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Archive for tag: PPI Compensation Complaint

Your PPI Compensation Complaint and the Financial Ombudsman Service

Has your claim for payment protection insurance (PPI) compensation rejected? If it has, you are not alone. Other customers have had their claims turned down by the banks. But if there is one thing you can predict about the PPI mis-selling scandal is that it is unpredictable.

If you have had your claim rejected, there is a course of action you can take: contact the Financial Ombudsman Service (FOS) and ask them to take a look. They will make the final decision after examining all the evidence.

Did you know...?

An estimated 53 million PPI policies were sold to unsuspecting customers, with around 45 million of these being sold by banks.

It is not just down to one bank or lender either, it is widespread across many financial companies. Many customers have already made successful claims to get their money back from their bank or lender.

How to make a claim

Contact your bank or lender, show you have PPI on the account in questions and tell them why you think you were mis-sold PPI. You don't have to use a claim management company but many people use reputable companies like us because we do all the legwork - in other words, we chase the bank or lender throughout the entire process and we check that you get the right amount of PPI compensation too.

Did you know...?

Your bank or lender should respond within 8 weeks of you submitting a PPI complaint to them.

If your PPI case is rejected

Don't be disheartened. There is one further option open to you - if you still think you have a case for PPI compensation, you can submit your case to the Financial Ombudsman Service and ask them to take a look at it on your behalf.

Here's the good news: the Ombudsman are upholding in favour of the customers in nearly three quarters of all the PPI complaints submitted to it.

But the bad news is: the Ombudsman has been deluged by PPI complaints by customers over recent years. Despite employing more staff, they predict it will take 12 months for them to be able to resolve your complaint.

Did you know...?

The Financial Ombudsman Service is receiving 2,000 new PPI complaints a day, the largest number of complaints it has ever received about one, single financial product.

Making a PPI compensation claim is, in most cases, straightforward but sometimes there are complexities. As a claims management company with a growing reputation for quality and success, PPI Scotland will be with you every step of the way.

Call us today for impartial advice on your potential PPI compensation claim!