PPI is a policy designed to repay your loans, mortgages and
credit cards in case you get sick or become unemployed. You actually lose £3000-3500
on average from a mis sold PPI. The only way to get back that money is through
making a PPI claim. Here are a few things to know that will help you reclaim
all your PPI refunds.
1.
Billing Statements
If you’ve collected all your bank billing statements for
your loan or mortgage repayments, you could use them to have a rough estimate
of how much refunds you are due. Confirm that these bills exist with your bank
before you begin an attempt to reclaim your refunds.
2.
Compound Interests
In some cases, loan and mortgage repayments are tied
together with the PPI repayments, and if you could prove that your interest
rates increased because of the PPI repayments, you could be owed more than
£3500. Compound interests can guarantee you a higher repayment rate, but you
might need expert help. Claims experts are only the ones who could handle some
details of PPI claiming involving compound interests.
3.
Settling
Contact your bank either by calling them or by writing a
letter to them. Expect a response in a few days. Your bank can reach a decision
about your PPI claim in two to eight weeks. If you are not satisfied with the
response or you haven’t received a response, it is advised you seek help from
the Financial Ombudsman.
