PPI or payment protection insurance is a type of policy helps the policyholder to pay his debt, if he is unable to repay his debt due to his inability to work for reasons specified in the policy. Many residents of UK are taking the benefit of this policy. However, many people become victims of mis-sold PPI; most of the policyholders are mis-sold PPI intentionally or unintentionally due to one or the other reasons. This is more so in case of PPI policies taken from banks.
Luckily, it is now possible to reclaim mis-sold PPI money, thanks to legal provisions of UK that makes it mandatory for banks to release mis-sold PPI money to policyholders. However, it is not very easy to reclaim your money. A lot of legwork has to be done in order to get your money back.
Many companies and agencies have come up to help policyholders get back their money. They do all the legwork associated with your mis-sold PPI to reclaim your money back. In exchange for their services, they charge considerable amount of money. However, it is not a wise idea to pay a company to recover your money, especially if the amount on mis-sold PPI is small. You can certainly reclaim mis-sold PPI from your bank free of charge. Though it takes a bit of time, but the time and efforts are rewarding in terms of saved money which could have been otherwise paid to companies or agencies for recovering your money.
To start with, collect all paperwork associated with your PPI policy. Go through the paperwork in great detail to get familiar with the policy. Read relevant provisions of law on mis-sold PPI about reclaiming your money back. Now, visit your bank and discuss your mis-sold PPI problem with a relevant bank representative. After discussing your problem, obtain a reclaim form from your bank. Fill up the form with necessary details. Do not forget to accompany a letter citing mistakes and problems about your mis-sold PPI policy. Highlight the problem and mistakes so that it is quickly spotted by the bank. After submitting the form and the letter, sit back and wait to receive your money.
Thus, reclaiming your money can be done in a do it yourself manner. There is no need to hire the services of a company or agency to recover your money. All that is required is time and efforts in the right direction and you can reclaim mis-sold PPI without spending a dime.
For anyone who feels overwhelmed by the claims process, there is another option. PPI is a company who will assist British consumers in reclaiming their money.