Do You Know How To Reclaim Ppi?

There are a lot of companies out there that tell you how you can reclaim PPI

. They even tell you that they can wipe out your total debt as well as the insurance you did not want. As ever though, the truth is somewhat different on closer inspection.

It must be emphasised that Personal Payment Insurance is a useful product when used in the right way. In the event of sickness or injury, this can help you reclaim a year of payments on your insurance payments. However, equally it has to be said this is often for agreements that can be up to five years, making this potentially very risky.

It is also important to note how costly this can be. For example, if you take out a 5000 pound loan, the insurance can come to 1500 pounds, adding a large amount of debt. It is also worth noting that when taking out a loan the APR only refers to interest on the loan and does not include insurance payments. A sales representative may say that your policy is fully covered, so this is often the cue to ask about PPI and emphasising that you do not want it.

Judges have also been critical of the nature of certain companies, often using aggressive sales and cold calling tactics. A lot of them also ask for payment upfront, sometimes up to hundreds of pounds.

The general advice is that if you must use this kind of service, use a no win, no fee company. It is worth checking websites for the latest developments in these kind of legal claims to see if this is worth pursuing.

A better approach is to contact your bank and ask if you can reclaim PPI. For example, you may have been told you can only take out a loan if you take the insurance as well. This is not true and you should be able to get your money back. When getting in contact with your bank, be sure to keep a copy of any correspondence and make notes during any phone calls.

If you do not get a positive response then you should talk to your financial ombudsman who should pursue your case. In recent years, 90 per cent of the complaints directed at the major high street lenders have been upheld and they have been forced to pay record fines.

If the bank does not agree to this, you should get in contact with your financial ombudsman. With the information you have to hand you should be able to get a positive result and reclaim PPI that you are owed. Remember, banks need your custom and should not sell you a product that you do not want.

by: Quincy B Leonard

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