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What can you do?Some people will have the time, knowledge and confidence to pursue a claim independently. If you are one of them, then this section is for you. But if you would prefer to let us pursue the claim on your behalf please see What can we do for you? , where we take the stress out of making a claim. We have outlined the claims process for you below, highlighting the possible reaction from your lender and the steps you need to take to go beyond any initial refusal of your claim. We have also included some useful websites that can assist you. This is by no means an exhaustive list but should help you decide how you want to proceed with your claim. Determine why you believe you may have a claim The first thing to do is to decide the grounds on which to base your claim. We have outlined the common reasons for PPI mis-selling on our home page, though there may be other reasons you consider relevant. Write to your lender Once you are clear on the basis of your claim write a letter of complaint to your lender outlining the reason or reasons why you believe your loan has been mis-sold. At this stage you could consider making what is known as a “subject access request” under the Data Protection Act. This will require your lender to provide you with copies of information that they hold about you on file. Be as specific as possible as it can take up to 40 days to get this information and if you have to ask for more, the clock is reset for another 40 days and you will be charged another £10. We do not use standard letter templates as we prefer to treat every case on its own merits in order to specifically target the alleged complaint. Standard paragraphs and statements often give the impression that no thought has been put into the letter and can easily elicit a standard response from a lender, delaying or stalling the claims process. If however you prefer to go along this route, there are a number of websites and organisations such as www.moneysavingexpert.com that will provide templates and guide you through the process. www.thisismoney.co.uk. includes a section devoted to PPI. If you are considering making a claim independently their guide is very comprehensive and may help you avoid costly mistakes. There is a very high probability that your lender will say ‘No’ to your claim and justify why you were correctly sold a policy. To succeed you will need to be persistent. If you are refused, write again, restating your reasons and inform them that you will take your case to the ombudsman (see below) unless you are offered a refund within 14 days. The Financial Ombudsman Your complaint might be eligible for consideration by The Financial Ombudsman Service. So, if after writing letters to your lender you are still not satisfied then you should seriously consider writing to The Ombudsman. They are currently handling up to 800 claims per week so progress may be slow. Still not satisfied or would like us to claim on your behalf? Lenders are expert in finding reasons not to pay and their replies to your letters may put you off. If at any stage you become exhausted or frustrated at the process and are about to give up simply contact us on 0207 788 7979 or email info@FirstRefunds.com and we will see if it is possible to take the claim forward on your behalf. Useful Links Before starting out you should carry out as much research as possible to make sure you have a genuine case and you have all the supporting material you need. If you decide to let us make the claim on your behalf we will do all this for you. The following links will give you invaluable information to assist your claim. www.thisIsmoney.co.uk www.moneysavingexpert.com www.fsa.gov.uk. The Financial Services Authority. Your lender will be regulated by the FSA (who has fined several of them over mis-selling PPI) www.claimsregulation.gov.uk The Ministry Of Justice website – We are regulated by them to manage financial claims www.citizensadvice.org.uk (England and Wales) www.citizensadvice.co.uk (Northern Ireland) |
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