In the event that you are mis sold a Payment Protection Insurance (PPI), you can claim a refund along with interest on your PPI from the bank. Thousands of customers have been mis sold these policies along with a loan or a mortgage or a credit card purchase. However, a bulk of these customers didn’t even know that they owned such a policy, nor knew how to use it in case need be. Some statistics show that less than 7% of these PPIs were correctly sold. This means billions of pounds of profits for banks and insurance companies. Lloyd bank itself has paid out literally billions of pounds to settle claims for mis sold PPIs to date.
1. Claiming your PPI on your own
I. The first step is to find out whether you qualify for mis sold PPI claim. This can be done easily b checking the credit statements of the products (loan, mortgage or credit card) purchased from these banks. If you see a monthly premium being deducted, you are availing the benefits of a PPI
II. Next write a letter or make a call to the ‘PPI claims settlement’ department of the bank. This is the standard procedure dictated as per law. You can use templates available online for drafting a complaint to the bank, seeking refund for the mis sold PPI
III. Next, a written complaint is lodged against the bank and submitted to the financial Ombudsman.
2. Hire a PPI claims company
I. There are various PPI claims settlement companies in the market and you may take help from any of these. However, it is important that you do a little research about these companies and their prices before you put one on the job.
II. You can find these companies online by a quick Google search. Make a list of those that look authentic to you and enquire about their fee
III. These companies offer to examine whether you qualify for a claim, free of charge. So avail this service that they provide.
IV. A good idea is to seek advice from someone who has already used services of such a company, and find out about their experience
V. Also find out if there are any hidden costs and charges
VI. Enquire about various schemes that they provide, such as No Win, No Fee policy, etc.
These are the two ways in which you can claim back your mis sold PPI. Whereas hiring a company may be expensive, doing it on your own will need you to commit a lot of time to the process. So chose the method that suits you best.