Claims for PPI – The Process

Payment Protection Insurance, or PPI, is supposed to be a beneficial way to protect you in case you become unable to pay back a loan due to unemployment caused by injury or layoffs.  However, in the past few years, claims for PPI have become a huge talking point, particularly in the United Kingdom. 

 A PPI claim is something that allows you, the victim, to receive recompense if you were mis sold payment protection insurance.  It is not lawful to be charged for something you did not know you signed up for or for something that you thought covered you in a different way than it truly does.  If you have a mortgage, credit card, or other kind of loan, you should look into making claims for PPI.

The first step you should take if you suspect that you have been mis sold payment protection insurance is to contact the institution that issued the loan to you.  You will be asked to fill out a questionnaire which will become your first formal complaint.  This questionnaire will be great for your records and a way to formally complain of the issue at hand.  If the company you are seeking claims for PPI against is not registered with the FSA, you may not need to fill out the complaint form, so check the FSA website before you go through this process.

Then, when the time comes to make the claims for PPI, you should keep in mind that you may be denied the first time.  This is common, but if your initial claim is denied, you should inform the company that mis sold payment protection insurance that you are forwarding your claim to Financial Ombudsman, the organisation that incepted the questionnaire complaint form.  Depending on the total amount of your claims for PPI, the company may offer an amount to settle the situation.  It is up to you whether you accept or deny this offer.

If this whole process seems overwhelming, there is no need to go through making claims for PPI on your own.  With a Fast Track Reclaim, you could be presented with the money you deserve from being mis sold payment protection insurance quickly and without any further complications.  Keep in mind that you may be entitled to reimbursement even if you have paid off your loan in full.  The trick to get your money back is to make your claims for PPI as soon as possible.