There is a lot of news and views around about Payment Protection Insurance (PPI) and how it was mis-sold. So, here is how to claim back the full amount you deserve, easily and quickly.
Getting your payment protection back is nothing like the merry dance that many companies claim it to be. In fact it is quite easy to get your mis-paid payment protection insurance back without having to fill out many forms or take much time from your life.
There are currently many fraudulent companies out there who are looking to claim large proportions of people’s PPI claims back in return for ‘representing’ them. You don’t need anyone to represent you as you can see and won’t need to pay anyone to get your PPI claims back.
It is a case of a simple form and no more. So beware of emails or phone calls looking for you to push your PPI claim through an agency or representative.
To claim back PPI yourself the first thing to do is to establish whether you’ve been paying PPI. If you are not sure the best thing to do is to contact your lender to see if you do have it. If you have credit card PPI you may be able to see it from your statements.
Many people were sold PPI for certain circumstances they found themselves in that it didn’t protect them for. So, if you took out a loan or financial product and you unemployed, self employed, retired or had a medical problem you may have PPI and you may not have been warned it wasn’t suitable for your needs. You can also claim if the company including the cost of the PPI on the loan and didn’t tell you the price of the loan by itself.
If you were above a certain age 65-70 you can also claim you were mis-sold the insurance, you can also claim if you the terms of cancelling PPI for injuries was not explained in full to you.
To claim you should first complain to the company that sold you the insurance. Include all the reasons why you believe you were mis sold the insurance. If the company that sold the insurance was a representative, write to the larger company.
Do not be put off if a company refuses to pay the insurance refund on the first effort. There have been numerous efforts by companies to wrangle out of having to pay. If you do receive such a letter, write again and ask to matter to be resolved within 14 days of receipt of the letter.
If this is again not successful, make a claim to the Financial Ombudsman Service (FOS). You will need to download a form from the FOS website. Here you can fill out the form explaining why you think you should receive a refund and the FOS will take your case up with the company who sold you the PPI.
Usually the matter is resolved on the first contact, this means that there is little need to use anyone else to complain as a quick letter will usually suffice. So, beware of scams and do it yourself, quickly and easily.
Disclosure: the author has written on behalf of Ulster Bank, an acknowledged provider of current accounts.
Image: Flickr/Andres Rueda
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