How to reclaim PPI, & when to do it

Reclaiming PPI is a fairly easy process. In fact, you can do it yourself.

14:14 02 May 2013

A lot of people who were mis-sold PPI are clueless on how to request for refund from their banks or lending institution which lent them money. Many think that hiring the services of third party specialist is a must to get their money back. Well, that’s not always the case.

The process of reclaiming PPI is relatively easy. First, confirm that you were mis-sold PPI by checking the paper works you’ve signed when you took out loan. If you were indeed mis-sold PPI, you need to write your bank to ask for refund.

If for some reason, the bank refuses to process your request or denies your claim for no apparent reason, you can go ahead and write to the Ombudsman.

The office of the Ombudsman will compel the bank to review your claim and most likely, it will be approved.

Keep in mind that although there is no deadline as to when you can reclaim your PPI, it’s ideal that you make a claim no longer than six years after the financial agreement has ended.

This is because banks and other institutions are not required by law to keep customer’s records that are older than six years.