You know that you are paying for your payment protection insurance on the loan you bought or the credit card you own. As per the rules, it is necessary that you get back the money paid by up. It is necessary to follow the right step to claim the PPI money back. Before claiming your money back, you can keep the following things in mind.
There are many sources which will provide you with the required information on the PPI. The first thing that you need to do here is write a claim letter to the company. Many people think that it is a tedious job and might land them into some sort of problem.
Factors to be considered:
Before you write the claim letter, there are certain factors that have to be kept in mind. Make sure that you have the original finance agreement, as it is required. Through this document you can collect all the information about the payment that you made on the account.
It also gives information to the financial company about your details. Along with the agreement you need to furnish some other vital information to the financial company, as it will make your claim hassle free.
Below mentioned are some of the factors that are needed for the smooth transaction:
- The date of commencement of the financial agreement
- Mode of transaction, i.e. how you took this financial agreement, in person or via telephonic conversation, or through internet
- Proof of your residential address at the time of taking the financial agreement
- Make sure you have sufficient proof if the current address is different than the one that is mentioned on the agreement
- You need to furnish a proof which will state as to why you were mis-sold the contract
It is a usual practice to get a letter from the company, which will have a list of questions as mentioned by Ombudsman. It is equally important to write a letter to the bank from whom you took the PPI. This is a common procedure, and you cannot miss upon the same. Without this letter, nothing can be moved ahead.
Get the basic information
Many people think that the bank is spying on them, in reality it is not so. The financial institutions that handle the PPI claims usually verify that documents and other information that has been provided to them. If at all you get a letter saying that your application has been rejected, don’t lose your heart. Apply afresh mentioning all the details one more time.
Many companies try to disown the claim, stating that it was a valid one. However, if you are confident that you have paid the amount and legally eligible for the claim then simply apply for it. All you need to do is furnish all the necessary documents required for the claim. There are many companies that look into the reliability of the application and accordingly process the request.