What are YAYCs top tips for claiming back mis-sold PPI?

What is the Problem?

This one comes from Dorothy in Cheshire, and her question: “I’m about to make a claim for mis-sold PPI, but I’ve seen a lot of conflicting information about where to begin. Can you offer any advice that will help me get this underway?” 

The Payment Protection Insurance mis-selling scandal has been big news for some years now, yet there remain £millions in unclaimed premiums, presumably by those who either have yet to realise there was a problem, or, have perhaps finished paying for a loan, and never knew they were paying for insurance as part of the deal.


Perhaps this show comes at just the right moment, because…

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About the Presenters

Simon Goldberg

Simon, began his working life with Messrs. Coutts & Co, bankers to the Queen. During a career which has, thus far, spanned 29 years, Simon has served time as a Bank Manager, Financial Adviser, and General Manager of a major UK Broking Firm, which later became London Scottish Broking. An ex-Qualified Mortgage Adviser, Simon set up his own broking firms in late 2002... Find out more about Simon

Your hosts - Mark Moxom and Alain Braux

Mark Moxom

Mark is a multiple best selling author on food, health and business. He has had decades of experience in natural health and is an outspoken advocate of natural nutrition and drug free living. He's also the founder and executive editor of Low Carb Mag. More about Mark

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What To Do

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The Payment Protection Insurance mis-selling scandal has been big news for some years now, yet there remain £millions in unclaimed premiums, presumably by those who either have yet to realise there was a problem, or, have perhaps finished paying for a loan, and never knew they were paying for insurance as part of the deal.
Perhaps this show comes at just the right moment, because one of the tips we’re about to reveal, will be just as useful for those intending to make a claim, as it is for those wishing to find out if they were sold PPI in the first place.

The Outline Solution

We’ve said it before and we say it again “if you fail to prepare, then prepare to fail!

  • Make a Data Subject Access Request
    • The DSAR enables you to complete a review of what the Bank holds on file. The DSAR should be completed PRIOR to any claim for mis-selling is made.
    • Bank staff have been  known to falsify and or create the documents necessary to have “made good” an insurance sale!
    • By undertaking a review of what the bank has before showing your hand, you can catch the bank out should staff try something underhand.
    • Always be specific with your Subject Access Requests and mask your true intentions by asking for other things, not just information about PPI sales. Otherwise you give the game away!
  • Don’t Accept Rejection.
    • Banks and other financial institutions have been caught out
      employing blanket policies whereupon EVERY claim is rejected first time round! So this is one occasion when you shouldn’t accept no for an answer.
  • Use the words of the FOS against the Banks!
    • If you search the case studies made available by the Financial Ombudsman Service, you can pick out key phrases that probably apply to your situation.
    • Words are very important, and Bank staff will use any lack of word mastery to deflect, distract and undermine, what might be a perfectly valid claim.
    • Why not visit the FOS website and review the examples of previously successful claims. Then take key phrases from those successful claims, (eg reasons the Ombudsman awarded in favour of the customer), and use them in your letters!
    • If your claim progresses to the ombudsman, the ombudsman will find it very difficult to argue their own words!

Possible Arguments Against You

  • The time elapsed since your loan, credit card, or secured loan ended could work against you.
    • If you ceased doing business with a company more than six (6) years ago, it is unlikely that you will be able to access records held by the bank or financial institution, but don’t let that deter you from making a Subject Access Request, just in case!
    • If you keep good records, this may not be a problem. Check out our Good House Keeping Show!

The Almost Legal Info

Remember:

It is not your job to prove that PPI was sold incorrectly, it is the bank’s job to show that the PPI was

  • Relevant
  • Needed;
  • Clearly explained; and
  • Presented as optional;
    • ie: sold correctly!

Helpful Paragraphs:

Just because the Bank, Financial Institution, or Financial Ombudsman Service don’t agree your claim, doesn’t mean you don’t have a claim. It could well be that you have failed to express yourself or your “arguments” in a clear and effective manner.
You always have the courts to fall back on.

Need More Help?

Ultimately, it starts with you. If you’ve had enough of banks and financial institutions unscrupulously taking people’s money, and getting away with it, then now is your chance to fight back, and maybe put some cash in your pocket in the process. So, if you want a more detailed guide together with templates of letters you can personalise and send to the bank or other financial institutions.

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