How to Claim Money Back from Bank for PPI
Recently the FSA has fined many banks for the misselling of PPI (Payment Protection Insurance) for taking out of new loans.
Investigations have found that these very profitable services have been sold without proper explanation of their terms and conditions.
It is estimated that only 20% of the money paid in insurance is ever returned to customers. The market for loan insurance is said to be £4billion a year.
If you feel that you have been missold a financial product, you can have a look at this checklist which shows whether you might have been missold. - Have You Been Missold Loan Insurance?
If you think that you may have been missold, then it is worth writing a letter to your bank. A free template of a letter is available here
If the letter fails then it is worth making a complaint with the Financial Services Ombudsman - Making a complaint
This particular financial scandal could be bigger than the last one related to Mortgage exit fees
Related
Warning over loan insurance cost at BBC
Investigations have found that these very profitable services have been sold without proper explanation of their terms and conditions.
It is estimated that only 20% of the money paid in insurance is ever returned to customers. The market for loan insurance is said to be £4billion a year.
If you feel that you have been missold a financial product, you can have a look at this checklist which shows whether you might have been missold. - Have You Been Missold Loan Insurance?
If you think that you may have been missold, then it is worth writing a letter to your bank. A free template of a letter is available here
If the letter fails then it is worth making a complaint with the Financial Services Ombudsman - Making a complaint
This particular financial scandal could be bigger than the last one related to Mortgage exit fees
Related
Warning over loan insurance cost at BBC
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