Steps To Be Followed For Claiming The PPI Amount On Your Own

The number of cases of PPI frauds has increased quite remarkably in the past few years. Payment protection insurance has been wrongly sold to many people, and they were not aware of the fact that money was getting deducted from their account. PPI is a plan that is meant to take care of the monthly loan installments, if the borrower loses the job, or if he or she is incapable of working.

You can either seek the help of a Claims management company or file the claims process by yourself. If you choose the first option, then you get the services of experts, who can take care of your needs. They will ensure that all the documents are submitted on time and in the right manner. If you want to make the claim on your own, then there are many things that you will need to take care of.

Know the process:

Before you begin with the process, it is quite essential for you know all about the procedure well. If will help you in getting back your claim amount fairly faster.

If PPI has been mis-sold to you, then you will firstly need to get all the proofs that can be presented to the court. You will need the policy papers, which had mentioned the terms. Also, look at your bank statement to find the exact amount that has been deducted from your account.

If you lose the records, then you will have to get in touch with the lender, and pay them to get a copy of the agreement. The fee for an open account is one pound, while for a closed one it is 10 pounds. PPI can be sold to the customers by the financial institute, but only if the borrower agrees to it.

If you have a proof to show that you dint agree for the same, then you can certainly file for a claim.

The first step:

You need to get in touch with the lender, and send them a letter stating that the PPI was mis-sold to you in their contract. Of course, you will also have to mention that you want to claim back the amount. You can certainly talk to the bank over the phone, but it is not the correct way to do so, because you will have no record of such an activity.

If you have to appeal to the Ombudsman, then you will need a proof for making your claim. This will certainly improve the chances of getting your PPI payments back. Once the letter has been sent to the bank, you will have to wait for at least 6-8 weeks. Typically, financial institutes take that much time to resolve conflicts.