PPI Reclaims: Important things you need to know

Things you need to know to ensure you’re eligible to reclaim PPI

11:47 14 November 2012

WHO?

 

Thousands of borrowers have been erroneously charged for payment protection insurance over the last six years. The recent scandal involving certain banks and financial institutions has revealed that they’ve charged unsuspecting borrowers.

WHAT?

 

This has come in the form of mis-representing payment protection on their loans, mortgage, and store and credit cards.

HOW?

 

If you have paid for a major loan, store or credit cards, or mortgage for the last six years you may be entitled for a refund on payment protection insurance.

To know if you’re eligible, have your policy re-examined to make sure that you were indeed mis-sold PPI. You can get a copy of your loan application for example, and your latest bill, to know if PPI is included.

If it is included, fill out an application form and ask for a refund from your bank or financial institution.

There are two ways to process the refund:

1.    Submitting the documents and requesting a refund independently

2.    Having professionals do the processing for you. Bear in mind that should you go with option two, you’ll perhaps be required to pay professionals or agencies if a PPI refund is granted