Payment protection insurance policies, also known as credit card protection and mortgage protection insurance, are the UK’s biggest fiscal headache. Due to unscrupulous sales tactics bank employees utilised to sell ineligible individuals the policies, banks are faced with a massive £40 billion debt that they continue to repay to this day until the Financial Conduct Authority’s appointed deadline on 29 August 2019.

If you haven’t made a claim yet or have no idea where to start, here are three places where you can claim your refunds.

Directly To Your Bank

You can call your bank and ask them about your suspected mis-sold PPI policy. If they qualify you immediately, banks will tell you regarding the refund process. However, since bank call centres have high queues and limited personnel, some centres outright reject valid complaints. In this case, you can send your claim to the next one for efficient validation.

The Financial Ombudsman Service

The Financial Ombudsman Service’s decision is final in all aspects. However, the thousands of claims it receives weekly has bogged down its procedures. You may need to wait a few weeks until you can get their final decision. However, the FOS maintains fairness in all decisions.

Claims Management Companies

If you haven’t the time to make a claim on your own, claims management companies are convenient services just for the purpose. However, make sure to select a reputable service. Some unscrupulous companies intend to rip off clients from the start. Check their credentials and reviews before deciding to work with them in reclaiming all your refunds and compensation.