaiming, too. It doesn’t get any less strong if you were told that the policy was compulsory to make sure your debt repayment is covered if you got sick, had an accident, or made redundant at work.

Now, when you’ve got your paperwork together and your reasons were established, you can write to your bank and tell them about it. You do not need to worry about your PPI claim being ignored because financial institutions are required by the law to look into it and get it resolved within 6 or 8 weeks. You can’t possibly be bullied out of your claim nor be ignored. There’s no chance the banks will break another law. It’s bad enough they had a fraudulent PPI sales process and they can’t risk getting into more trouble for not looking at every details of your claim.

If the results of the PPI claim you made were not to your expectations, of if your bank deliberately failed to contact you about what happened you can still have the case reviewed by the Financial Ombudsman Service. This time, the FOS takes over once you complain against your bank and how they treated your case. They will then talk to the bank and ask further. There’s truth and the validity of your PPI claim to be established here so you may need to wait for a few more weeks and send in additional paperwork if needed.
However, all of this will be resolved in no time. The amount of work you pour into proving your case and getting your money back will be all worth it once it is decided that you are entitled to a full PPI premium refund, and the interest it incurred from when it started. So don’t wait around, wondering too long. File that claim now and get the ball rolling. You’re better off compensated for the financial trouble that a mis-sold Payment Protection Insurance policy has brought you.