How Do I Claim Back My PPI Payments?
If you know what PPI is you will probably be one of the hundreds of thousands of people considering claiming it back and wondering if you are entitled to. You, like many others, may not know if you are eligible to claim and this is why the banks could face a huge wave of payouts.
Over the last ten years, banking salesmen have hunted for those last ounces of commission by slapping add on products to their services, most commonly PPI. The chances are that if you had PPI tagged on to something you bought then it was never going to cover you anyway, something that has really become obvious since the recession. In many cases a bank would tag on compulsory PPI in order to take out the loan, this was money in the bag as it would never be paid back out, or so they thought.
Banks and lenders had full knowledge of what was going on as they were offering the products, something which financial watchdogs have frowned upon very much. Many large high street lenders have been forced to offer refunds to their customers but many have adopted a 'don't ask - don't get' policy that means the consumer has to go on the hunt for their money either alone or with legal assistance.
The first thing you need to do to try and claim back your PPI is to write a letter to your bank/lender asking for a full refund. This will be answered with a polite variation of 'jog on!' which will require you to be more aggressive, threaten legal action and declare your intent to involve the financial ombudsman. Your claims will most likely continue to be met with dismissal at which point you may as well get the financial ombudsman involved but the key to success is to be persistent and by all means get the financial ombudsman involved but if all else fails, seek professional help.
Using a legal agency to help you claim back your PPI is often hassle free as they are experienced and will do all of the legwork for you. This will often have a faster affect than acting for yourself and will most likely end in success. Many solicitors are no win no fee so you wont lose out by claiming with them and it's the best way of hitting back at the evil banking giants!
Over the last ten years, banking salesmen have hunted for those last ounces of commission by slapping add on products to their services, most commonly PPI. The chances are that if you had PPI tagged on to something you bought then it was never going to cover you anyway, something that has really become obvious since the recession. In many cases a bank would tag on compulsory PPI in order to take out the loan, this was money in the bag as it would never be paid back out, or so they thought.
Banks and lenders had full knowledge of what was going on as they were offering the products, something which financial watchdogs have frowned upon very much. Many large high street lenders have been forced to offer refunds to their customers but many have adopted a 'don't ask - don't get' policy that means the consumer has to go on the hunt for their money either alone or with legal assistance.
The first thing you need to do to try and claim back your PPI is to write a letter to your bank/lender asking for a full refund. This will be answered with a polite variation of 'jog on!' which will require you to be more aggressive, threaten legal action and declare your intent to involve the financial ombudsman. Your claims will most likely continue to be met with dismissal at which point you may as well get the financial ombudsman involved but the key to success is to be persistent and by all means get the financial ombudsman involved but if all else fails, seek professional help.
Using a legal agency to help you claim back your PPI is often hassle free as they are experienced and will do all of the legwork for you. This will often have a faster affect than acting for yourself and will most likely end in success. Many solicitors are no win no fee so you wont lose out by claiming with them and it's the best way of hitting back at the evil banking giants!
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If you are looking for the best PPI claims lawyers then why not speak to Donns LLP, the best lawyers for dealing with your PPI claim.
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