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Persistence is the key to reclaiming PPI money. Most customers who were missold payment protection insurance will need to write at least 3 letters to get their money back. The effort and stamps are well worth it, because payments can mount up into the thousand of pounds. If approached by a claims management company that offers to get the money back, keep in mind that they will keep part of the money. Making a claim is simple, and most people can do it themselves.

 
PPI Mis-Sold

The reason that claimants can get their money back is that many policies were sold improperly. The insurance was sold either with loans or after loans were taken out. Some customers were told the loans could not be approved without the insurance, which is a false statement. Others were completely unaware that PPI was added to their loan payments. In some cases, the unsuspecting customer was not even eligible for payment of a claim.

Barclays has admitted fraudulent selling of payment protection insurance and announced that all ppi reclaim complaints made prior to 20 April will be funded in full, with interest. Other banks have yet to follow suit. Barclays states that the reason for their new policy is to promote good will.

Making PPI Claims

The first step in making a PPI reclaim is to determine what company sold the policy and recover the Terms and Conditions statement from records. If it is unavailable, the consumer must request a copy, which may cost 1 pound. Sending a cheque for that amount with the letter may help to speed the process a bit.

The next letter also goes to the selling company. This is the complaint letter, claiming PPI mis-sold and requesting a refund. State what the sales person did wrong. On PPI refunds, the bank should send all the money that has been paid for insurance, plus interest on that amount. Banks are reluctant to pay payment protection claims, so this letter often results in a denial.

Under Financial Services Authority rules, the bank may take up to 8 weeks to send a reply. This first letter is often answered with a rejection. Banks may try to discourage a consumer from pursuing the claim in this way. Payment protection insurance claims will be very expensive due to the high cost of the insurance coupled with the interest owed on the money.

Once the bank has denied payment protection claims, it is time to write to the Financial Ombudsman. This letter should state that the customer was mis-sold PPI and exactly how that happened. Include the name of the company, the loan amount and dates, and the cost of the insurance plus interest. State when payment protection insurance claims were sent and when the rejection letter was received. The Ombudsman needs this information to pursue PPI refunds.

Alternatively, go to the Financial Ombudsman Service web site and fill out their questionnaire. The service is free. Two-thirds of payment protection insurance reclaims that reach the Ombudsman are successful.

With the above three letters, many have received thousands of pounds on PPI claims due to mis-sold policies.

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For all your Mortgage PPI Claims northern rock PPI Claims alliance & leicester PPI Claims and all other PPI Claims contact PPI Expert or Guardian PPI Claims -