After years of systematically being misrepresented and mis-sold by numerous financial institutions and banks, Payment Protection Insurance (PPI) claims are now one of the biggest financial topics on the national level. Aside from hearing about the claims themselves, you can also hear many stories of how people managed to beat the banks and insurance companies and succeeded in reclaiming their PPI.
PPI Claim Rejections
However, even though you hear these stories all time, there are also many more stories of those consumers who are finding it very hard to find a common language with their money lenders and reclaim their PPI. This commonly happens despite the high court ruling that these claims must be repaid.
What Are PPI Claims?
In simple words, whenever you get a credit card, an auto loan, or a mortgage, you can also get payment protection insurance as cover, in case you are unable to fulfill your financial obligations. In most cases, PPI is a necessary, valid insurance that is considered by many to be a sensible option. However, in recent years, there have been a plethora of cases where PPI policies were mis-sold. If you find yourself in a situation where you were mis-sold a PPI policy, you have the right to PPI claiming.
There are many reasons why you may find yourself entitled to a PPI claim. Some of the most notable ones are the following:
- You were sold or advised to buy a wrong policy.
- You were retired, unemployed or self-employed.
- You were unaware of the fact that you were sold a PPI policy.
- You were misled into thinking that the PPI policy was compulsory.
- You had various medical issues in the past or during the signing of the policy.
- Your PPI provider already has a history of being fined for misrepresenting or misselling PPI policies.
What Should You Do In Case Your PPI Claim Gets Rejected?
Seeing a PPI claim rejected is a very common and frustrating thing to see, especially for those who have legitimate claims. The problem here is that many people tend to give up, once they hear their claims were rejected. If you find yourself in this situation, do not lose hope, as there are still viable solutions.
Be Persistent & Seek Assistance From The PPI Claims Company
The key is not to give up. Instead, what you should do first is to appeal to the Financial Ombudsman, whose task will be to go over your case and make the final ruling. While you can do this all on your own, keep in mind that this can be a very arduous and complicated process. To avoid spending too much time, a much better option would be to look for the help of professional PPI claims companies. Companies such as canary claims specialize in handling PPI claims and are known for their successful records. Such companies will not only drastically increase your chances of reclaiming your PPI but also offer you a “no win-no charge” policy, which means that if they fail, you will not have to pay for their services. With this, you’ll be more confident that they will do whatever it takes to win the case and succesfully claim the PPI.