The banks will refund your successful PPI complaint. Because of their bank employees’ unscrupulous sales tactics, banks now take the stage in refunding consumers their rightful refund and compensation for an insurance policy they cannot hope to use due to their ineligibility.
You are mis-sold PPI if you were already sick, injured, unemployed, or self-employed during the time a bank employee or financial adviser sold the policy to you. In addition, if your financial adviser did not disclose substantial commissions (above 50% of the insurance policy’s sale value) from your policy, consider it mis-sold under the Plevin clause.
What Do You Need for a Successful Claim?
To prove your sickness, injury, or lack of employment or self-employment, you will need documents to serve as evidence.
For sicknesses or injuries, a medical certificate from your attending physician during your treatment will indicate that before the PPI’s sale, you were already suffering a malady that renders you ineligible for the policy’s benefits.
For unemployment or self employment, your last payslip or business permit are enough to validate that previous to buying the policy you were unemployed or running your own business.
What To Do In Case Banks Reject Your Claim?
Banks will do anything in its power to avoid refunding you at any point. However, the Financial Ombudsman Service will investigate in-depth to help you reclaim all your refunds. The FOS’ decision is final. If its judgement was not in your favour, then you will need to settle with the bank’s decision.