The basics of making a mis-sold PPI claim

It is no secret that thousands, if not millions of Britons have been mis-sold Payment Protection Insurance (PPI) alongside all manners of loans and mortgages. However, in amongst the myriad news items, interviews and general press surrounding the scandal, it can be difficult to actually see how you can remedy the situation. Just how do you go about making mis-sold PPI claim?

First things first, you'll need to ask yourself a few questions to confirm once and for all that you were actually mis-sold this service. You need to think long and hard about if the service was offered to you directly by whomever sold you the loan. If they did offer it, did they tell you that it was optional, or did you feel pressured into buying it/made to think it was not an optional service? For example, in some cases, salespeople used very persuasive techniques to trick you into buying it - calling it something the provider "strongly recommends".

If you accepted PPI as part of your loan or mortgage package, you'll also need to recall whether it was made clear to you that this would need to be made in one lump sum. This would likely have been a sum added on the entire re-payment total for your loan or mortgage, yet the protection may well have run out two or three years prior to the end date of your loan repayments.

Once your research is complete and you feel confident you've got a claim to make, you can get started. You can either go for a do-it-yourself approach, or you can procure the services of a PPI claim specialists. They will be fully au fait with all the ins and outs of inputting such a claim, so will take some of the burden away from you. However, do check that they are aware of the timelines involved.

For example, once your claim has been submitted, the provider of the PPI must reply within five days to confirm they have received your complaint. They are then afforded eight weeks in which to review your claim and come back to you with an outcome. If the outcome is not what you hoped for or they did not meet this timescale, you may take your case to the Financial Ombudsmen Service - which you must do within six months. Hopefully any specialist you work with will understand all of these and guide you through the process with ease.

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