Things you Need to Know about Making a PPI Claim

When you are going to make a PPI claim, you need to first research and understand the clauses that makes the PPI claim valid and what the due process that needs to be followed is. PPI claim process is fairly simple and details about it can be found online and can be requested to the bank as well. One needs to gather all the documents that states anything related to the PPI as it would stand as proof that PPI was sold and then there should be further clarification given in writing to the bank through the pre-made form made by banks as to how the PPI was mis-sold.

Once the banks verify the claim request, the banks approve the claim and transfer the fund to the concerned person. However, it is a time taking process and a correspondence is to be made continually with the bank. If you think you are too busy for that, contacting the PPI claim company is a good idea.

Here are some of the things that you need to know about claiming your PPI compensation –

Prove PPI was Mis-Sold To You

According to financial consumer law, you need to show that you have been mis-sold PPI without your knowledge. You need to write down in words the reason why you believe that PPI policy was mis-sold.

Know the Mis-Selling Reasons

You need to know the exact reason why you believe PPI was mis-sold. This can be that the inclusion was never mentioned to you or the agent said that it was a compulsory part of the loan.

Check for Paperwork

While many lenders will profess of not knowing that PPI was sold illegally, they have all the documents to know the people who bought PPI. If you do not have any document, you can easily ask the lenders to provide them to you.

Write a Separate Letter

You need to write different letter for every PPI policy that was sold to you. You will be required to submit separate claim for each of those policies.

When you are making a PPI claim, using online tools such as PPI questionnaire and PPI claim calculator can come in handy. It would ensure that the people are able to fasten the process and get the desired results easily without any hassles. It does take time to get PPI refunds, but it is worth it and should not be ignored. And, here is the answer to how to claim back PPI.