Once you have determined that you have had PPI or payment protection insurance added to your loan or credit card, the next step is to claim this money back. If you have consulted our PPI mis-selling checklist then you may have an idea about whether this insurance was mis sold to you. In addition to this, it would also be helpful to know how much you are entitled to claim back, in case your lender makes an offer that is significantly lower than the amount due to you.
It may seem daunting, but there is a plethora of information available online to assist you with making a claim. For non-standard claims or for anyone unsure about the whole process, you always have the option of handing over this responsibility to a claims management company. They deal with the banks and the paperwork for you and have a wealth of experience in handling consumer complaints. There are many such companies online and the choice here can be overwhelming. It’s important to choose one that is regulated and a wise choice is to find one that doesn’t charge any upfront fees – like UK PPI Claims, who have an online form to enable you to claim back PPI. Ideally, the claims company will be able to provide you with testimonials from satisfied clients since it’s helpful if they have a track record of successful claims.
It is important to note that you can reclaim this money even if your loan agreement has been terminated. If the policy is still running, it won’t have any adverse affects on your relationship with your lender as many of them now have dedicated departments for handling these types of claims and adhere to the banking code. However you choose to reclaim your money, act now and do not delay as in certain circumstances it is wiser to claim sooner rather than later.