To Claim Back PPI should be a relatively straight-forward exercise, at least as far as paperwork goes.
First you'll need to find the paperwork for the policies. If you cannot find the paperwork you will need to contact the lender for a copy. Don't forget to do this with old/finished loans as well.
Once you have the paperwork you need to ask yourself the following:
* Did you need this insurance?
* Did you know that you were buying it?
* Were you led to believe that the policy was compulsory?
* Did the policy cover the full term of the loan?
* Did the policy actually provide you with cover? (self employed, pensioners, students were generally
NOT covered)
* Were the costs fully explained to you? I.e. often you would borrow additional funds to meet the cost
of the premium.
* Pre-existing medical conditions are usually written as exemption clauses, were you advised of this?
Ok, I'm (mis)sold. What do I do next?
There are two routes open to you in reclaiming PPI
1. Use a claims processing firm/firm of solicitors
2. Do-it-yourself
We highly recommend using a firm of solicitors or a claims processing outfit. No we're not looking to refer you nor are we recommending anyone.
Using a professional firm when reclaiming PPI
What to ask them
No win, no fee?
Are you regulated by the Ministry of Justice in respect of regulated claims management activities (Claims management firms)?
How far back can I complain?
I'm still paying back my loan - what will happen?
I've complained to my bank but they said no, can you help?
The loan is in mine & my partner's name - can I claim?
Advantages of using a professional firm
They will guide you through the paperwork
You have someone with experience in your corner
Lenders will be more responsive to them
They can help in getting copies of your paperwork
They can deal with multiple lenders much easier
Claim back PPI - The DIY method
First you'll need to lodge a complaint(s) with the organisation(s) who sold you the policy. Be prepared to be ignored (possibly more than once) and rejected and also to be told that all claims are on hold.
You may also get bounced around a bit. If the seller was an appointed representative of the insurer, it will probably tell you to contact the provider.
You'll also want to check who was regulated by the FSA at the time of the sale as you'll then be able to get help from the FOS later on down the line.
If you get rejected or hear nothing within you can complain to the FOS.
The most important thing to understand is that in most cases a company's first reaction is to reject your complaint, or even to say it's putting your complaint on hold, yet this doesn't mean you've no case either, it's just a tactic.
First you'll need to find the paperwork for the policies. If you cannot find the paperwork you will need to contact the lender for a copy. Don't forget to do this with old/finished loans as well.
Once you have the paperwork you need to ask yourself the following:
* Did you need this insurance?
* Did you know that you were buying it?
* Were you led to believe that the policy was compulsory?
* Did the policy cover the full term of the loan?
* Did the policy actually provide you with cover? (self employed, pensioners, students were generally
NOT covered)
* Were the costs fully explained to you? I.e. often you would borrow additional funds to meet the cost
of the premium.
* Pre-existing medical conditions are usually written as exemption clauses, were you advised of this?
Ok, I'm (mis)sold. What do I do next?
There are two routes open to you in reclaiming PPI
1. Use a claims processing firm/firm of solicitors
2. Do-it-yourself
We highly recommend using a firm of solicitors or a claims processing outfit. No we're not looking to refer you nor are we recommending anyone.
Using a professional firm when reclaiming PPI
What to ask them
No win, no fee?
Are you regulated by the Ministry of Justice in respect of regulated claims management activities (Claims management firms)?
How far back can I complain?
I'm still paying back my loan - what will happen?
I've complained to my bank but they said no, can you help?
The loan is in mine & my partner's name - can I claim?
Advantages of using a professional firm
They will guide you through the paperwork
You have someone with experience in your corner
Lenders will be more responsive to them
They can help in getting copies of your paperwork
They can deal with multiple lenders much easier
Claim back PPI - The DIY method
First you'll need to lodge a complaint(s) with the organisation(s) who sold you the policy. Be prepared to be ignored (possibly more than once) and rejected and also to be told that all claims are on hold.
You may also get bounced around a bit. If the seller was an appointed representative of the insurer, it will probably tell you to contact the provider.
You'll also want to check who was regulated by the FSA at the time of the sale as you'll then be able to get help from the FOS later on down the line.
If you get rejected or hear nothing within you can complain to the FOS.
The most important thing to understand is that in most cases a company's first reaction is to reject your complaint, or even to say it's putting your complaint on hold, yet this doesn't mean you've no case either, it's just a tactic.
Source...