If you have witnessed an unknown charge on your credit card, mortgage or loan statement with regards to the payment protection plan, as in the PPI insurance policy, then it is quite evident that you have been mis sold a policy without your consent. However, there are many ways by which you can have a PPI reclaim and obtain a refund for the premiums that you have paid until date. The catch over here however remains that you need to fulfill a set of eligibility criterion in order to successfully receive the claim amount.
Steps to PPI Reclaim
- First and foremost, ensure that you have a mis sold PPI policy associated to your account
- Determine the varied circumstances in which the policy might have been sold to you
- Understand the PPI reclaim refund amount
- Go through a proper claims process and get a ppi refund
How to make a proper PPI Reclaim
There are varied processes by which you can claim or reclaim the insurance policy sold to you. However, you would need to meet an eligible criterion. Additionally, if need be, it is always advisable to take suggestions and guidance from an attorney. There are two options by which you can pursue the reclaim process
- Make sure that you pursue the claim on your own
- Contact the lender who is responsible for your PPI policy directly. For example, the bank or the mortgage company
- State a letter to them about the mis selling that went through on your account and that you are entitles for a refund
- Write back to them if you do not receive a response
- If there is still no response, then might want to contact a financial Ombudsman Service.
- Approach a Claims Management Company
- These are specialized service professionals who will take up the entire processing headache on themselves.
- You must opt for this only if you do not have the kind of time required to carry out the process on your own.
- These companies charge a defined amount to carry out the PPI reclaim process on your behalf.
PPI Claims helper for professional Aid
- They are people who work dedicatedly to help the individuals from the unwanted burden of these claims and unfair policies.
- They are well versed with the form filling process and are also quite familiar with the loopholes that loan lenders and banks use.
- Claiming can often be a tedious task of documentation, paper work and time consumption
- They work on the terms of no win no fee guarantee, which means that if they lose, you need not have to pay for it.
Refund for PPI Reclaim
If you have been notified by the financial Ombudsman Service or a loan lender that you have a successful PPI reclaim waiting due to the mis selling that went through on your account, then you are sure to be benefitted. You will be eligible to receive a refund of the entire amount paid via the premiums along with the applicable interest rate.