Steps to assure PPI companies don’t cost you

What you should know about PPI companies and how to protect yourself from scams.

13:54 16 April 2013

If you have been contacted by any PPI companies lately, and told them you didn’t want to have PPI coverage, you should double check any statements you receive to ensure you aren’t being charged.

 

There have recently been some concerns over some PPI companies selling coverage to customers under false pretences or even signing customers up without their permission. With this recent concern, you definitely want to be extra careful if you have spoken with any PPI companies. If you aren’t sure, or can’t remember if you have been contacted by these companies here are a few things you can do to see if you’ve been charged for PPI coverage or not:

 

• Review statements each month, even if you do your payments and banking online. Look for any questionable charges, and recurring charges that you did not authorize.

 

• Contact your companies which manage your mortgage, vehicle loans, and credit cards to see if you are registered with any PPI companies or for PPI coverage.

 

• You can file a PPI reclaim with the Financial Ombudsman Service (FOS) and even if you don’t have any particular records showing you’ve paid for PPI, they will investigate your different accounts to be sure that you have not.

 

• Try a PPI calculator. Some of these may have costs associated with the service, so be sure to read about those before using the service to file a reclaim. This may give you an idea if you’ll be getting anything back, and if so, how much you can expect.

 

The laws are improving drastically where PPI companies are concerned, and there are many companies who would not miss-sell PPI to customers. It is best to be safe though, and if you find that you have been taken advantage of financially, make sure to file a PPI reclaim form to get the refund that is due.