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Going to The PPI Financial Ombudsman (The Ombudsman)
If your PPI claim has been rejected by your lender, that doesn’t mean you have nowhere else to go. If you still insist on doing the reclaim yourself without professional assistance, then your next step is to go to the Ombudsman. The lenders do not have the final say on whether or not they sold you a payment protection insurance policy. That’s the job of the Financial Ombudsman Service.
Why Go to the Ombudsman?
Before you go to the Ombudsman, your PPI claim should first be rejected by your lender. Don’t be discouraged if the lender rejects your claim and don’t believe it when they say that they have very good reasons for doing so. Just go to the Ombudsman within six months of the rejection. It may be best to think of it as just another step in a very long and tedious process of filing a PPI reclaim.
What’s irritating about having your PPI reclaim rejected by the lenders is that most of the time they were wrong to do so. Most of the cases that get to the Ombudsman’s attention after a rejection actually go in favour of the customers and not the lenders. That’s just additional proof that trusting these lenders wholeheartedly isn’t such a good idea.
The Ombudsman decides on whether or not you were improperly sold a PPI policy. But that office can only do so after 8 weeks have passed since you first sent a complaint letter to your lender. However, you can go to the Ombudsman earlier than that if the lender itself suggests that you do so.
Generally, you can no longer go to the Financial Ombudsman Service if it has been more than 6 months since your claim was rejected. There are exceptions, though. Before May 2011, when the lenders finally lost their case in court, numerous PPI claims were deliberately rejected for tactical reasons. The lenders knew that many of these rejected claims would be reversed by the Ombudsman, but they also knew that few of the claimants would press the matter further. Many of the claimants didn’t even know that they could go to the Ombudsman to push their cases.
If your claim was rejected for such a reason, all you need to do is to send a new complaint to your lender. If that claim is rejected again, you can then go to the Ombudsman.
When the PPI Financial Ombudsman Decides
The Ombudsman doesn’t look at all the complaints sent their way—it’s all on a case-by-case basis. You also need to prepare yourself for a long wait because the Ombudsman’s office is virtually flooded with new PPI complaints everyday. It has been estimated that they receive at least 2,000 complaints a day. And while that office is trying to handle the problem by hiring new personnel, you have to realize that it may take years to settle your PPI complaint.
There’s a better way to handle the situation and that is by getting in touch with a specialist PPI claims company like Paxton Willis. We do all the legwork for you and work very hard to ensure you get your money back fast.