General financial studies state that 2,750 is average payout for a successful claim
. Reports stated by financial service authority indicate that total payouts made by banks in 2011 for PPI claim is 1.9 billion. Financial experts and reports estimated that PPI payouts will finally reach up to 8 billion. All these statistics reports shows that still there are several individuals who are entitled to make PPI refunds. Follow the steps mentioned below to get back your money if you have any mis sold PPI.
Check your PPI policy:
Very first, you should estimate that whether you have a PPI or not. There is no surprise if you are unaware of the PPI policy for which you are paying or you have paid. Several PPI policies were sold without any awareness of consumers. You can check your payment statement or ask to your lender to know about the PPI payments. If you have PPI then next step is to verify whether it is mis sold or not.
Here are some examples given that will tell about the proper circumstances of mis sold PPI:
If you were unemployed, self employed or retired then you could never take the benefit of PPI coverage
If you were not told that policy will not cover the payments in case you were out of work due to seriousness of per-existing medical condition
If you were sold single premium policy in which you have paid whole cost at the same time and its rate was similar to the loan rate
If you were told that it is compulsory to take the policy
If you were not received any details of the policy from lenders
If you were crossed the upper age limit of policy usually of 65-70 at the time of purchasing the plan
If all or any of the above situations are true in your case then you are entitled to make PPI claims. You will receive full compensation for mis sold PPI depending upon the process and truth of PPI claim. If you will follow regular and legitimate process to get back PPI claims with proper evidences and documents then your bank will return back your money. However, if you fail to present the claim letter in right order then bank may reject your compensation.
There are two ways to file PPI claim :
Take help of PPI management firm: These are specialized firms to deal with PPI disputes. They work to get back full compensation from the banks and usually win to get the amount. But they charge some fee for the service if you will the case successfully.
File PPI claim yourself: You can send PPI claim letter to your lender by yourself. In some cases, these letters get rejected or the process ends with some awards to the victims having less value of compensation.
You can select either option. However, you may contact FOS if your bank rejects your compensation letter.