PPI claim letters – Build a case
It probably goes without saying that the quality of a PPI claim letter is a major factor as to whether a PPI claim is accepted or rejected by a lender.
Forming a strong and coherent case based on fact must form the basis of the PPI claim letter.
Furthermore, a strong understanding of the rules and responsibilities that lenders had to abide by is of paramount importance.
Lenders had to adhere to strict guidelines when selling insurance products.
These were set out by their regulator, the Financial Services Authority (FSA), now known as the Financial Conduct Authority (FCA).
These rules were called Insurance: Conduct Of Business (ICOB), and it is these rules that the validity of a PPI claim will centre around.
Checking whether you’ve had PPI
Lenders were ordered to stop selling PPI on credit agreements in 2010, so if you’ve taken out a mortgage, loan, credit card etc since this time, you will not have been sold PPI.
If you took out credit prior to 2010 then your agreement could well be one of the 34 million that had PPI added to it.
If you have the paperwork then you should be able to see whether you’ve had PPI.
But what if you no longer have paperwork? What if you don’t remember your account numbers?
In these instances you could launch a Data Subject Access Request to your lender in order to see if they hold any records of your agreement.
Knowing whether you may qualify
As mentioned above, a good understanding of ICOB will allow you to build a clear and concise case within a PPI claim letter.
However, there are a few basics that would form part of the argument as to whether you may qualify for PPI compensation.
We’ve created a quick basic guide here which should give you an idea as to whether you may have a case.
Lenders will reject valid claims
One thing that must be remembered is that banks and lenders do not want to pay out compensation, and they will adopt various tactics in order to wriggle out of paying.
Lenders have rejected millions of complaints, with a majority of the rejections being unfair.
The simple reason why they reject valid complaints is that people, even now, accept letters of rejection.
Do not take no for an answer. There are two options when you receive a rejection letter.
- Respond to the rejection arguing the case further, again making reference to ICOB
- Escalate the rejection to the Financial Ombudsman Service (FOS)
The FOS is an independent body set up to handle disputes between lenders and consumers that cannot be resolved between them.
The FOS will investigate the case using the points made in the PPI claim letter, and evidence supplied by you and your lender.
Whilst the waiting time for the FOS to make a decision can be anywhere between 12-24 months, the wait is usually worth it as the FOS overturn the majority of rejections.
Leave it to the experts
We hope the guide above gives you an idea of what is required in order to build a solid case, and PPI claim letter.
However, if you don’t have the time or the patience, or you’d rather the process be stress free, you could always instruct experts to act on your behalf.
Your Money Claim has years of experience in dealing with lenders and their tactics.
Your Money Claim will carry out the necessary checks using a fast-track system set up with almost all lenders, to see whether you’ve had PPI.
If you have been sold PPI, Your Money Claim will build your case using expert knowledge and will then deal with your lender on your behalf at every step of the process.
Your Money Claim will counter arguments and obstacles that your lender may raise, and deal with the FOS is required.
Your Money Claim is used to beating the banks, and having already claimed tens of millions in compensation for it’s customers, it has a fearsome reputation with lenders.
So why not start your claim today with the experts, and take the hassle out of your PPI claim.