Reclaiming Complete Refunds from a PPI Claim

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.