Reclaim missold Payment Protection Insurance (PPI)

If you have a mortgage, loan or a credit card, the chances are that you may also have a Payment Protection Insurance (PPI) policy. If you believe that the PPI policy was ‘missold’ to you, then you may be able to reclaim it.

PPI is intended to repay a customer's credit card, mortgage or loan should the customer become unemployed or ill and become unable to pay the monthly repayment amounts.

Over the last six years financial institutions have been misselling PPI policies by either making it a compulsory part of the loan or by selling PPI policies which are unlikely to have any pay out in case the worse does happen.

Many banks missold PPI policies without informing customers of the optional nature of he policy and failed to properly assess individual circumstances, resulting in an ‘irrelevant’ PPI cover. As a result the missellers of PPI policies are now facing pay outs of £1,000s in reclaims from customers.

PPI payments can be reclaimed up to the last six years. There are two main ways to reclaim your PPI payments: 1) Reclaim PPI yourself - If you choose to reclaim it yourself, you will need to write to the PPI policy provider in the first instance and it is more than likely that your letter will get rejected as a tactic to deter you. However, as a second stage of your claim, you can make a formal complaint to the Financial Ombudsman - FOS (the official independent service for settling disputes between financial companies and their customers), who will review your claim case and adjudicate on whether your PPI payments should be paid back to you. Bear in mind that this process does takes time and effort so be patient. 2) Appointing a PPI claims handling firm: The easier and more effective claim method would be to appoint a PPI claims handling firm who specialises in PPI reclaims and work on a no fee basis. There will of course be a 10% - 20% charge if your claim is successful but in the end, the reclaiming process become simpler with a representative as your case will be handled by a firm who specialise in PPI claims.

Using either method, if your claim is successful you could be £1,000s better off so don’t miss out!.