End your worries – Reclaim PPI now


You shouldn’t at the very least be worried about getting broke now. There’s a way to save you from all the trouble if you just establish the fact that a mis-selling of Payment Protection Insurance happened to you when you applied for a loan, credit card, or mortgage from any financial institution. There are a lot of people who succeeded in their PPI claims lately and you shouldn’t let the chance pass.

To date, banks have been reviewing individual PPI claims for 6 or 8 weeks and their customers usually hear from them after such time. If you want to make a claim for yourself and are willing to wait for it to be decided on, let us help you find a way to end your financial worries now by touching base on the general PPI concept and how PPI claims are made.

Reclaim PPI

In a nutshell, PPI should be an aide to your debt repayments. It’s an insurance policy designed to pay a portion of your dues if in case you become unable to due to prolonged sickness, accident, or redundancy. It covers you for a maximum of 12 months (24 for some) or until you’re back on your feet, whichever comes earlier. However, with the orientation to profit that banks and other lenders have, they devised ways to just sell policies without much regard to regulations.

People, for several years, were pushed into buying the product, having been made to believe that it determines the approval of their credit application. Those who were under the age of 18 or over 65, with pre-existing medical condition, or not working full time were also sold PPI despite their lack of eligibility for cover. There were those, too, who were not informed of how much it really was and how long it will last on their accounts. In much worse scenarios, there were credit consumers who were not aware that they were signed up to it and were shocked to learn it when they saw their statements.

What you can do at this point to establish your chances of getting your money back on a mis-sold PPI is to refer first to your account and policy-related documents. Check them for references to the product and see how long and how much you have been paying for it. You may not have had an idea like others as to what it costs. Look for a policy certificate that should have been sent to you when you were signed up to PPI. It should contain all the information, including the terms and conditions that you needed to know. Gather copies of them together as you will need to send them over to the bank for review when you make that claim.

Now, unless you can record a phone conversation if you just want to call your bank and discuss the mis-selling, it is always strongly advised to put PPI claims in writing. It makes it more objective and comprehensive. Besides, you will also have to send in proof of the mis-selling so might as well write to your bank about how you want to have your account reviewed for a mis-sold PPI and ask for a refund.

If after the turnaround time, the bank still does not contact you with a decision, you can either walk up or call them to follow up. Check with them and see what has gone on for weeks following your claim. If they can’t give you an answer and your frustration gets to you, do not think it’s a dead end. File a complaint to the Financial Ombudsman Service so they can intervene with the proceedings.

The FOS is an independent body that expertly looks into financial disputes against banks and consumers. They do extensive reviews of PPI claims and find out why banks fail to contact their customers after the claim or why they decided on a case differently.

When your claim is successful, you most likely know what’s going to happen. Yes, the bank’s required to calculate the amount they owe you this time in PPI refunds and interest. They could write you a cheque for the full amount or have it cover any outstanding balance you have. When it happens, you’ll be happy to learn you found a way to end your financial worries. Again, do not pass up the chance to reclaim on a mis-sold PPI especially if you are certain of it.