09:47 12 June 2013
Q: How much will I get if I request for a refund?
A: Every claim is treated differently as policies are not all the same. When calculating the refund, your lender will consider two things: how long you’ve been making monthly payments and the amount of money that you’ve already paid. Before the refund is issued, you’ll be informed of the amount that you’ll get. If you agree, you can just sign some papers and get the money. However, if you think that the refund isn’t enough you can challenge it.
Q: My lender is already out of business, what to do?
A: You can still file a claim even if your lender is no longer in business. If the lender sold its business to another company, contact the new company which has taken over your account to ask for a refund.
Q: Is there a deadline when filing a claim?
A: There is no deadline. However, for your own good, it is recommended to file a claim as early as possible so your request will be processed immediately.
Q: The bank rejected my claim. What’s next?
A: If the bank rejected your claim, you can appeal the decision with the bank itself. It is mandatory for them to review your claim if you do so. However, if you still did not get a satisfactory result after you made an appeal, you can take the matter to the Financial Ombudsman Services, which will take up a claim on your behalf.
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