Claiming PPI: Your checklist

Before you submit a claim for a refund on payment protection insurance, make sure you are ready

12:00 14 November 2012

Many people are now filing claims against the banks or institutes who supposedly mis-sold them PPI. Maybe you are one of those who are reclaiming payment protection insurance? Have you checked over your loan paperwork, whether it be for your mortgage or finance for your car, and wondered if you should be paying for PPI?

 

Well, you are not alone and like many other people you may be entitled to a PPI refund. To get this however, before filing your claim to ask for a reimbursement on payment protection insurance you need to ensure you have checked certain things;

 

•    If you are unsure whether you are eligible to claim you can contact a professional company to help you. There are many claims management companies out there with regards to PPI, so pick the one that is best for you if you do not wish to pursue the matter independently.

 

•    Check you have your policy number. You can contact the bank or institute who sold you PPI for your paperwork in order to retrieve your details.

 

•    You can also check your latest monthly billing statement from your lender.

 

There are also certain things that you should be aware of:

 

I.    PPI does not have to be automatically added to all policies

 

II.    PPI can be taken out with other institutions aside from banks

 

III.    PPI does not improve a person’s credit rating

 

It is also worth remembering that if you pay a loan off early, the remaining payment protection insurance can be claimed back in full if you are eligible for a repayment.