As disappointing as it may be to receive a letter saying that your PPI claim has been rejected, this doesn’t always mean it’s the end of your fight for compensation.
If you have made a claim that has been rejected by your lender, it may be necessary to pass your case onto the Financial Ombudsman Service (FOS) who would be able to review your case from an independent position. The FOS has the power to overturn a rejection should they decide that the lender had sold the PPI policy unfairly. This is a free service and will cost no extra money.
The FOS are well versed in handling PPI claims, with them receiving thousands of new cases each week. Unfortunately, the volume of complaints is so large that the FOS is struggling to keep up with the perpetual flow of PPI claims.
What should I do if I receive a rejection to my PPI complaint?
The first thing you should do if your claim is rejected is to contact us as soon as possible. Lenders are supposed to copy all correspondence to Money Management Team, however this does not always happen. Rejections need to be responded to as soon as possible, so informing us quickly is vital to the appeal process.
Appealing against a PPI rejection?
We will evaluate your case and, if we find there is valid reason to appeal the rejection, we will compile a case and present it to the FOS. In some cases, we are able to appeal directly to the lender; in order to do so we will need the following:
- We will need to discuss the details surrounding each of the points given in the rejection letter in order to appeal on your behalf
- We will need you to sign and return the provided forms as soon as possible, as this will enable us to begin the appeal process sooner
How long will my claim take if I appeal?
The FOS are not required to meet any deadlines or act within timeframes which, coupled with the backlog of claims they are experiencing, can mean that an investigation takes between 18 and 24 months. Until they settle the dispute, the lender is under no obligation to provide any compensation so we must wait until the FOS investigation is concluded and a verdict is given.