5 Things To Do In Order To File A PPI Reclaim
Follow these steps to start your reclaim process smoothly.
12:16 13 April 2013
If you paid for a length of time for PPI but were not eligible to receive any sort of PPI settlements, than you may qualify for a PPI reclaim. A PPI reclaim allows people who have spent their money to purchase a form of cover that they never would have received, the chance to get that money back. Here are a few steps to see if you are able to get a reclaim:
- First find out what forms of PPI you have. Remember that credit cards, mortgages, vehicles, etc. may all be charged separately. A PPI reclaim would involve all of these, so have that information handy to ensure you get back the money you put into these programmes.
- Review the individual agreements for your PPI companies. Check for circumstances which invalidate your coverage. For example, if you were unemployed when you signed up for coverage you would usually not ever qualify to receive benefits. Likewise the self-employed and contract workers would typically face similar circumstances.
- If you, at the time you signed up for the PPI, fell under one of the company’s exemptions from receipt of benefits, make note of that.
- See if you have dated records of purchase for your PPI that will help your PPI reclaim case. The more documentation you have to corroborate your story, the faster the investigation and the sooner you’ll receive results.
- If you have been paying for a policy but never asked or accepted one, find any applicable records which show how long you’ve been making the payments.
Once you have as much information as possible, file a PPI reclaim. If you have difficulties, or don’t have records you can still file the PPI reclaim. You can also contact the Financial Ombudsman Service (FOS) for assistance, even if you’ve been denied by one of your loan companies.