What Happens When Your PPI Claim is Denied?
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Payment protection insurance (PPI) is used by millions of UK citizens to protect them from missing their mortgage, loan or credit card payment when something unexpected happens. An injury, illness, becoming unemployed or other reason that is covered means that the loans will still be paid on time.
However, it was revealed that in recent years many bank and lending institutions abused the PPI system and overcharged their customers. The courts and the government have stepped in to provide a system for borrowers to get their money back. For most people, the PPI reclaim process is successful and they have received what was rightfully owed to them. But what happens when your PPI claim is denied?
PPI Claims Denial
There can be many reasons why your PPI claim denied. The first step is finding out why your claim was denied so that you can take the next step. In most cases, the reasons given for denial may be quite apparent, such as the government finds your claim to not be legitimate. However, there may be other reasons that are more hidden such as the following;
– Filing the wrong information
– Not filing the information in the proper order
– Making a mistake on the information that you filed
– Leaving out important information
Such mistakes are actually common as the forms used can be a little difficult to understand. For many people who don’t have the time or energy to fill the forms out correctly, they can make a simple mistake that gets their PPI claim rejected. So what are the steps to take when what happens when your PPI claim denied?
Go Over the Reason Why it was Rejected
If there was a specific reason that was given why the PPI claim was rejected, such as a particular form was not used, certain information not included or numbers that didn’t add up you can make that correction yourself and send the paperwork back in.
However, in many cases it may not be exactly clear why the PPI claim was rejected. In this case, it is advisable to go over your forms again to see if you can spot any mistakes, though even that might not provide you with the clues needed to file a successful claim. In these circumstances, it is important to take the next step and seek the services of a professional PPI claims company.
Seek Professional Help
A professional PPI claims company will go over your paperwork free of charge to see if mistakes were made in filing. If they do find something that is wrong, then they can file another claim for you and only charge a small percentage of what you were owed. If the government still rejects the claim, then at the very least you are not out of any money for the effort.
By using a professional PPI claims company, you have a group of professionals whose best interest is in making sure your PPI claim stand the best chance of success. When facing a PPI claim denied, you should turn to the professionals who can offer their services to help you get your money back.