Four Tips To Receive Your PPI Refund
Start with these recommendations so you get your refund.
09:49 14 April 2013
If you are one of the people who were affected by PPI companies who mis-sold coverage to people who didn’t want it, or didn’t qualify for any of the benefits of it, you’ll definitely want to keep reading.
Here’s the good news, which you may have already heard: you are entitled to a PPI refund.
The amount of your potential PPI refund will depend on how long you have been paying PPI premiums. Here are a few helpful tips to get you started in the process for reclaiming your money:
- Documentation—it’s always helpful if you can provide statements, receipts, or other documentation showing how much you’ve been paying, and the length of time you’ve been paying it. If you don’t have documentation, there are other avenues available so that you won’t miss out on your PPI refund.
- PPI Calculator—this tool gives you an idea of how much you might be able to expect as a refund. The use of the calculator might be free, but many of the sites also offer assistance with processing a reclaim. You can use the service if you want, but the company usually withholds a portion of your refund as payment for their assistance. You can also file on your own if you prefer.
- Financial Ombudsman Service (FOS)—this is who you should contact if you run into issues with individual companies, or if you don’t have documentation. They can help move the process along for you.
- Loan companies—you can start by contacting your loan companies to file a reclaim for a PPI refund. Some companies may not have data from previous years, so even if you are denied, move your case to the FOS for further assistance.
Hopefully this basic information gives you an idea of where to start in the process of getting a PPI refund. Remember to be persistent with this situation so you get your refund.