The scandal of PPI in the UK seems to keep dragging on and on. The issue arose when people figured out that they were paying for something they couldn't use, and complained to the FSA. Following that, banks were ordered to repay the amount they took from people. This has been a process that's affected thousands of people, and it's taken over two years so far to get money back to those that deserve it.
The answer for some people who begin to make a claim is nothing at all, and in fact they could end up paying more money to get that information. This is because some people are getting tricked into making claims when they don't have a case. Just having taken out PPI doesn't make you a victim. Policy protection insurance is actually a good deal for some people, as it helps you if you become unexpectedly unemployed. The reason it's become a scandal is the way in which bank staff sold the policies to some customers. Basically this comes down to whether you were unemployed when they made you take it out, and whether you entered into the agreement knowing that you could have got the same cover elsewhere.
With that cleared up it should be a simple matter of getting to the bank to make a formal complaint, just as you would with any mistreatment. The bank should get back to you on your claim within eight weeks, and if they don't you're entitled to get government help from the ombudsmen service in your area. That should clear things up.
You will receive the amount you paid in total, so find out how much PPI costs were included in your monthly loan repayment bills. Contact your bank for this, and then multiply the amount by the number of months you paid. Then you can also add on the interest of the total amount you paid. This is harder to work out exactly, but it should be between 3 and 0.5%, so that gives you a rough idea of how much you'll get.
And that's it. Take your complaint to your bank, or a government ombudsman, to get things sorted out.
The answer for some people who begin to make a claim is nothing at all, and in fact they could end up paying more money to get that information. This is because some people are getting tricked into making claims when they don't have a case. Just having taken out PPI doesn't make you a victim. Policy protection insurance is actually a good deal for some people, as it helps you if you become unexpectedly unemployed. The reason it's become a scandal is the way in which bank staff sold the policies to some customers. Basically this comes down to whether you were unemployed when they made you take it out, and whether you entered into the agreement knowing that you could have got the same cover elsewhere.
With that cleared up it should be a simple matter of getting to the bank to make a formal complaint, just as you would with any mistreatment. The bank should get back to you on your claim within eight weeks, and if they don't you're entitled to get government help from the ombudsmen service in your area. That should clear things up.
You will receive the amount you paid in total, so find out how much PPI costs were included in your monthly loan repayment bills. Contact your bank for this, and then multiply the amount by the number of months you paid. Then you can also add on the interest of the total amount you paid. This is harder to work out exactly, but it should be between 3 and 0.5%, so that gives you a rough idea of how much you'll get.
And that's it. Take your complaint to your bank, or a government ombudsman, to get things sorted out.