Myaca the Producer Blog

When you buy payment protection insurance you depend on it being there if you have a chance in your financial situation and need help, but what happens if your PPI claim is denied just when you need it most? This is the situation that more and more people are now facing as a result of the tough economic climate, yet little do they know that payment protection claims have a significantly higher rate of refusal than most other forms of insurance. In fact, many banks simply use this insurance as a way to collect additional profit from unaware consumers (who very likely don’t even know they have a PPI plan) while denying large numbers of legitimate claims when people need them.

So what happens if your PPI claim is denied when you are down on your luck? For many people it is simply the end of the road, they soldier on and do the best they can to arrange to make their payments. But this does not have to be the case—you can fight to receive your benefits. Never let yourself be taken advantage of, never take no for an answer right off of the bat. Often times the claim is rejected before facing review, without any valid reason. The FSA has seen hundreds of thousands of cases like this, and many times the only thing needed to solve the problem is simply pressing the issue. This is a common practice to shake off weary consumers who do not know their rights.

Press your claim, and if it is denied without any legitimate reason seek legal counsel. Contact your solicitor, file a complaint with the FSA, do whatever it takes to ensure that you receive the full benefit of the payments that you have been making on this insurance. Do not be discouraged just because the PPI provider says no the first time, that’s exactly why they denied you out of hand. These tactics are so common because they work, but if you press your claim and hold steadfast they don’t have to.

Comments are closed.