Claim Back PPI

The correct method for reclaiming PPI

Please note there is no problem with PPI in the product itself. The problem with PPI lies in the way it is sold.

What is PPI?

PPI stands for Payment protection insurance and many people in the UKmay have it knowingly and unknowingly when they took out some borrowing.

How does PPI get missold?

This is how the you are missold PPI:-

1. You call the bank to ask for a loan at a so called good interest rate.
2. You get a communication from the representative on the quotation for the fully protected loan.
3. The words ‘fully protected’ is where the problem starts

Why? What is “Fully Protected?”

Fully protected means that the lender charge the borrower with some extra to ensure repayment in case of accidents, sickness or unemployment. The lender will be paying an extra amount every month without even knowing the actual reason.

Can you claim back PPI?

Please note that getting a PPI refund is possible BUT the process to claim back PPI is a slow one slow process and you this means the missold borrower needs to be patient and organised to get it back.

The PPI reclaim process

• Identify your seller: This is the very first step in the process and it will involve figuring out the address of the company or branch which was your policy provider. Often the case is that it was not the company who directly contacted you, rather it was some representative from the company. Whatever be the case you need to find out the address of the relevant branch. Start to follow up immediately and escalate it to the head office if and when necessary.
• Use proofs and supporting documents: This will strengthen your chances of a PPI refund to a higher degree. To widen the chances of claiming back PPI  the borrower will need as much paperwork on the policy as possible. Such as; policy number, when the PPI policy was sold, details on your payment process. The more detail, the higher chances of success are.
• Complain to the FOS:  In case the company, rejects the claim or does not take it seriously send an official complaint to the FOS (Financial Ombudsman Service). Once your complaint is formalized it will be evaluated by the authority and rest assured that if your lender had been unfair, you are one step nearer to claim back PPI.
• Consult a lawyer or claim specialist: Once the involvement of FOS has been unsatisfactory it is the time to become a little more aggressive. The lawyers and claim specialists would handle you claim from start to end and as they are aware of every steps that your bank/lender has to play, you have every chance to win using this method.

Follow the steps and experience that getting back the amount spent on ppi mis selling had never been easy. We wish you luck in getting your hard earned money back!

Click here to complete your PPI Claim Form