If you suspect you were signed up for a payment protection insurance (PPI) policy without your knowledge, you should make a claim. Need to know the basics of a PPI policy? Find out in our blog here. Here’s a list of situations that make you eligible for a PPI reclaim;
If a lender sold you a PPI without informing you that it is not compulsory, you should make a PPI reclaim. Some lenders push the agenda of PPI application to people who are applying for basic loans such as mortgages, personal loans, and credits.
If during the time of application you were unemployed, retired, or self-employed you can ask your lender to refund your PPI payments. Other situations include pre-existing medical conditions and if you were older than the upper age limit set for eligibility. More include that if your PPI had a shorter term than your loan. Plus, misinformation about the PPI policy among other reasons.
The first step is to find out whether you are eligible for a PPI claim
You can find out if you have a PPI by checking your loan statements for additional PPI charges. If you don’t have such statements, you should make a call to your provider to inquire about a PPI policy. The first contact about the PPI should be the company that registered you to the policy.
Where do you make a PPI claim?
The first person you should contact about a PPI claim is the service provider. This is the easiest and fastest way to get a PPI reclaimed. In many cases, if there is proof of a PPI policy, the lender is supposed to make the repayments without any challenges. If they challenge you that the PPI was sold fairly, you should ask them to prove it.
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What happens if the lender does not solve the issue?
If the lender refuses to solve the PPI reclaim, you should contact your consumer complaint through the ombudsman service. They can step in and make the issue formal if it’s not resolved within 8 weeks of reporting, or the lender did not give you a defined response. This service is cost-free and effective when it comes to looking up a PPI claim.
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The letter to your ombudsman service
If you have no idea of writing your letter you should get help from a professional. The goal is to put all the anger and emotions away and focus on writing a clear letter with all the evidence of the PPI claim. Make original copies of all the documents and attach them to the letter. Ensure you have a record of the delivery to keep in touch with the whole process.
How much will you receive?
When the claim is successful, you will get 100% of the premium you paid for the PPI plus the interest. You are advised to cancel the PPI premiums and review the situation. You can get income protection to protect your existing debts in case of any job loss or medical emergencies
Final word
Getting a PPI claim is important, especially when you had no knowledge of it when signing up. A PPI policy can cost you a lot of money, especially when you have insurance policies that provide the same coverage.
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