So, you found out that you had a Payment Protection Insurance (PPI) policy wrongfully sold to you, and want to get what’s rightfully owed to you, right?
In most cases, logging your complaint and going after your claim is all you will need to do…right?
Well unfortunately, in some cases your claim may be denied, but that doesn’t mean that it’s over.
If you have recently had your PPI complaint denied, then don’t give up just yet. There may be another entity out there that can help you. If you haven’t contacted them yet, then you just may want to contact your new best friend – the Financial Ombudsman Service.
If you are uncomfortable dealing with them and calling yourself, then you may want to approach a PPI advisor to help you.
To better help you through this process, it’s best to understand what the Financial Ombudsman Service does, EVEN if you plan on using a third party to do the leg work for you.
What should bring you some encouragement is the fact that PPI complaints are one of the MAIN financial problems that they deal with. In fact, the Financial Ombudsman Service page lists PPI at the top of their list of complaints investigated, alongside others such as mortgages, pensions and banking.
According to their website, they state that the business (in this case, whoever mis-sold you the policy) has eight weeks to look into your complaint.
If after this period you have been denied, then you can approach them with your case. They will then listen to both sides of the story, and make a decision based on the facts that are presented.
Remember to keep in mind that eight-week period. They can only start the process after eight weeks have passed from your first complaint letter.
Another thing to keep in mind is that while the process may seem like an easy one, and that you may be on the winning end of a large refund, it’s not usually a fast process.
What does that mean for you?
Well, it simply means that you shouldn’t go out and start spending the money just yet. It could be several years until everything is settled, so just remember that while you have someone else on your side, it could take a bit more time than you’d like.
The website makes it extremely easy to make a complaint, in fact one of the links at the top of the page is titled “How To Complain.” Their three-step process goes as follows:
Step One: Talk to the business
What they want you to do is try and work things out on your own first. Let’s assume that you already tried and they denied your complaint. Keeping in mind that eight weeks must have passed, you can now turn to them to contact the business.
Step Two: Voice Your Concern
If you are getting nowhere and the business is not replying to your attempts to contact them, then let the Financial Ombudsman Service know about it.
Step Three: Just The Facts
Like those old detective shows used to say “Just the facts,” you’ll need to provide the service with facts and more information. The more details you can provide, the easier it’ll be for them to look into it.
You can provide these details by going on their website or filling out a form for them.
They may also require more information since you are making a PPI complaint. On their site they have a whole page dedicated to the PPI complaint process.
Some Things To Keep In Mind…
While you may feel victimized, it’s important to remember that you are not the only one who has a complaint. While this should bring you comfort that many others out there have been through the same thing and can sympathize with you, what you must keep in mind is that they are dealing with massive amounts of complaints.
According to their website, they have gotten over a million of them. Yes, that’s a million with six zeros, which means that the likelihood that your case could take a while to process increases.
While you may be tempted to go it alone and just wait it out, it may be better for you to have a PPI advisor and the Ombudsman service in your corner should you feel that you may run into any big obstacles.
Another thing to keep in mind is that while the number mentioned earlier of over a million is staggering, what’s even more staggering is each case needs to be reviewed individually and there are only a limited amount of Ombudsman to do so.
What does this translate into?
Please be patient.
What Do I Do After Giving The Ombudsman My Information?
Once they have your information there is nothing left for you to do. There’s nothing else you can do but wait for your case to be reviewed.
Just trust that your case is safe and will be handled in a timely manner. In fact, by not contacting them you are actually doing them a favor. If they have to field calls asking about claims and complaints from thousands of people a day, then it would take time away from ACTUALLY investigating the complaints.
Should there be something that comes up that needs to be taken care of, you can be sure that they will contact you. Otherwise, the best thing for you to do is be patient and trust in the process.
If you have been hitting a dead end with your attempts to put a complaint through on a PPI policy, then it may be time to contact the financial ombudsman service to look into, and investigate your complaint.
If you do not feel comfortable contacting them yourself and going through the process, then you may want to contact a PPI advisor to assist you. There’s no need to put this off any longer.
If you are concerned that you don’t know enough to go through the PPI policy complaint process, then find someone that does. Don’t delay, start today