Information to Help You Claim PPI Funds
Make sure you get your money back if you were mis-sold a PPI plan.
12:27 15 April 2013
There has been a lot in the news regarding PPI companies who mis-sold coverage to people who were not even qualified to receive the benefits, or who hadn’t even wanted the coverage to begin with. With all the claim assistant companies cropping up, it can seem more chaotic than helpful for those of us who just want to claim PPI funds that we already paid. Here are the basics about trying to reclaim those PPI funds:
- Look for recurring charges on any debt statements and receipts. The recurring charges may show up with a completely different term or name than PPI (Payment Protection Insurance). Look for similar keywords like insurance, repayment, payment, cover, protection. When in doubt contact the company and also look through the small print.
- Even if you paid temporarily within the past six years, you may be able to claim PPI funds if it is determined that the deal was not entirely ethical. If you’re still paying now, you’ll definitely want to follow the process to claim PPI funds. Longer periods of time may also qualify, but may not be fully approved. It’s worth the effort to still reclaim.
- If you’re missing paperwork, or threw it out, try contacting companies who handle your loans and request copies of documentation. If it is too long ago, you’ll want to contact the Financial Ombudsman Service (FOS) so they can help you claim PPI funds without documentation.
- Don’t worry about proof. The investigation will consider the potential that your story is true based on practices at the time and other company information. Just because you may not have proof that you were mis-sold, does not mean you can’t claim PPI funds.
If you avoid the companies who assist you with claims, you’ll be entitled to the entire claim PPI funds. If you do decide to work with a third party, make sure you know what the fees will be.