How to reclaim PPI

Steps to take to get back your money...

Over the past six years, several thousand people have been mis sold PPI policies on pretend grounds

Payment Protection Insurance in itself is not a bad product. It is designed to help the customer in making repayments in case he loses his income in the event either:-

• Illness
• Accident
• Unemployment

Unfortunately, according to statistics, more than 85 percent of PPI claims are denied because the tightly drawn terms make the customer ineligible for the cover.

PPI misselling came about because of such malpractices by the firms giving out loans or credit cards to customers who did not need it in the first place, or cannot claim it at the time of need, brought PPI claims into the forefront.

The good news for missold PPI victims is that the door is now open to get reclaim PPI money. Please note that you can even get back all the premiums you had paid if it is proved that you have a mis-sold PPI. The key to the PPI reclaim process is to get the firm or the financial ombudsman services to agree to it?

The PPI reclaim process

• To reclaim PPI, you should first lodge a written complaint to the firm from whom you bought the insurance.
• You should cite all the reasons due to which you believe you are eligible for a PPI refund.
• In some cases, it happens that the seller was just an appointed representative, acting on behalf of another company – the actual insurance provider. In such a case, you should contact that company.

Wondering how to draft the letter to reclaim PPI money?

Run a search on the internet. You will find many websites offering, free of cost, template letters that help you select all the reasons which make you eligible for PPI compensation. You can just tailor the letters to suit your needs, and delete any segment that might not apply to you.

Keep in mind, that your attempt to reclaim PPI will not be successful initially

Lenders deliberately try to defer claimants with rejections. Your complaint may even be put on hold. But this is just a tactic to block out people who lack the drive to pursue PPI reclaims. If your claim is valid, you will certainly get a pay out eventually. No matter what the lender says, keep going to the insurance ombudsman.

However, before proceeding, bear in mind that reclaiming PPI will certainly cancel your insurance, because you yourself are trying to prove it unsuitable for your needs. So start the whole process only if you are definite that you want to end this policy.

Address your first letter to the branch which was your first point if contact. If you are asked to refer to the original insurance provider, the follow up can be sent to the head office at a later date. Include copies of any or all paperwork that backs up your claim. Send the documents by recorded delivery, and keep a copy with yourself.

You should check whether the company which sold the insurance was FSA regulated at the time you bought the insurance.

If all your complaints are rejected, make a formal complaint with the financial ombudsman services to obtain the settlement.

Click here to complete your PPI Claim Form