Even after All of These Years, You Could Still Be Owed Compensation for PPI

We all know about the recent payment protection insurance scandal, in which millions of people were mis-sold this policy that is supposed to protect the borrower in the case that they are unable to pay back the amount borrowed including the interest. Even though this insurance did have some good intentions, it was heavily mis-sold and many people have received compensation.

If you have not already claimed compensation then you might want to know if you can still claim. Are banks still accepting and processing the claims? Is there not a time limit of when you can make your claim? We’ll answer this throughout the article.

Preparing Your Claim

To put it quite simply, there isn’t really a time limit in which you have to file your claim for compensation as a result of being mis-sold payment protection insurance. Although the banks are only required to keep your information on their database for a number of years so it would be much easier to file your claim whilst they still have the information on the database.

Whenever you are ready to file your claim all you have to do is gather all of your documents and paperwork together and write a complaint letter to your bank outlining the problem that you have been mis-sold PPI. Make sure to include details of the loans, credit cards, and mortgages that you have taken out in the past decade or so and how you was mis-sold payment protection insurance.

Getting Help and Dealing with Rejection

There are many people who simply don’t want to go through this process themselves, either because they don’t have that kind of free time that is required in order to file the claim, or they just don’t understand the process and would like someone to help them. Well if this is the case, it would be good to know that you can go to a claims management company who will guide you through the process and file your claim on your behalf. They will be able to give you any advice that you need and ensure that you get as much compensation as possible.

If for any reason you feel as if you have been mistreated by the banks or they haven’t taken your case into serious consideration, you can always contact the Financial Ombudsman Service (FOS) who will review the case and make sure that the banks and lenders are following all the necessary rules and regulations that have been put into place.