PPI is one of the most sold financial tools in the history of UK, and unfortunately it got defamed in a widespread scandal only because the banks and other lenders didn’t market or sold it ethically. Millions of people across the country were sold PPI even when they didn’t need it, or asked for it, or through many other mis-selling methods.
The banks and other institutions that had the authority to sell PPI resorted to dishonest means to sell PPI, because they were making billions of pounds by selling it. The agents were getting hefty commissions and this gave them the incentive to sell more of PPI policies to unsuspecting customers, as much as they can, by hook or crook.
However, if you have a PPI and think that it has been mis-sold to you, there is no need to worry as you can get your money back with ease. The process of filing for claim is fairly easy and the banks have been ordered to pay back the dues of the customers with corresponding interest. Here are the few easy steps you need to follow to file for PPI claim –
- The first thing you need to do is to gather all the documents related to PPI purchase.
- Once you have gathered all the documents that mention terms like loan cover, payment protection insurance, PPI, loan cover insurance, and other similar terms, you need to contact the bank.
- The bank would give you the PPI questionnaire that you need to correctly fill and give back.
- Make sure that you follow the process mentioned by the bank, and provide all the evidence mentioning how the PPI was mis-sold to you.
- Once you have provided the documents related to PPI, sufficient evidence of how the PPI was mis-sold, and the properly filled PPI questionnaire, the bank would revert in 8 weeks as to whether the PPI is approved or not. The amount would be credit directly to your bank account.
These few steps would ensure that you are able to get the PPI claim without any hassles. The key to getting your money back without hassles is to ensure that you follow the process without any glitch.