How Do I Claim Back My PPI Payments?

If you are reading this you will undoubtedly know what Payment Protection Insurance is and it is likely that you have realised that you may be entitled to claim this money back from the payments you have made on a financial product. What you may not be aware of is why you could be eligible to claim and 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.

This whole time, lenders knew full well that the PPI they were selling was completely useless to the people they were selling it to, even though they told them otherwise. This has called into action the financial watchdogs who have forced many of the large lenders to pay back the money to customers. However, most banks are still using a ‘don’t ask – don’t get’ policy making the customers chase them for their money, often alone but more successfully with the help of legal experts.

The first step in claiming back your PPI is to write a letter to your bank/lender asking for a full refund. They will definitely reply with a variation of ‘no’ to which you need to be more forceful, threaten legal action and declare your intent to involve the financial ombudsman. They will probably continue to respond with a range of answers ultimately dismissing your claim, albeit wrongfully, as they have no fear of your authority. 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 solicitor to claim back your PPI is hassle free as they are experienced and do all the running around for you. Their success will most likely be swift and stand a better chance than acting on your own behalf. If you shop around you will probably be able to find a no-win-no-fee solicitor which means you can get back all of the money you are owed.

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.