Guide to reclaiming PPI

Millions of people are in queue for claims because of the missold ppi. If you think you had a loan within the last ten years, you might have taken out payment protection insurance. If so, you may be able to reclaim your money back. Although the process may be cumbersome for others, the work is worth your effort since the money at stake may be a huge sum.

The Culprits

The culprits of the multi-million insurance racket in UK are the banks . For several years, they had been misselling this type of insurance.  They sold unnecessary payment protection insurance to people who would be ineligible to make a claim. Most of the time, the policyholders themselves are not even aware that they have bought the product.  With the huge number of policyholders, this can transform into a figure of billion pounds of profit for the banks. No wonder they were so keen to sell this type of insurance.

The Victims

The common victims of ppi mis-selling are the ordinary men and women who work hard for their money. The agents sold the PPI alongside personal loans, mortgages and credit cards. If you have been told that the insurance is compulsory for your loan approval or you never knew that it was a part of your monthly bill, you are one of the victims. You should check your loan agreement or credit card statements for personal loan protection or credit protection.

The Rejection

Payment protection insurance became more controversial because of the high rejection rates. Many people who try to claim on the policy are actually rejected. To be able to successfully claim on the policy, you must be in full employment. If you were unemployed, employed on a part-time basis or retired, you are most probably ineligible to claim on the policy.

The PPI Reclaiming Process

In order to claim back mis-sold payment protection insurance, you need to formulate a complaint to the bank, demonstrating why you think the policy was mis-sold to you. It is also helpful to know how much you are entitled to claim back, because you can also claim interest on top of the actual amount paid. If you are in any doubt about the process and would like a professional company to handle the claim, you can usually find one online which doesn’t charge any upfront fees.  UK PPI Claims charge no upfront fees and have a great success rate in handling ppi claims.