Many consumers who took regular loan products were sold PPI even without their knowledge and many others were told it was necessary to buy PPI along with the regular loan. Many sales advisors never took the pain of fully explaining what PPI is all about, how it works and what are its limitations and just sold it to the consumers or should we say pushed it on them. For many people, it was the case where they were desperate to take a loan and sales advisors on seeing this, pushed PPI on to them and said that if you take a PPI, it will increase the chance of your loan approval.
Here is the step wise guide to understand the process of claiming your PPI refund –
- The first thing you need to do is to gather all the documents related to the payment protection insurance. This would help add merit to your case when claiming for refund.
- Once you have all the documents ready, you need to make a request to the bank for PPI claims refund, which can be done online, in person or also over the phone.
- You also need to fill the PPI questionnaire with the bank, which would help the bank understand how the PPI was mis-sold. Filling this carefully and correctly is essential to make sure that there are no disputes or issues later on.
- Once your request is registered, the bank would investigate your claim and revert in couple of weeks with answer to whether your claim is rejected or approved.
- If your claim has been rejected, you can choose to apply for it again. There is no limit to the number of times that you can apply for your PPI claim if it is rejected wrongfully by the lender.
There are many professional solicitor firms specializing in PPI claims in the UK from whom you can take help about how to recover your lost money from the banks. They will establish a solid case against the company who have mis-sold you a PPI and then get you all the money you have paid towards PPI payments back.