There are millions of customers across the country who have been mis-sold PPI and these people are now struggling hard to get back the amount from the banks. While the procedure for claiming back the PPI amount has become easier and hassle-free after the recent court rulings, there are still many people whose claims are rejected or whose applications stand disputed. For such people, there is a service called the Financial Ombudsman Service.
The Financial Ombudsman Service resolves any and all disputes arising out from the PPI claim process and works for the benefit of the customers who have been mis-sold PPI. The FOS weighs and reviews the points indicated by both the parties, which is the bank and the customers, and checks the documents thoroughly before coming to a conclusion. In most of the cases, the FOS is amicably able to solve the problem of the customers by providing them with essential guidance and assistance in getting their reclaim amount.
The FOS helps in negotiating with the banks on behalf of the customers as well as assisting the customers in filling the PPI letter. However, at times, when the application is rejected and the customers feel it is unfairly rejected, they have the right to knock the doors of the court of law and file a lawsuit against the company who have sold them Payment Protection Insurance. Taking the matter to the court calls for hiring a lawyer, which can be an expensive affair. The customers need to think before and analyze whether the amount at stake is worth it or not. If you are looking for more details on how the Financial Ombudsman Service can help while claiming mis-sold PPI amount, here are the few points that can bring in the much needed clarity.
- The Financial Ombudsman Service will verify the claims made by both the parties, check the credible evidence available, validate the documents through proper investigations, and then come to the conclusion after negotiating with both the parties.
- In many cases when the FOS rejects the application, the customer can ask for appointing a FOS representative to the case, who will investigate the matter individually and closely. If the FOS inspector also rejects the claim, then the only option left is to knock the door of the court of law.
Author Bio – Udem Garrison is a noted author on the topic of insurance, and has written several articles on PPI as well. Her in-depth articles and columns have helped many victims of PPI scandal find the right way to get their money back.