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Reclaiming PPI Yourself

Reclaiming PPI yourself is actually doable but no one ever promised it would be easy. Unless you are looking to spend countless hours researching and calculating, you might be better served to enlist the services of a professional claims management company. There are several things you need to understand and take into consideration when trying to claim back PPI and a single error could delay the process unnecessarily long. Since reclaiming PPI yourself will mean that you need to totally understand the claims process, here are a few things to keep in mind.

What You Need to Know about Mis Sold PPI

Before you can even consider reclaiming PPI yourself by filing a claim against your lender you will need to be absolutely sure that you have been mis sold this cover. Whilst there are a number of contributing factors, you can sum up mis sold PPI under a few broad categories. For example, ask yourself the following questions:

  • Did I know PPI was being sold or did the lender add it to my loan without my knowledge?
  • Did the lender explain all the exclusions and how much this was going to cost me?
  • Was I told that PPI was mandatory to qualify for the loan?
  • Did I inform the lender I had pre-existing conditions that would keep me out of work?
  • Was I self employed, temporarily employed or unemployed when the PPI was sold to me?
  • Was I over the age of 65 or permanently disabled?

The point, as you can probably clearly see, is that payment protection insurance is a type of cover that will make loan payments if an employed person is suddenly without income due to loss of job or illness. Anyone who doesn't receive a regular paycheck from a job is not eligible for cover based on the exclusions listed in the policy. As well, seniors, disabled persons and those with pre-existing medical conditions are not eligible.

What's Next When Reclaiming PPI Yourself?

After you have found that you are eligible based on the fact that the lender mis sold PPI, it is time to start reclaiming PPI yourself. If you thought it was difficult deciding on a contributing factor for being mis sold, now you are in for a real enlightenment. There are letters to write, some pretty complex calculations to make and then knowing where to submit your claim and of course how to appeal if that should become necessary. Each of these steps in filing a successful claim is just as important as the step before and of course many of them come in an ordered sequence.

Claiming back bank charges is the bottom line in reclaiming PPI yourself and if you feel that you will falter at any step along the way, perhaps you need a professional claims management company to file on your behalf. With Belmont Thornton you don't need to pay any money to speak with a claims specialist and they only operate on a no win no fee basis. This means if they take your claim you can be sure that they believe you stand a great chance of winning, at which point you both win! For further info call 0207 471 2000.

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Belmont Thornton Limited is regulated by the Financial Conduct Authority in respect of regulated claims management activities; FRN:838450

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B11, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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