How and when to reclaim for PPI

Still not sure on how and when to file PPI claim? Then, read on to get the guidance that you need.

06:29 07 August 2013

Ever since the PPI expose, more and more people have gone forward and filed their claims. However, there are still some people who find the process of filing quite confusing. If you’re one of them, you may find this article helpful.

Keep in mind that hiring a claims company isn’t always necessary as the process is pretty straightforward. Also, these companies can get a certain amount of your refund. That might be quite a bit, especially if you’re expecting a huge amount of money.

The process should start by notifying your bank or the lending institution that you’re asking for a refund for the money you paid for the PPI. Should the bank deny your claim, your next step is to write to the Ombudsman who will review your claim.

Keep in mind that there is no deadline really in filing your claim. However, banks and other financial institutions are only required to keep documents for the past six years. Thus, it’s important that you file your claim ASAP to avoid problems.