Getting your Payment Protection Insurance back shouldn’t be as hard as it seems. There are of course options, you could use a claim handler, but will have to in return give away a chunk of your claims.
In the next few steps, I would like to show you how to try and make your own claim, an try and answer some common questions that people have, as well as give you a few PPC Claims Letter Templates.
With the simple cost of reading the instructions below, and a few stamps, you can get thousands of pounds in PPI claims and you can do this without the help of anyone else.
Once you are sure you are eligible, i.e., you have definitely go t some PPI Claims, then proceed to the steps below:
1. Check your Claim Legitimacy
First off check if you are eligible. Make sure your claim is legitimate by getting all the agreements and T’s & C’s and going carefully through them. This will save you from any embarrassments and wasted effort. Check if you had a bank loan and or other credit because this is where most PPI is claimed back from. After years of mis-selling credit, the banks have now been forced to look into and pay claims to the tune of several billions and you could be one of the few that may make some of your money back (with interest!).
Realistically, try and get the terms and conditions that were in use at the time you took out your PPI because they may have changed over time.
2. Check List to Validate Your Claim
Go through the PPI mis-selling checklist to ensure that you have a valid claim. There are several situations of the mis-selling and you will have a claim if you fall into one of these:
- The salesperson did not make it clear that taking the insurance was an optional product and did not notify you there was going to be a cooling off period during which you could cancel.
- There was a bit of coercion and making the decision to buy the insurance was forced or pressured.
- They gave you a condition that if you did not fill the forms for insurance then you could not get the product or claimed getting PPI would help in your application.
- The sales person implied or stated that it would be more expensive for you to finance the product, if you did not take the insurance.
- They would not let you continue with applying if you did not sign the insurance papers and or verbally agree to the contract.
There are other instances that one should look at. For example:
You have been paying for insurance cover you never knew about
The earlier forms had pre-ticked boxes that you had to uncheck if you did not want the insurance cover. This is an unfair advantage to the bank since it meant you were paying for insurance cover you never knew about.
Mis-Informed about Cover
There are instances where your partner already had cover and you did not need additional protction, or the insurance cover you were sold is for a shorter period than the loan itself, or if your work or insurance already provided you with this kind of cover. More on Mis-Selling here.
Are unemployed or retired
If you are already unemployed and retired or you were at the time, then this means that this cover never applied to you and so you are not eligible to any compensations yet you paid for them. As such you qualify for a claim.
Were a Temporary worker, Part Time, Self Employed, or Contractor
Temporary workers arent covered by most policies – so you were paying for a redundant policy. http://ppiclaimletter.co.uk/PPI/self-employed/
3. Write Those Letters!
Write to your lender, in this case the bank you used to apply for the loan. This should be solved within a short time but if they decline do not worry. Use our free letter generators to get a free claim letter.
4. No Luck Reclaiming or Claim Rejected? Speak to your Ombudsman
This is only applicable if step three fails, write to the ombudsman and this will ensure you have better chances of recovering the loan. Contact the financial Ombudsman consumer helpline on 0300 123 9 123 for guidance on the procedure for complaining about payment protection insurance (PPI).