Do you intend to make a PPI compensation claim? You might have decided to bring the matter to the attention of the Financial Ombudsman. Let us explain to you certain things that you must know before going to this governing body.
What is PPI?
PPI is an acronym for Payment Protection Insurance. This is a kind of insurance procured in connection to a loan, a mortgage or a credit card. The insurance covers expenses when the borrower is unable to pay his or her loan due to medical condition, death, unemployment or any other cause for non-payment of debt. The insurance is covered by the borrower. It is not obligatory for a borrower to buy such insurance. How far back can you claim ppi will depend on a lot of factors usually it is around 6 years but some companies are claiming to be able to recover up to 15 years, so shop around.
This is an agency of financial experts that steps in when individuals and businesses are not able to arrive at a decision on certain financial issues. The services of this agency are free for both businesses and consumers.
Why resort to the Financial Ombudsman
The case of any mis-sold PPI can be taken to the Financial Ombudsman by the borrower when the bank or lender refuses to pay the claim for mis-sold PPI benefits.
How to file a complaint with the Financial Ombudsman
- Know the process of lodging the complaint. Before you go to the Financial Ombudsman, you have to go first to your bank or lending institution. If the bank does not give you a decision after 8 weeks, you can go to this agency.
- If you’re not happy with the response of your creditor, you can ask the office of the Financial Ombudsman to research your case.
- In order to file your appeal with Financial Ombudsman’s, you have to fill a complaint form. This will provide all the details to the PPI transaction. The form is also downloadable.
- You can fill up the complaint form on your computer. If you are doing paper work, you fill-up the form by hand. Send the completed form online or by post.
- Ensure that you have filled up the forms correctly and completely. This will help in the assessment of your case. If you are not sure on how to go about the process, the Financial Ombudsman accepts inquiries at their office.
- After filing the form, you just have to wait for any advice from the Financial Ombudsman.
Knowing the right process can help you speed up your bank charges and PPI claims process and get your lawful right without problems.