PPI reclaims can be free and easy to do

Payment protection insurance: Follow four easy steps to be in the know about reclaiming PPI

21:34 08 November 2012

Are you one of those people that were sold payment protection insurance (PPI) without knowing what it is for? Are you paying for PPI without even knowing you had it? If yes, you can reclaim £1,000s easily, and for free. Just follow these easy 4 steps:

1.    Check for PPI – The first thing that you need to do is to check your policy. Get your agreement or T&Cs and review this. If you don’t have the paperwork, contact the lender to ask for it. Often, you’ll be asked to pay for £1 to expedite the process. Do not send cash.

2.    Unfairly sold PPI – Second step is to know if your policy was sold to you unfairly. Go through the checklist. If you were told that PPI was compulsory, if you didn’t realize you had the cover, or if you were sold the wrong thing, you have a case.

3.    Take action on PPI – The next step is to contact your lender. Ask for are fund by contacting your lender. Prepare all the necessary documents that will support your case. Make sure to keep copies of these documents.

And don’t lose hope if your bank says no. Instead, take the fourth step to increase your chances of getting a refund.

4.    Reclaim PPI – Write to the Ombudsman. If your bank didn’t provide you with a satisfactory conclusion, your next step is to go to the Financial Ombudsman Service.

This is an independent, free service that you can use to help you settle the disputes with your bank.

It will decide whether your policy was sold unfairly or unreasonably, and if you’re entitled for a refund.