PPI Claims: What do to when you don’t have the policy number

In order to get a refund, you need to have policy number. But what happens if you can’t find it?

17:19 13 November 2012

More and more people are now aware of the Payment Protection Insurance issue. This involves lenders who mis-sold insurance to unsuspecting borrowers. People who were sold PPI are now eligible to file a claim and get refunded.

 

Getting the money back isn’t automatic however. People who were paying for PPI must make a claim. The first step is to write to the lender or the institution that sold the PPI. And one of the requirements is to refer to the policy or account number. But what happens if you don’t have it?

Not all people who are asking for a PPI refund have this number, especially if they’ve taken a loan for several months already. The bad news is, banks and financial institutions can just reject the claim if you don’t have this number. But don’t despair, there are ways to get it.

Firstly, check all the paperwork you’ve signed when you took out the loan, as well as your monthly billing statement, where you may find the policy number. If that doesn’t work, call the lender and simply ask them for the account number. It may help if you don’t tell them that you’ll use it to file a PPI claim.

If that still doesn’t work, you may resort to paying a £10.00 fee under data access. This will oblige the bank or the lender to disclose all the paperwork. You also have the option of hiring a third party body to process your PPI claim. This option will save you a lot of time but you’ll have to pay them certain percentage of the refund.