How can I reclaim PPI for free?

The purpose of Payment Protection Insurance is to cover your debit card ad loan repayment annually when an unexpected situation arises. Such tragedies are such as sickness, accidents and unemployment.

When reclaiming your PPI, the results are huge. However, this depends on whether you are entitled to get a full amount or part of it. It is important to note that claiming you PPI heavily means that you want your insurance contract to end. Thus, you should make the claim only if you want to end your contract with your insurer.

The next thing to answer is how you can reclaim your PPI without paying any charges. This systematic guide should help you recover your Payment Protection Insurance most especially if you are a victim of it. Below is the step-by-step scheme to follow in doing this.

Check your policy

If your complaints are valid, get the right policy that fully suits your needs and complaints. The paperwork in your possession should have details such as insurance amount, the loan amount and the insurance policy you have.

Go through PPI mis-selling checklist

PPI sellers have a responsibility of making sure you understand the product. It is also their role to make sure that the product is right for you. The most important thins however, is for you to remember and understand what was said when you were sold the product. If incase you have a mis-selling in what was said, then you have a perfect litigation.

There are so many forms of PPI mis-selling some of which are highlighted below.Being told that buying a policy is a compulsory rather than a voluntary event.When you realize you do not have a cover and you thought you had when the contract was fresh.Those selling you PPI policies should let you know about the criteria of the policy and if it is right for you. If they do not, then that becomes a mis-selling.

In case such events accrue to you, you need to reclaim you Payment Protection Insurance as fast as you can.

Write to your lender

This is the third step that actually begins your reclaiming process. Write to the institution from which you bought the policy requesting for a refund. In your writing, make sure you include the copies of paperwork, as this will help you back up your case. Thereafter, send the form to your lender. Note that the writings should be in form of questionnaires.

If the lender puts you off, go to Ombudsman, most especially when you have not reached a satisfactory conclusion.

Write to Ombudsman

For those new to this, this independent service settles disputes between financiers and customers. This service if free to use and will help arbitrate whether customer complaints should be paid out. Be careful that your case may take a long time to settle, meaning you need to be patient.

Call the service and ask it to take your case. It will look at the case individually so make sure that you have relevant materials that will fully support your case.

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