| PPI, PPI Refund

PPI REFUND CLAIM

 

 

If you have beenmis-sold a Payment Protection Insurance (PPI) policy on a loan, mortgage orcredit card, you can claim a refund. The average PPI refund amount is around £2,750.This could be an easy way to claima good amount of money which you can then use to pay off your debt. The most important thing to know before you go on to make a claim is- whether you are entitled to make the complaint for the mis-sold PPI policy or not. If you have the necessary documents that would be a great start, however, there are plenty of resources you can use to find out if you are due a claim, regardless of if you have documents to have.

People who have guaranteed incomes do not usually find it necessary to take out a PPI policy. This might suggest that, they were either forced to take the PPI policy or the PPI policy was sold to them without their consent. For you to claim the PPI refund by yourself or with the help of a Claim Management company, you need to be aware about whether or not you possess the required documents ofthe loan, mortgage or credit card taken.

If you do not have the documents, you can check with the banks from where the loan or credit card was taken to assess whether you weremis-sold PPI or not. However, because banks are only required to keep documents for up to six years, it may be difficult to confirm if the client was sold the policy and whether the documents could be acquired to make a claim. Most banks/lenders do maintain the details of their customers for a longer period.

You can opt for making a claim all by yourself, but in this situation, it is good if you consider seeking help from a claim management company. The process to make a claim for the mis-sold PPI is straightforward. But if you go to make a PPI refund claim all by yourself, here are the steps you need to follow:

  • Collect all the required paperwork related to the loan, mortgage or credit card/s.
  • If you cannot find the paperwork, ask your lender/bank to send you a copy of it.
  • If you discover that the deceased was mis-sold the PPI policy, write a letter to your lender asking for a refund. (attach the copies of your paperwork along with the letter)
  • If you do not get an acknowledgement within eight weeks or they turn down your claim, contact the Financial Ombudsman Service.
  • The ombudsman will look at your case, which can take a long time, but if it rules in your favour, they will contact you.

 

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