The unending saga of mis-sold PPI has shown no signs of stopping as more and more people are making PPI claims through claims advisers or on their own. They all realised that they were somewhat cheated into buying the PPI by the financial institutions they have long relied on for credit. A tremendous amount of mis-selling schemes were devised by banks and other insurance brokers for the past several years if only to gain profit from the product. A high Court ruling over this matter has made banks busy with recognising PPI claims and investigating them up to this date.

However, despite this ruling, there are still banks and institutions that refuse to abide by the mandate and work out ways to avoid claims when in fact, an estimated 9 billion pounds in compensation was reportedly allotted for mis-sold PPIs alone.

Reclaiming the PPI paymentIf we try to look at things from several years back, when PPI was introduced, it has the most ideal intention of becoming a repayment safety net for consumers. It was designed for the purpose of covering repayment obligations in the event that a policy holder gets sick for a period of time, had an accident and needed to recuperate, or was made redundant at work and had to find another job to sustain their cost of living. Unfortunately, these situations alone were used as a tactical advantage of profit-hungry PPI sellers, and found ways to easily cheat people into buying it.

To cite several instances, it has been reported that people were signed up to PPI without their knowledge and consent. Their signatures were either forged on the PPI agreement form or they could not have easily noticed the automatic signing up in an online application for credit. There were also consumers whose needs of the policy and its suitability to their current financial situations were not established. Some were not even eligible for cover – being under 18, over 65, not employed full time, and had pre-existing medical conditions, but were still made to buy. Other instances of mis-selling took place when people were not explicitly informed of vital information surrounding the product. There were those who were made to believe it determines the approval of their application while some were simply talked into buying the policy with false or zero information on policy duration and costs.

As you may have realised you were one of the victims of this fiasco, what you need to do now is to reclaim the payments you have made to the policy from when it was offered to you. To do this, you will also need a significant amount of proof that you have had PPI along through your statements, policy certificate, credit agreement forms, and other related paperwork. Copies of them must be presented to the bank that sold you PPI so they can review and cross-check them against the information on their database.

An 8-week review at the most will take place following your claim. As you may have heard of, it is best t put PPI claims in writing when you want to initiate a claim. If you sought help from PPI claims experts, they will do the same thing, too. Write to your bank about how the mis-selling happened and then they will weigh the validity of your case. They’ll go through checking their sales channels for breaches in regulations and other possible instances of fraudulent events.

Like 85% of the claimants to date, if your claim is deemed valid, you will be compensated for the calculated amount of payments you made to Payment Protection Insurance and the interest it accrued since. Your bank will arrange to have you paid through cheque or have the amount cover whatever outstanding balance you owe them.

If ruled otherwise, or the bank deliberately did not communicate with you after 8 weeks, you can appeal to them and make them give you a final decision. Alternatively, you can lodge a formal complaint against them at the Financial Ombudsman Service where they will be questioned for what they did or did not do. When your complaint is decided on and your claim is upheld, the bank will be required to arrange the due compensation.

At this point, this is the perfect and most reasonable solution to your mis-sold PPI dilemma. Not only will you be able to make things clearer, but you could also ease yourself out of a difficult financial situation should you be about to go broke anytime soon.