If this has happened to you, then you’re exactly where the banks and lenders want you to be. They want to discourage people coming back at them with further claims, and it by no means should you give up.
It makes sense that the banks and lenders would try to drag their feet, because it discourages people coming back to them with legitimate claims and saves them digging into their own pockets.
If your claim was rejected, despite completing all the forms and providing all the information you have at hand, then the Financial Ombudsman Service (FOS) is here to help.
‘When Should I Get in Touch with The FOS?’
You should contact the Financial Ombudsman Service:
- If you have previously contacted your bank or lender with no response within 8 weeks.
- You have received a response from the bank but you are not happy with the response.
- You must get in touch with the FOS within 6 months of making your complaint.
‘What Information Will They Need From You?’
You need to provide the FOS with as much info as you can about your complaint. This will include any communications you have had with your bank.
If you completed a standard PPI Complaint Form, this will be very useful to include in your communication with the Financial Ombudsman Service.
‘What Will the Financial Ombudsman Service Do?’
They will examine all the information that you provide in detail. They will then proceed to contact the bank or lender involved and ask them to provide information about the claim for their perspective. They will then decide on the validity of your claim, based on information from both sides.
Depending on the complexity of this case, it may take several months – in fact in some cases it has taken up to a year – so be patient.
The final decision will be just that, final, so once that has been passed, both sides must honour the decision.