How do I make a PPI claim myself?
If you’ve been mis-sold payment protection insurance (PPI) and are looking to make a claim without the help of a claims management company, you’re not alone. Many people are taking matters into their own hands to reclaim the money they’re owed. Here’s a step-by-step guide on how to make a PPI claim yourself.
1. Gather all necessary documents
Before you start the process, you’ll need to gather all the relevant documents. This includes any correspondence with your bank or financial institution, policy documents, and proof of payment. Having these documents handy will make the process smoother and ensure you have all the information you need.
2. Identify the PPI policy
Next, you need to identify the PPI policy that was mis-sold to you. This can be done by looking through your documents or contacting your bank or financial institution. Make sure you have the policy number, the name of the provider, and the dates of the policy.
3. Check if you’re eligible
Not everyone is eligible for a PPI claim. To check if you’re eligible, you’ll need to consider the following:
– Were you mis-sold the PPI? This means you were not informed about certain exclusions or were not eligible for the PPI in the first place.
– Did you pay for the PPI? If you didn’t pay for the PPI, you won’t be able to claim for it.
– Was the PPI added to your loan or credit card without your consent? If so, you may be eligible for a refund.
4. Write a letter of complaint
Once you’ve confirmed that you’re eligible for a PPI claim, it’s time to write a letter of complaint. Be clear and concise, stating the reasons why you believe the PPI was mis-sold. Include your policy number, the dates of the policy, and any other relevant information. You can use the Financial Ombudsman Service’s template letter as a guide.
5. Send your letter
Send your letter of complaint to the relevant department of your bank or financial institution. You can do this by post, email, or through their website. Make sure to keep a copy of your letter and any correspondence you receive.
6. Wait for a response
It may take a few weeks for your bank or financial institution to respond to your complaint. If you don’t receive a response within eight weeks, you can escalate your complaint to the Financial Ombudsman Service.
7. Escalate to the Financial Ombudsman Service
If your bank or financial institution does not resolve your complaint within eight weeks, you can escalate the matter to the Financial Ombudsman Service. They will investigate your complaint and make a decision on your behalf.
8. Keep records
Throughout the process, it’s important to keep records of all correspondence and interactions with your bank or financial institution. This will help you track the progress of your claim and provide evidence if needed.
By following these steps, you can make a PPI claim yourself and potentially reclaim the money you’re owed. Remember to be patient and persistent, as the process may take some time. Good luck!
