The internet is now the world’s largest library and so it is entirely understandable as to why it would be your first port of call when it comes to looking up information on PPI claims. The downside to this is that there is so much information and advice available it can be difficult to know who to believe and which suggestions are worth following. This article will aim to show you exactly how to go about making a PPI reclaim and the various steps you need to go through. Hopefully this guide will be a useful short reference tool for you.

The first task to take care of is to examine the evidence thoroughly enough so that you are completely sure that you were mis-sold your initial policy in the first place. You may be surprised to find that as many as 90% of the policies were done so incorrectly so the odds are that it has happened to you. This step is vitally important as if it turns out that you weren’t mis-sold your policy then you will have gone to all the effort of making a claim when there was no reason to do so in the first place. Common instances where policies have been mis-sold often come as a result of someone’s work status and history not being checked, improper checking of their health background or in some cases a customer may have been informed that the PPI was mandatory. There are even cases where the customer hasn’t even been informed that PPI had been added to the loan.

This first step should be done promptly and thoroughly. If you are at all uncertain as to whether you are eligible to make a PPI reclaim then it is important that you contact your lender via email or post and request a copy of the original policy. It is upon receipt of this policy when you should check the contract details in order to see whether there are any other criteria by which you personally meet the correct requirements.

The next task is to then get in touch with your lender and inform them in writing that you have been mis-sold your policy. Just because you are contacting a large lending company don’t be intimdated and approach them timidly. The chances are that upon this initial contact they will deny that it has been mis-sold. If this is the case then you should write back to them, restating the reason why you categorically believe that you have been missold your insurance. It may well be worth adding a deadline of 14 days for them to settle your claim.

If they cannot refund your claim then the third step is to get a financial ombudsman involved. Now that both you and the lending company both know that your PPI was mis-sold, the ombudsman will help you to resolve the situation. The important thing to remember is that you should not feel pressured or intimidated by your lender. Making PPI claims may feel like a gruelling process, however the joy you will feel when your money is refunded will be well worth it.

Author Bio: Trevor Richards is writing on behalf of Hamilton Brady, a specialist PPI Claims company.

Category: Finances
Keywords: PPI Claims, PPI reclaims, finance, debt, money, bank