PPI is a great insurance scheme that can protect your payments of loans, credit card bills or other kinds of financial agreements. This insurance is beneficial especially for those people who fail to make monthly repayments on credit cards or loans just because of sudden unemployment or illness.
Those people who have got secured job or confident about regular income do not need this insurance ever. You should know how to claim back PPI so that you can make use of the concerned insurance for satisfying your need. Few valuable steps are involved and if you make a proper research online you will surely come to know about these steps.
Why PPI reclaim is needed?
When PPI is mis sold to you then you can surely reclaim the same. In this case, you can claim back your PPI for absolutely free. Nowadays, different tactics are getting used by financial concerns for mis-selling PPI to customers. If you have become a target of this mis-selling then you have the fullest right to claim it back. But for reclaiming PPI you have to follow a proper procedure for getting acute success.
Process of reclaiming PPI:
- Necessary documents need to be prepared in order to claim back PPI properly. If you fail to arrange required documents then you will never be able to get the claim. Statements or related papers relating to your loans need to be collected so that you can make multiple copies of the same.
- After that, you need to get in touch with the finance service company that offered you PPI. This would be the start of your compensation process. You can now get many template letters online out of which you can choose the right one. Essential details that are included within template letter are assigned compliant manager’s name or reference number, PPI number and credit reference number, policy purchase time, Tied financial-product, contact-details and reasons supporting PP mis-sold.
- The claim process cannot be executed well without the assistance of any efficient claim management concern. The concern will guide you regarding how to make your moves for getting the claim. The concern will also cater you valuable advices regarding how to get the claims easily and quickly without any legal hassles. They offer necessary legal assistance in times of need.
- Within 8 weeks if nothing turns up then you can file a complaint with FOS. This is one of the best means to deal with the mis-selling of PPI. You can go through the insurance document in order to learn about the norms in details. If you have misplaced your papers then you can surely get into your credit score report in order to receive details about your credit. You can reclaim PPI at any point of time as there is no such fixed deadline.
But make sure that the PPI is active otherwise the reclaiming process will become completely valueless. If your reclaim gets rejected then you can again start the process to claim back PPI. But you can make the reclaim after almost 6 months of the rejection. If you have purchased through any broker or agent then you can definitely take his assistance in this regard.